The layers wrap around the base of the bag and fold up to cover the two larger sides. The sheets are staggered to look like "pages of a book", said Fendi.
The inside is lined with petrol-coloured leather, and black horse hair is used for the sides.
Hadid's design is one of 10 iterations of the Peekaboo bag in the collection, created to coincide with the opening of Fendi's New Bond Street store in London at the beginning of this month.
Other designs were created by artist Tracey Emin, actresses Gwyneth Paltrow and Naomie Harris, models Cara Delevingne, Jerry Hall and her daughter Georgia-May Jagger, fashion illustrator Tanya Ling, singer Adele and journalist Kate Adie.
"Growing up in a family of strong and pioneering females, I am excited that such iconic women, leaders in their own fields, have been involved in this project," said the brand's head of accessories Silvia Venturini Fendi in a statement.
The group worked with Fendi's design atelier to produce the bags, which all feature different materials, prints and patterns.