I'm going back to work on this style of clutch some more. Over the weekend I made this one from a pretty pink fabric (sorry, I don't know the print name--it is unmarked).
It turned out really nice, even though I had some trouble in a couple spots. The lining has cotton batting on the wrong side, which made pleats on those pieces challenging to sew to the zipper.
The pleats now extend all the way to the bottom and are set on the diagonal. Extending them to the bottom solved the caving in of the middle of the top band.
The bottom corners are like the ones on the Strap Clutch. I just love making them, and the triangles of fabric at the bottom corners are a nice reflection of the diagonal pleats.