Shoppers are still saving for The Row, but Mary Kate and Ashley Olsen announced today that they have a new clothing venture, called Elizabeth and James. WWD reports the line was named for the younger Olsen siblings, and was created by Peter Koral and Jane Siskin, the creators of Seven For All Mankind and LaRok. Mary Kate tells Women's Wear, "We wanted it to be based on a relationship between a young girl and a boy and tell the story through the clothing." Neiman Marcus, Bergdorf Goodman, and Intermix will carry the collection this fall. Prices start at around $80 and go up to about $600. Also: we hear it was heavily influenced by pieces from Mary Kate's vintage collection, and includes several shiny slip dresses, some hot pants, and a pinstripe menswear vest tailored extra skinny. Sound familiar?