UNLESS YOU HAPPEN to live on the North Pole, red and green together belongs on your list of What Not to Wear. The lone exception? Local design deity Meichi Peng’s new Peng No. 2 shoulder-strap medium tote. Perfunctory name notwithstanding, it’s a marvel of tight, impeccable construction (tomato and olive calf leather handstitched with leather piping and finished with cowhide-hair pockets) that belies its roominess and functionality. Meanwhile, the velvety suede interior can easily house your folders and wallet alongside a makeup pouch – and still leave room for your iPad. All in all, it’s the kind of bag that makes its owner very merry indeed.