Put yourself in the mind of the fellow who designed this, and how proud he must have been of the W. It's a W inside a W! Look how the A lies along side the W, then valiantly struggles to join its comrades S and H! Look how the S in "souvenir" loops around to cover up pary of the W!
"Why?" sais the boss.
"What do you mean, why?"
"Why does it have to do that? Looks busy. Besides. souvenir folder is too big. Obviously it's a souvenir folder. People are buying it in from souvenir folder rack marked Souvenir Folders. Well, doesn't matter. They're not going to turn it down because you got clever with the Ws. Next time, make it simpler."
Whereupon the artist sulks and dreams of moving to Russia, where great modern art is appreciated. Well, maybe France.