Apple's iPhone Pocket is a new way to carry the iPhone

Apple has teamed up with Issey Miyake to launch the iPhone Pocket, a 3D-knitted, stretchy bag for your iPhone (and other smaller items).

Known for pricy, often-stretchy, sometimes very avant-garde pieces of clothing, Issey Miyake is a fashion company founded by the late Japanese designer, who also happened to designed Steve Jobs' legendary black turtleneck.

In an announcement posted Tuesday, Apple says the iPhone Pocket has "the qualities of the original pleats by Issey Miyake," as designer is synonymous with pleated fabrics. The iPhone Pocket's fabric appears to be very stretchy, and Apple says that when stretched, the open textile allows the users to peak at their iPhone display, meaning you'll be able to check notifications without removing your phone from the Pocket.

The iPhone Pocket is designed to be worn in a number of ways; you could wear it as you would a handbag, strap it around your body, or tie it onto a bag. It's available in two basic designs: a short strap, which is available in eight colors, and a long strap, which is available in three colors.

We have questions about the iPhone Pocket's construction and of course, price. Yes, it's a stretchy sock with a cut-through, but if you look closer you will see that the ribbed construction is quite nice, and the fabric is probably of better quality than a regular sock.

The price tag, however, is such that we can already see people making their DIY versions of these: $149.95 for the short strap design, and $229.95 for the long strap design.

The iPhone Pocket will be available starting Friday, Nov. 24, in Apple Store locations and on Apple.com in France, Greater China, Italy, Japan, Singapore, South Korea, the UK, and the U.S.