Faille bags were trendy for Spring 1950, as evidenced by a full page feature in the same February 1950 issue of "Handbags and Fashion Accessories," page 47, including this example from Lorraine.
Faille Bags for the New Femininity
"TRICKY USE of gathered fold midway across circular bag gives unusual base for corded handles drawn through gold bands. Very low priced. Lorraine bag shown at Meyrowitz & Gans."
Meyronowitz & Gans was a manufacturers' Representative that showed bags for makers who didn't have their own sales staff in New York City. See Handbag Centers HandbagCenters.