Montbell is currently selling off the older versions of their Versalite rain jackets and rain pants. They pack down small and only weigh a few ounces. I hiked through the Andes with the rain pants and was very pleased with their performance. The pants breathed and I stayed dry even after 5 days of rain.
Both the jacket and the rain pants are small enough to stuff into a purse. The stored jackets are about the size of a soda can, the pants are about one half that. For comparison purposes, the Marmot PreCip weighs 13 oz while the Versalite weighs 6.7 oz.
The items on sale are: