Article: A legend packs her bag.(Judith Leiber)

NEW YORK -- "I feel very happy. I think I've done my thing, and it's time to go," said Judith Leiber, who has given her luxury handbags a status equal to that of the Rolls-Royce in automobiles.

Leiber, who celebrated her 77th birthday Sunday, announced her retirement on Monday. She said she is leaving the upscale handbag and accessories firm she founded in 1963 in "very good hands," noting that Marcus Margulies, chairman of Time Products PLC -- the British watch company that acquired Leiber's company in 1993 -- will "continue to manage the business very nicely."

"A certain rhythm to the designs will remain. Fashion, after all, is an evolution. The business ...

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