Yes, he does.
Here’s how the story goes, briefly. Rincewind is a wizard, who has a cool wizard hat that spells wizzard on it. He also ends up saving the world, not ours, the Discworld which is a disc held by 4 elephants held by a giant turtle (I think). The Luggage is given to him as a gift by a friend, Twoflower.
Now, while Rincewind does some magic, The Luggage IS magic. It follows him everywhere, protects him from people (it ate someone once) and whenever Rincewind opens the lid he finds whatever he needs in there. For instance if he puts his dirty clothes in and then he opens the lid but he is hungry he’ll find food. Then when he needs clothes he’ll find them cleaned.
So there you have it, the story.
That’s all. Hugs.