Hello Kitty X A.D.M.J. Luxury Bags
I think A.D.M.J. (Accessories De Mademoiselle) is probably the first luxury handbags line which used Hello Kitty on its designs with a hafty price tag of NT$235,800/252,600 (=US$7,800-8,300!) on its Kitty Lux by ADMJ collection.
Following the super expensive collection for X’mas 07, a more “collector friendly” collection was released in January 2008, titled the Hello Kitty x A.D.M.J. bags, which comes in three style: Cookie Bag, Milky Bag and Foldy Bag (as shown below):

Of all three bags, I liked the Cookie bag most, which is also the pricest of all three (fyi, the bags retails between NT$9,980 to NT$23,500 or US$300-800).
But I think I won’t splurge on a luxury Hello Kitty bag just yet - unless, of course, Marc Jacobs decides to design a LV x Hello Kitty bag someday : )