Im not sure if you have spent any time in Asia but they love to have little throwaway bags for their to go drinks so they stay cold - and they hang in the same way. This looks like the exact same thing but pop an iphone in it.
What I am curious about is whether women in France, Greater China, Italy, Japan, Singapore, South Korea, the UK, and the U.S (where this product is going to be launched) don't use hand-bags? If not, do they hold the phones in their hands or keep it in their pockets? In India or the middle-east, I've never seen women carry their phones in anything but their hand-bags / clutches.
Yes, you're right. People in Asia do like to use small bags for their phones or lipsticks. But those little bags are usually really cute or nicely designed, not like this one. Collaborate with Issey Miyake? Seriously?
Wild waste of materials and design.