Wyndham Crime Investigation Unit detectives are hoping to identify two men following a burglary at a Werribee home last month.
The burglary took place on Montpellier Drive when the two men broke into the house by forcing a rear door on 18 January.
The burglary was reported to police when the occupants returned from holidays nearly two weeks later and found their home had been ransacked.
Investigators have been told that approximately 20 designer handbags, which included Louis Vuitton and Prada brands, were stolen from a glass cabinet.
The estimated value of the handbags was $100,000.
Also stolen in the burglary was a diamond engagement ring valued at $80,000 and a $40,000 Rolex watch.
One of the burglars is perceived to be Caucasian in appearance, aged between 30-40 years, with a medium build and thinning brown hair.
The second man is also perceived to be a Caucasian appearance, aged in his 30s with brown hair.
Investigators have released an image of the stolen ring and images and CCTV footage of two men who they believe may be able to assist with their enquiries.
Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential report at www.crimestoppersvic.com.au