Yes, I have done this with a Stella McCartney bag I love. I bought it in red, and realized that I adored it so much that I wanted another, so I bought it in cream. Honestly, if it were still available in red, I would have gotten another in that color as well. I love it, and worry that one day it will wear out and I will be devastated. Having two extends the life for each of them.
I also did this a long time ago with a long Lamberson Truex wristlet. A department store was offering them as part of a promotion for only $35. I ended up purchasing three, figuring I would give two away as gifts. However, I ended up keeping them all. They are light blue suede, so after awhile one got dirty, but no harm was done, since I had two more to replace it with! I'm on my second now, and am happy to know that there is a third waiting if the second ever gets ruined.