Proenza Schouler’s family of PS1 accessories is growing fast. The newest member, the little sister of the popular and oft-emulated satchel, is the PS1 Continental wallet. And already it promises to be the precocious, overachieving sibling. Large enough to be used as a small clutch, it comes outfitted with all manner of compartments, pockets and card slots—a hyper-functionality that encapsulates the label’s focus on practical chic. You could say it’s a family tradition. Available in black, midnight blue, smoke taupe, saddle brown and our favorite, Kelly green. $585 at Proenzaschouler.com