A convertible clutch purse is disclosed that converts to a billowy sash and vice versa. The purse is formed of an elongated composite fabric structure having an inner sheet and an outer billowed sheet attached together to form, in one embodiment, a generally oval shaped body. A selectively closable pocket is sandwiched between the inner and outer sheets, wherein the pocket is accessible along one edge joining the inner and outer sheets, and wherein the sash may be folded into the pocket to convert the sash into the clutch purse. An alternative embodiment converts from the purse to a stole or scarf having free ends.