Telfar’s ‘shmedium’ bag gives fans a new size to add to their collection

Even if the name Telfar doesn’t ring a bell, the fashion label’s logo is likely familiar. It adorns the brand’s iconic shopping bags, structured totes that feature a large T encircled with a C—the initials of the brand’s namesake, Liberian American designer Telfar Clemens. The bags, which launch periodically in limited-edition colors, often sell out within minutes, generating as much as $7 million in a single drop. And though they’ve been released in scores of colors and riffed on...