From the pattern pamphlet:

Pearl Bailey was a jazz vocalist and comedienne. She was elegant, witty, and fun -- and the only Pearl we know! We think she is the perfect namesake for this lovely little bag.

Worked in a variation of purse stitch, which is bead knitting rather than beaded knitting, this open work stitch is a little more difficult than some, and produces a very soft bag. As with other Swallow Hill Creations, Pearl Bailey is sized to carry your essentials -- driver’s license, lipstick, car keys, and credit card. The drawstring closure is just long enough to let you slip the bag over your wrist so you can keep your treasures with you during your evening out.

Materials included in the kit:
2 10g balls #8 perle cotton
12 strings 4mm pearl beads (for bag)
50g #10 seed beads (for tassels)
1 beading needle

The pattern also calls for silk crepe de chine lining, which is not included in the kit.