This place in the Dragon Centre, SSP, has a model which is what you are describing. You get a choice of fabrics.
It also happens to have a springload mechanism that causes the button to first extend, and then later retract, the arms.
They are, off memory, in the vicinity of $500 +/- a hundred.
http://en.wikipedia.org/wiki/Leung_So_Kee
Marks and spencers central store have a wide radius compact umbrella with a spring mechanism you can use for self defence
DearGiant loved a wide radius umbrella...where is he?