Start by creating a rectangle using rectangular shape tool.

Press Ctrl+T. Right Click and select distort. Adjust the nodes to get a shape as shown. Double click the layer to open layer style window. Apply settings as shown. Ctrl+Click to get the selection. Contract the selection by 3 pixels. Create a new layer. Apply Black to white gradient. Change layer mode to overlay for this layer. Create a rectangle using rectangular shape tool. Press Ctrl+T. Right Click and select distort. Adjust the nodes to get a shape as shown. Double click the layer to open layer style window. Apply settings as shown. Ctrl+Click to get the selection. Contract the selection by 3 pixels. Press Alt key and cut half of the selection in vertical manner using polygon lasso tool. Create a new layer. Apply Black to white gradient. Reduce opacity to 73%. Change layer mode to overlay for this layer. Using text tool type U. Press Ctrl+T and scale up horizontally. Press Ctrl+T. Right click and select Flip Vertical and place for the handle of the bag. Press Ctrl+T. Right Click and select distort. Adjust the nodes to give it a perspective look.

Double click the layer to open layer style window. Apply settings as shown.

Create an ellipse using elliptical shape tool. Reduce opacity. Duplicate and place for the two holes below the handle of the bag. Move these layers below the handle layer in layer order in layer palette. Duplicate handle layer. Offset its position by a few pixels. Move this layer below all the layers in layer order in layer palette. Group all layers in one group. Duplicate group and change colors of the carry bag sides. Merge each group individually. Rotate the bag layers slightly in opposite directions. Type the shopping mall name at the bottom of the bags. Create multi-color ellipses and place as shown.