The original of this was made as a gift for a friend. It used lace-weight silks left over from another project. With a longer tie-cord it might be used as a wrist bag.

As pictured the bag took about 100 yards of gray (background), 30 yards of blue, and 10 yards of red. If you knit looser, or thicker yarn, you might need more yarn.

I worked it flat, so had a seam to sew up and, because the red was only worked as a single row, had to move the stitches back across a circular needle to get back to the base color. It could easily be done in-the-round.

Worked flat - I’d suggest 6 stitch markers. Worked in-the-round - you’ll need 7 stitch markers.