In this economy versatility is the name of the game when it comes to purchases.

And this LouLou Bag from Ananas by designer Jennifer Baum Lagdameo is just that.

The sleek leather sack can be a cross body bag for a day of shopping in Soho or a clutch (after removing the straps and folding over the drawstring) to hit the town for a swank dinner uptown.

It’s been marked down from $265 to $185 at auto. in the Meatpacking District.