I think what I find feminine about it is the pattern. When I started thinking about most men's bags/carrys, I have an association of single color and if there is a logo, it tends to be a single big logo.
I used to really like a lot of the Escada luggage, but again, when it came down to it, was not really my style.
Long and short, if you are asking the question if it is too feminine, you are already stating that it is feminine/has femininity to it. The questions really are:
-- do you like it?
-- Would you be comfortable carrying it?
-- and does it express your style?
You answer yes to all three, then it does not matter what anyone else thinks.
Other thoughts...
Gucci does some of these in Black and white, or more of Black and Gray I think. That may come across less feminine. Some logo designs, like Louis Vuitton will transcend a lot of that, because their luggage has had the same appearance for almost a century. It really can be difficult sometimes