Since its introduction in 2008, the Fendi Peekaboo has occupied a particular place within the house's most iconic designs. Back then, the Peekaboo made an impact, but it wasn't Fendi's loudest, most popular handbag—the Baguette held that place—although, arguably, it was its most soignée, an It Bag with a mystique and elegance that was missing from the Sex and the City staple, quickly becoming one of Fendi’s most consistent signatures. In fashion, consistency can signal either stagnation or staying power. After 20 years, the Peekaboo has proven it falls under the latter, with a small but ingenious feature that keeps it from becoming predictable: While the exterior maintains its discreet sensibility with its classic, trapezoid shape, a turn of the clasp and a weighted keyhole hardware allows the top rim to drop, draping downward—forming a "smile"—to reveal the bag's surprise and sometimes, its sense of humor. The Peekaboo's interiors have..