Chanel is the home of beautiful things: dresses, suits, fragrances, cosmetics and, of course, bags. But while many handbags come and go, none have the true staying power of a Chanel Flap Bag.

The Hermès Birkin is one, of course, along with the Kelly, and Chanel’s iconic 2.55 flap bag—all of which have the hard-to-join, never-ending waiting lists to match. But only one other ...