Hadn't I seen something like this at Michael's?

A bag that you can embellish. Only it's a Fendi Artist Baguette. This Fendi clutch, which is shown in its box, is made of white canvas and comes with 10 Pantone permanent markers.

Bring your fabric glue, sequins and beads, stencils, etc. to embellish it. Only $1,300.00 :-) Found through Needless Markup.