Yes I have and yes it does. Compact felt with short "hairs" and a good quality flock or vinyl. https://en.halfar.com These guys show bags in trade shows printed, embroidered and screen printed.
Last year it was popular, this year not so much.
It looks great. elegant (as you said) easy to sell once the customer sees it.
Felt bags are not too expensive and can be picked up in lots of shops at bargain prices.