It’s no secret that Mary-Kate & Ashley Olsen have had a passion for fashion for quite some time now.

From starting their own clothing line for Wal-Mart when they were just in their teens to their highly successful The Row, Olsenboye and Elizabeth & James lines, it’s no surprise that Vogue magazine named them the ‘Best Dressed Sisters.’

The fashion moguls beat out Beyonce and Solange Knowles, Dakota and Elle Fanning, and Kate and Pippa Middleton for the stylish honor!

Mary-Kate and Ashley Olsen’s fashion line The Row may be alittle more on the pricey side for some people, but that didn’t stop them fromselling out on a $39,000 alligator backpack! The young designers talked toWomen’s Wear Daily about the launch of their new handbag collection in Parisand while the price tag may be a little hefty, it’s still a must-haveaccessory!

"It was the first thing that sold off the shelf," Ashley said. "During our last economic crisis in the U.S., the only thing that went up was Hermes."

Always on the cutting edge of style, Mary Kate and Ashley Olsen looked chic and stunning at the 2011 Council of Fashion Designers of America (CFDA) Awards.

The pair were nominees for the Swarovski Award for Womenswear, but unfortunately they did not take home the prize.  Prabal Gurung, designer of Victoria's Secret model Alessandra Ambrosio's gown for the show, was given the distinction instead.

Read on to learn more about the twins' fashion line, The Row!