An interchangeable handbag system includes a stand alone foundation handbag having an inner storage accommodating surface and an outer decorative surface. The foundation handbag may have regions, such as a hollow interior, front panel, a rear panel and a bottom panel connected by at least one edge to form a hollow container open at a top end thereof. Alternately the foundation handbag may be a simple flexible open-top container with a closed bottom, where the hollow interior, front and rear regions are part of the continuous container. The handbag system includes one or more reversible and/or non-reversible outer slip covers that fit over the foundation bag in a nested arrangement. The slip covers may fit over all and/or alternately a portion of the foundation bag and/or another slip cover. The slip covers and foundation bag are connected by one and/or multiple fastening structures.