umbrella & cup holder in one!

i stumbled across this item while coffee surfing the other day. picture yourself walking your dog, in the rain, while trying to enjoy your daily dose of caffeine. that means you'll be juggling a leash, an umbrella and your coffee all at once. if you have three hands, you'll be fine, but it you're like the majority of us humans, you are one hand short. well a korean designer has come up with an umbrella that will double as a cup holder. look how happy this guy is that he can hold his umbrella AND his cup of coffee with one hand!
what do you think of this item? ridiculous or genius?