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BAGGING IT: Mary-Kate and Ashley Olsen and InStyle’s Ariel Foxman threw a cocktail party in the penthouse of Chateau Marmont on Wednesday night to celebrate the fall launch of Elizabeth and James’ handbags. “It’s the first new category we’ve done in-house and we’ve been able to control the process, so we are excited to see where that adventure takes us,” said Mary-Kate. “It takes time and it’s still evolving, but I like the product and I hope that other people will too.” For guests like Ashley Madekwe and Ahna O’Reilly, fall couldn’t come soon enough. “Do we get to take a bag home?” asked Madekwe as she eyed the display. (Guests were given a leather pouch as a parting gift). “We knew sight unseen the product would be great,” said Foxman of booking the magazine’s July feature on the bags. “The girls have really transcended being actresses who design clothes to being bona fide designers.” Ashley Olsen said that she planned to take a two-week vacation after finishing the resort collections. “I want to hang out with my friends whom I feel like I haven’t seen in forever. I need that time to relax so I can think ahead and focus on the future. When you get so busy and bogged down in day-to-day you forget to think about the next steps, so time off really helps me reset.” Other guests at the party, like “Scandal’s” Katie Lowes, were just gearing up to work. “I’m producing a play this summer with my NYU theater friends,” she said. “Sometimes I think, ‘Who am I right now?’ because I remember catering at events like this one. I’ve done almost every job coming up in this town. In fact, I know several of the people working here tonight.”
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