Michael Kors believes the handbag is an essential wardrobe piece.

The 50-year-old designer claims women should have a multitude of bags available for all situations.

He said: "When you're purchasing a handbag it's like a piece of your wardrobe. Sometimes you buy a really expensive piece that you only take out for special occasions, sometimes it needs to work for your everyday life.

"Bags are the same. Additionally, the bag that you originally purchased as a special item over time works its way 'down' your ladder, and in five or ten years becomes your everyday piece."

Discussing his own bags, Michael admits he designs them with functionality in mind.

He said: "The women I know lead very busy lives and they have a lot to think about.

"Their bags have to function, so most of them carry a lot of stuff. That's why we have lots of pockets and zip compartments."

He also claims his label is performing well despite a downbeat economy, because his customers are "discerning".

He told the Scotsman newspaper: "We have had an amazingly successful year. Recession is a big word, and obviously the global economy has taken a hit over the past two years. But during difficult times, women don't stop shopping, they just become more discerning in what they are looking for."

Michael recently won the Lifetime Achievement Award from the Council of Fashion Designers of America.