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Mary-Kate and Ashley Olsen launch first Elizabeth and James handbag collection

Mary-Kate and Ashley Olsen celebrate the launch of

Mary-Kate and Ashley Olsen celebrate the launch of the Elizabeth and James Fall 2013 Handbag Collection at a cocktail party held at Chateau Marmont in West Hollywood. (June 19, 2013) (Credit: Getty Images)

Mary-Kate and Ashley Olsen launched Elizabeth and James’ first handbag collection Wednesday, and Women’s Wear Daily reports that the trend-setting twins celebrated at a lavish cocktail party in the penthouse of Hollywood hot spot Chateau Marmount.

The Elizabeth and James collection, full of oversized drawstring slings and a few rectangular clutches, aims to target women in their early 20s with its combination of subtle animal print, bold reds and sleek black.

“It’s the first new category we’ve done in-house and we’ve been able to control the process,” Mary-Kate told WWD. “It takes time and it’s still evolving, but I like the product and I hope that other people will, too.”

Celebrity guests Ashley Madekwe and Ahna O’Reilly already approve of the new designs after seeing them at the handbag launch, where they snagged leather pouches of their own. 

Unlike the Olsens' pervious handbag ventures with Damien Hirst, which included an infamous black crocodile skin purse covered in faux prescription pills priced at $55,000, the designers aimed to make their Elizabeth and James collection a bit more . . . how do we put this? Attainable.

Tags: Mary Kate Olsen , Ashley Olsen , Elizabeth and James

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