Mary-Kate and Ashley Olsen scaled back their fashion week presence, showing the collection by private appointment rather than on the runway or at a presentation. But the designing sisters haven't dialed back their ambitions. Showing off their debut handbag collection—which includes a framed doctor bag, a day tote, an elongated "memo bag," a crossbody messenger, even a crocodile backpack—they said prices will be in the Celine and Hermès range. "The workmanship and materials are at that level," Ashley pointed out. The bags' clean, unadorned look will give them a good shot at It status next season.

The Olsens didn't skimp on the clothes either. Their shiny crocodile and fox fur coat is the kind of showstopper they'll probably only sell one or two of at trunk shows, a job requirement the sisters insist that they love. The Persian lamb jacket with a kicky peplum that was paired with matching bordeaux velvet pants was more understated, yet undeniably luxe. Ditto a cashmere and mink cropped sweater shown over a slim lace skirt.

There were items here, though, that girls without bottomless bank accounts can and will aspire to. Tailoring remains a key element of the collection; if they've relaxed the silhouette of the pants, the jackets are as sharp as ever. A yellow corduroy style with Nile perch elbow patches signaled a newfound interest in color, and a small move away from the minimalism that's defined their last two collections. Speaking of good deals, the cashmere TOMS shoes they made in collaboration with the buy-a-pair, give-a-pair brand's founder, Blake Mycoskie, will go for less than $150.