@larasmith0045,
In the USA, stores will normally take back something for refund or credit toward another purchase, but there usually is a time limit. Some places a week, some places a month, some places 3 months.
Do you have the receipt? The limit might be on the receipt. If it isn't there, then take the receipt back with you to the store and tell them you want to return the item. If they won't let you return it because it's been too long since you purchased it, try to argue by saying that you will accept a credit toward another purchase in the store. That is, if the item cost you $40, you will be satisfied if they take back the handbag and then allow you to apply the $40 you paid for it toward purchases made in that store only.
Retailers are usually more easy-going on store credit than on full refunds, if the customer has exceeded the time limit for returns. At least, that is the way they work it in the United States, I do not know if the same customs apply in your country.
If you bought the handbag online instead of in a store, the return would be a different procedure. Did you buy the handbag online?