The Hermès Teddy Kelly
History, variants, auction performance, and the 2024 relaunch — the complete reference
For Hermès' Fall 2005 runway presentation during Paris Fashion Week, showgoers encountered the debut of a number of spectacular new bags. Under Jean-Paul Gaultier, models walked with silk-paneled Kellys, JPG Birkins, and even a Sterling Silver Mini Kelly. But it was the debut of the 35cm Mouton Shearling Teddy Kelly that defined the show.
The Teddy Kelly was an instant collector's piece: a Doblis suede body contrasted with creamy shearling trim, lined in chèvre, whimsical yet iconic. At that point in Hermès history, Kellys were less revered than Birkins — which gave Gaultier the freedom to experiment with the format in ways that would not have been permitted on the Birkin. His Kelly innovations remain among the most collectible reinterpretations in the house's modern history.
Complete variant lineage
| Year | Variant | Key details | Status |
|---|---|---|---|
| 2005 | Teddy Kelly 35 | Doblis suede body, Mouton shearling trim, Chèvre lining, Ebène Barenia sangles | Debuted on Fall 2005 runway; the core format and most traded at auction |
| 2007 | Teddy Kelly Muff / Manchon | Five colorways: Barenia, Chocolate Doblis, Sable Doblis, Shiny Black Porosus with Mink, Matte Havane Porosus with Mink | Rare; many expertly converted to Kelly Longue clutch format |
| 2009 | Teddy Kelly Cut | Runway appearance only; shearling applied to the Kelly Cut silhouette | Scarcely seen beyond the runway; no confirmed production run |
| 2010 | Teddy Kelly 40 | Larger format; Gaultier's final year | Rare; larger scale shows shearling trim at maximum visual presence |
| 2010 | Teddy Kelly Pochette | Seen once attached to an umbrella on the runway | Unicorn — no confirmed secondary market appearances |
| 2024 | Mini Teddy Kelly (20cm) | Grizzly suede (not Doblis); two colorways: Gold/Fauve and Étoupe/Gris Caillou | Current production — relaunch format |
| 2024 | Teddy Kelly 35 (refreshed) | Grizzly suede replaces Doblis; tonal Gold Swift sangles replace Ebène Barenia | Current production — material-updated relaunch |
2007: The Manchon
By Fall 2007, Hermès introduced the Teddy Kelly Muff — Manchon in French — in five rare executions: Barenia, Chocolate Doblis, Sable Doblis, Shiny Black Porosus with Mink, and Matte Havane Porosus with Mink. The format functions as a hand warmer, with an interior opening at both ends. Collectors today prize these highly despite their limited practicality as bags. Many examples have been expertly converted by specialist ateliers into Kelly Longue-sized clutches — a conversion that preserves the original materials while adding functional carry utility.
2010: The Pochette and Kelly 40
The 2010 finale of Gaultier's tenure at Hermès produced two additional Teddy Kelly formats: the Teddy Kelly 40 and the Teddy Kelly Pochette. The Pochette was seen once on the runway, attached to an umbrella — a staging choice that simultaneously showed its scale and implied its precariousness as a carry piece. It has since become a legendary unicorn in Hermès collecting with no confirmed secondary market appearances.
Secondary market performance
The Teddy Kelly 35 is the most traded Teddy format at auction. Seventeen examples have crossed major auction blocks since 2005, with steady value growth of approximately 8% annually. Christie's set the public auction record in June 2021 at $75,000, with post-2021 averages exceeding $53,000. The lifetime average across all documented auction results is above $41,600.
Why the Teddy Kelly holds value: The format combines genuine rarity (production was never large), documented historical specificity (a single era, a single creative director), and a material that cannot be replicated in new production without a deliberate house decision to revive it. The 2024 relaunch confirms that Hermès considers the format viable — which supports secondary market values for original Doblis examples while establishing the Grizzly generation as a separate collecting position.
2024: The relaunch
In 2024, Hermès reintroduced the Teddy Kelly with two simultaneous launches. The Mini Teddy Kelly (20cm) debuted in two initial colorways — Gold/Fauve and Étoupe/Gris Caillou — bringing the Teddy concept to its smallest scale. The refreshed Teddy Kelly 35 updates the material from Doblis to Grizzly suede, producing a fuzzier, plusher surface finish, and swaps the original Ebène Barenia sangles for tonal Gold Swift. The Kelly hardware, Chèvre lining, and overall silhouette remain faithful to the original.
Frequently asked
The Teddy Kelly is a shearling-trimmed interpretation of the classic Kelly introduced on the Fall 2005 runway under Jean-Paul Gaultier. It pairs a suede body (Doblis on original versions; Grizzly on the 2024 relaunch) with Mouton shearling trim at the flap, handle, and base, lined in Chèvre, with the Kelly's standard hardware and structure.
Teddy Kelly 35 (2005), Teddy Kelly Manchon/Muff in five colorways (2007), runway-only Teddy Kelly Cut (2009), Teddy Kelly 40 and ultra-rare Teddy Kelly Pochette (2010), and the 2024 relaunch: Mini Teddy Kelly 20cm in Gold/Fauve and Étoupe/Gris Caillou, plus a refreshed Teddy Kelly 35 in Grizzly suede.
The 2024 version switches from Doblis suede to Grizzly suede — producing a fuzzier, plusher surface — and replaces the original Ebène Barenia sangles with tonal Gold Swift. The Kelly hardware, Chèvre lining, and silhouette remain consistent with the original.
The Teddy Kelly 35 is the most traded format with seventeen documented auction results since 2005. It has trended upward approximately 8% annually, with a lifetime average above $41,600 and post-2021 averages near $53,350. The public auction record is $75,000, set at Christie's in June 2021.
The Manchon (muff) is a 2007 variant that functions as a hand warmer with interior openings at both ends. Produced in five colorways — Barenia, Chocolate Doblis, Sable Doblis, Shiny Black Porosus with Mink, and Matte Havane Porosus with Mink. Many have been converted by specialist ateliers into Kelly Longue-sized clutches, preserving the original materials while adding functional carry utility.
No official Teddy Birkin has been announced or produced. The 2024 relaunch focuses specifically on the Teddy Kelly format — the Mini at 20cm and the refreshed 35cm.
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