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First Look Exclusive: Elizabeth & James Debut the Holiday 2012 and Accessories Collections on Moda Operandi

There was no shortage of standout looks on last night's Met Gala red carpet, but we'd be remiss if we didn't mention Mary Kate Olsen's weird and wonderful gothy gown, a custom The Row piece. The appearance was a kind of refresher course on why the Olsens deserve their style icon status: the twins aren't just clotheshorses, they're also genuine design talents. Try and name another starlet that walked last night's red carpet in her own designs, practically defying the laws of physics. Plenty of celebrities release branded clothing lines, but when it comes to choosing a gown for a major event like the Met Ball, most turn to fashion industry pros. Only the Olsens dress themselves.

Surely most of us aren't on the market for a ballgown, but Mary Kate and Ashley have a lot up their (very fashionable) sleeves. Case in point: their contemporary ready to wear line, Elizabeth and James, launched their Holiday 2012 and Accessories collections today on Moda Operandi.

The Olsens excel at sleek, polished basics (like the Ivy Shirt pictured), but the holiday collection also incorporates some on-trend touches (peplum, colorblock, cut-outs). Pieces range from about $395 to $995.

As for the accessories collection, shoes like these are hard to come by, made both for walking and showing off. I want them all. Offering a range of styles and heel heights — from booties to pumps to flats — the footwear looks not only comfortable, but pretty without being precious. Prices range from $295 to $395.

Moda Operandi's Elizabeth and James trunk show extends through May 15th. Shop it here.

Images courtesy of Moda Operandi