It appears to be made out of woven ribbon fused (or maybe not) to a very heavy interfacing like Timtex. It is nine inches tall and seven inches wide at the bottom. The button loop is braided ribbon and the strap is made out of the lining material plus two layers of ribbon.
I love it and can see myself using it a lot. Heck, who couldn't use a red, black and white bag? In addition to the colors, the variety of textures in the bag make it a sure winner. Thanks Jennifer aka Flyinghippogirl!
Here is her flicker page.