There are many ways to do it out there. Just google it and look through them all, I took pieces of lots of them and made my own way of doing it. I personally prefer to cover the purse in one piece of fondant, I had an issue using panels once they slid down the side of the cake it was a mess! Thank god it was just for my sisters just for fun.
Here are a few different shapes to try and give you an idea. Hope it helps. Welcome to the site!