The One

Loewe’s Latest Puzzle Tote Is a Collector’s Item That Holds a Laptop

Inspired by Josef Albers, this standout gem is from Jonathan Anderson’s last collection for the Spanish brand.

The Fall 2025 Loewe Puzzle Tote

Photographer: Rene Cervantes for Bloomberg Businessweek; prop styling: Kounthear Kuch

With certain items—purses, shoes, boyfriends—it’s easy to assume that practical will mean unremarkable. But the bag you throw your life into can, in fact, be a conversation starter. Case in point: the latest edition of Loewe’s signature Puzzle Fold tote.

The medium-size version ($2,750) is roomy enough for that pesky laptop and all of your “but what if I need that?” items, yet the surprisingly lightweight black calfskin keeps a sleek profile. The tote folds up, origami-like, to lay flat, making it easy to stow in a suitcase if necessary. This marvel of engineering is pocket-free, so pouches will come in handy.