When you fold down your umbrella, the canopy along with the other entire hardware collapses around the handle to transform itself into a more compact shape. Matthew Swinton has gone a step ahead to design an umbrella where the canopy and the hardware go inside the handle rather than wrap around it.

A knob on its face turns to unlock the inner mechanism. The knob slides down the umbrella, forcing the canopy arms out through the top of the shaft. The flexible plastic arms are bent as the exit the handle, pulling the canopy with it. When fully open, the knob is turned back to lock the umbrella open.

Via Ubergizmo