$295 for a Cotton Bag!?!

A couple days, I was browsing the web and came across this headline- "Prada Launches Bags on a Budget". I think my heart might have skipped a beat- could I finally afford a Prada bag? Well, I clicked on the link and found this:

Wow, what a disappointment. $295 for a cotton bag?!?! I was hoping for a lower end leather bag, but instead found something that looked like it was made out of a tablecloth. Yes, the bag features the classic Prada logo, but would I fork over $300 just for that? Of course not. I'd rather take my $300 and spend it on something I could take somewhere other than the beach. Guess me and Prada will just have to wait, maybe it wasn't meant to be...

What are your thoughts? Would you spend $295 for this new Prada bag?