We are unabashed fans of Phillip Lim, and we’re especially enamored of his 31 Hour bag–it’s deceptively simple, but damn near perfect. Since being introduced less than two years ago in 2011, it’s become the designer’s signature and most popular bag–if the amount of arms we see it dangling on here in NYC is any indication. (It’s even been ripped off. That’s how you know a bag is an “It.”)

Phillip Lim (along with his contemporary, Alexander Wang) has been one of few designers who’s figured out what the modern handbag market needs–namely, bags that do not cost $2,000. A recent WWD article noted that there’s still a huge hole in this market. Hence the success of the 31 Hour bag, which rings in at $795. (Yes, it’s still a lot, but at least it’s within reach and costs less than a month of NYC rent.)

The 31 Hour bag comes in intriguing new colorways every season and we love the colorblocking–it even comes in smaller versions, called the ’31 Minute’ bag, ranging from clutches to cosmetic bag size. When the new camo version for pre-fall 2013 (see above) hit our inbox, we swooned.

Phillip Lim was nice enough to hop on email with us and answer all of our fangirl questions about the history and future of the bag–including a new shape he just introduced this season. Read on for all the scoop on the bag.