For Hermès’ Fall 2005 runway presentation during Paris Fashion Week, showgoers were treated to the premier 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 35 cm Mouton Shearling Teddy Kelly that stole the show.

The Teddy Kelly was an instant collector’s hit: a Doblis suede body contrasted with creamy shearling trim, lined in chèvre, whimsical yet iconic. At that time Kellys were less revered than Birkins, giving Gaultier freedom to experiment — and his innovations with the Kelly remain among Hermès’ most collectible reinterpretations.

By Fall 2007, Hermès introduced the Teddy Kelly Muff (Manchon) in five rare executions — Barenia, Chocolate Doblis, Sable Doblis, Shiny Black Porosus with Mink, and Matte Havane Porosus with Mink. Collectors today prize these highly, though practicality was limited. Many have been expertly converted into Kelly Longue clutches.

In 2009, a Teddy Kelly Cut appeared on the runway — scarcely seen since — followed by the 2010 finale of Gaultier’s era: the Teddy Kelly 40 and the ultra-rare Teddy Kelly Pochette. The Pochette, seen once attached to an umbrella, has since become a legendary unicorn in Hermès collecting.

At auction, the Teddy Kelly 35 remains the dominant style. Seventeen examples have crossed the block since 2005, with steady value growth of ~8% annually. Christie’s set the record in June 2021 at $75,000, with averages since 2021 exceeding $53,000.

A New Era

In 2024, Hermès reintroduced the Teddy Kelly with two launches: the Mini Teddy Kelly (Gold/Fauve and Étoupe/Gris Caillou) and a refreshed 35 cm Teddy Kelly. Both swapped Doblis for Grizzly suede, offering a fuzzier, plusher finish, and the 35 now uses tonal Gold Swift sangles instead of Ebène Barenia. The Teddy Kelly legacy continues — whimsical, iconic, and eternally coveted.

The Teddy Kelly has become one of the most inventive reinterpretations of the Kelly in Hermès history — equal parts playful and prestigious, modern yet timeless. With its auction results, collector demand, and recent revival, the Teddy Kelly secures its place as one of the house’s most fascinating icons.