Department store Bergdorf Goodman and luxury brand Fendi have just launched a very clever promotional Facebook giveaway. Named “Fendi Frenzy: The Color Challenge,” it’s a contest with a serious prize: Fendi’s new color-blocked 2Bag.

Image via 5th at 58th

Through Sunday, April 24, users can click to a unique tab created specifically for the promotion on the Bergdorf Goodman Facebook page. Then, via an interactive widget, you can pick out your own colors for the bag’s upper and lower sections, handle, and ID tag.

Once you’ve finished, you are prompted to submit your “design” for consideration. According to Bergdorf’s blog, 5th at 58th, the winner “will receive a Fendi 2Bag in the chosen color combination. In addition, Fendi will produce a limited-edition collection of the winning bag, which will be available exclusively at Bergdorf Goodman and bergdorfgoodman.com.” The retail value of the bag is approximately $2,150.

The contest is pretty much guaranteed to increase views and “Likes” of Bergdorf’s Facebook fan page. And the traffic spike to the contest site won’t end when submissions are closed — participants have to return to the Bergdorf page to vote on designs (the winner will be selected from the five designs with the most votes). And as people submit their designs, they also submit their personal information — along with the option to opt-in to emails from Bergdorf.

All in all, this is one of the smarter Facebook contests we’ve seen recently. Have you entered?