And my take on it : ). I used the Stitched Gift Bag die to make the large version.
With the side panels and the rectangular base. The bag is made from brown wrapping paper and Classic Kraft cardstock for the base. The handle reinforcers are Spring Rain cardstock. The mat is from Limitless Layers: 2 1/4 Heart die set, stamped with Candy Cane Christmas. The thread is DMC 321 (which is ALLLLLLL gone from Joann's so is all the white, cream and black).