A wrap and cover-up device can be conveniently stored and transported in a handbag while not in use and quickly accessed for use over a person's clothing or exposed skin to provide warmth and/or coverage when the need arises, all while remaining undamaged and substantially wrinkle free. The wrap and cover-up device includes an elongated piece of fabric capable of being compacted for storage and extended for use while remaining substantially wrinkle free, sized and configured when extended to fit laterally around at least a portion of a torso of a person. Also included is a container for receiving and maintaining the piece of fabric in the compacted state, whereby the piece of fabric in the compacted state fits within the container and the container with the compacted piece of fabric therein fits into the handbag.