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As stated on the Michebag website:

On the way home from work in the fall of 2004 Michelle Romero did something most women have done - she spilled on her favorite handbag. Frustrated by the thought of hunting for a replacement then transferring all the contents, she wished there was a way to just change the outside of the bag. The idea immediately popped into her mind to create a bag with changeable covers.

In April 2005 Michelle and Annette started the process and formed Miche Bag, LLC.. Together they met with a patent lawyer and a sourcing agent, and soon the final product became a reality.