IMO

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Note added at 3 hrs (2015-06-19 22:15:13 GMT)
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Embodiments of the present invention relate to a reconfigurable bag which can form a variety of bags, handbags and purses. With all of the demands of busy lives, women today need to have a variety of bags and purses. Women need a clutch for evening use, a large purse for taking to work, a smaller purse for daytime outings, and a briefcase or computer bag. A reconfigurable bag as disclosed herein would help to eliminate these issues by providing a bag that can be converted to a variety of bags and purses.

http://www.freepatentsonline.com/y2015/0144237.html
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This bag has plenty of padding, which are removable and reconfigurable
http://www.bhphotovideo.com/c/product/522804-REG/Tamrac_3537...
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https://www.google.com/search?num=100&espv=2&q="retransforma...

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Superb leather transformable handbag Large Caramba. We mean by "transformable" the fact that the two handles of the bag can be transformed into only one large in order to be able to carry the bag on its shoulder. You just have to gently draw on one of the two thin leather straps which will be stretched by decreasing the length of the other thin strap.
http://www.articadeau.com/en/GIFT-idea-Transformable-leather...

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transformable bag in crocodile-print and metallic leather :
http://www.my-opus-inline.com/en/archives/2609
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A reversible handbag capable of taking a variety of different shapes and configurations having a front side, a back side, and a bottom side, two side seams formed by joining the boundaries of the front side with the boundaries of the back side. The bottoms of the front side and back side are joined to the outer perimeter of the bottom side leaving an open periphery at the top of the handbag. The side seams each have an aperture located near their top edges and the front back sides each have two columns of two or more apertures. The open periphery can be folded inward or outward to create several different configurations of the handbag and the apertures on the side seams and front and back sides are capable of receiving clasps or other fasteners from straps in order to provide handles, carrying straps, and the like for the various configurations.
http://www.google.com/patents/US8302641
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convertible, shape-shifting purse/handbag

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http://thecreativethimble.com/shop/carols-convertible-purse-...