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EAU DE OLSEN: Mary-Kate and Ashley Olsen are headed back into the fragrance business this spring. The duo will launch the first fragrance under their Elizabeth and James label with Sephora in March. Michael McGeever, senior vice president of Sephora Originals, which handles the retailer’s strategic partnerships, confirmed the deal Wednesday and added, “We look forward to bringing the modern perspective and fashion philosophy of Elizabeth and James designers Mary-Kate and Ashley Olsen to life with this prestige fragrance.” The sisters previously launched body sprays.