New Delhi, Nov. 15 -- Apple's latest limited-edition accessory has sparked scenes more familiar to a high-fashion drop than a tech launch. Early on Friday, crowds formed outside the company's SoHo store in New York, eager to buy the new iPhone Pocket, a wearable pouch costing up to $230 and created in collaboration with the Japanese fashion house Issey Miyake. Within minutes, stock vanished both in-store and online. Here is why the product ignited such demand.

The iPhone Pocket is no ordinary phone sling. Designed with Miyake's signature 3D-knitted fabric and available in short ($150 equivalent) and long ($230 equivalent) versions, it taps into the label's design heritage. Miyake's association with Steve Jobs, whose black turtleneck beca...