The most beautiful bags are for sale at a brand new Etsy shop, Wren. I think these are my favourites, but it's very hard to decide, particularly as some of the bags are made from shweshwe fabric. (My first grownup 'handbag' was made from shweshwe - we lasted a very long time together.)
Wren is South African, and you can read more about the bags and the designer on her blog. I really love these bags; the attention to detail is fabulous, right down to the sweet label.