THE OLSEN TWINS LAUNCH THIER NEW JUNIOR BRAND OLSENBOYE FOR JCPENNY!

Mary-Kate and Ashley Olsen are the latest celebrity duo to try their hand at an affordable fashion line.
The celebrity twins, who have been in showbiz basically since infancy, have inked a deal with JCPenney to launch a new brand.

Olsenboye, their juniors like for girls, will be sold exclusively to the national retailer, reports Women's Wear Daily. The brand is set for a Spring 2010 launch date and slated for a major rollout—appearing in 600 stores nationwide.

But as the fashion capital of the country, New Yorkers won't have to wait quite that long.

Starting Monday, the Olsen's will be cruising the city, handing out cupcakes, pins and balloons and selling some merchandise to promote their new line. Plus, beginning on November 6, the line will debut on JCP.com and be available in 50 of JC Penney's most high-profile stores, including the new Manhattan flagship store, for a limited time.

The Olsen's line is just one of many, like Bisou Bisou, I [Heart] Ronson (designer Charlotte Ronson's line), Allen B. and Twelfth of Eleven, that JC Penney hopes will attract younger shoppers.

Olsenboye, which is the Olsen twins ancestral last name, will still fall into JC Penney's conservative price range, with pieces from $20-$50 and sizes for every girl, starting at 0 and going up to 15.

"It's very fun, fashion driven, trendy and wholesome at the same time," Penney's executive vice president Liz Sweeney told WWD.

The twins, who are only 23, are estimated to be worth some $300 million combined, reports Usmagazine.com.

Olsenboye is the fourth collection the sisters have created. The other three include The Row, Elizabeth and James, and a short lived, now defunct line carried by Wal-Mart.