The two-minute film, created by Adam & Eve/DDB, features a man giving his wife a Mulberry Bayswater bag for Christmas. Once she has opened the present, a succession of visitors come to pay their respects to the bag.
As the two shepherds and then three wise men arrive, it slowly becomes clear that the bag has taken the place of Jesus in the nativity story.
The film will be accompanied by social media activity and a competition through the Mulberry website.
Anne Marie Verdin, the brand director at Mulberry, said: "Everyone at Mulberry loves Christmas and every year we like to put out an amusing tongue-in-cheek little story about how difficult it is to get Christmas right.
"Our research shows that men are particularly nervous about the consequences of getting it wrong. We like to make people smile in the run up to their hopefully… perfect Christmas."
At Adam & Eve/DDB the copywriter was Aidan McClure and the art director was Laurent Simon. The spot was directed by James Rouse through Outsider.
Rick Brim, an executive creative director at Adam & Eve/DDB, said: "I don’t think you can underestimate that joyous moment when you receive the gift of a Mulberry handbag. So with that in mind this idea is simple, funny and couldn’t be more Christmassy if it tried."
Last year Adam & Eve/DDB also created a humorous online film for Mulberry’s Christmas campaign. The 2014 ad showed a grandma "winning" Christmas by giving her granddaughter a Mulberry bag as a present.