For now my wife CCW's in a Cabelas "Gun Totin' Momma" leather purse w/separate pistol compartment and detachable holster. It also has wire embedded in the strap to prevent cutting. While I would rather she carry on her person, better she carries in a purse than not at all.
Tomac
ETA: Not the same item, but the concept's the same:
http://www.cabelas.com/product/Home/...Tz_stype%3DGNU