What I would do is paint or ink the edges to match the paper that you will use to cover the chipboard. (this helps so you do not see the bare chipboard edges, unless that is the look you want) Then trace the purse onto the patterned paper and cut it out. Use Mod Podge to adhere the patterned paper to the chipboard.
ok.. that looks like just a flat purse. thats easy! you can paint, stickle, cover with patterned paper (put adhesive on the purse, put your pp on top of it and use a craft knife to cut around the shape of the purse. (u might want to ink the edges though so they are not naked..lol) ummm, you can cover with white paper and ink patterns on it. you can paint it then adhere buttons, ribbons, gems, glitter, flowers... anything!!!
good luck.. would love to see what you come up with!!