and i don't understand what's the hole on the side meant for...

Choose cobalto or mais ostrich leather, golden metal hardware, double top handles, snap closure, inside, signature jacquard lining; zip pocket.
size : 9 1/2"H x 14 3/4"W x 6 3/4"D
currently retails for $5,850.00
seen at : www.bergdorfgoodman.com