It's not an item for in-game, as FighterKHV said: It's just some kind of box you can put items in. Then you rename it.
For example: I have 5 orc forces, 3 orc relaxes and some orc gradients.
I don't want that mess all over my inventory, so I buy a new set, call it "Orc" and put all of the orc items inside.
You can sell sets, which means the user gets a box and the items inside.