Mary-Kate Olsen & Ashley Olsen know fashion, and it shows in their exclusive line for jcpenney. Just in time for back-to-school shopping, the design duo released a limited-edition Olsenboye change purse – all proceeds from sales will support jcpenney’s Pennies from Heaven campaign, which gives back to local afterschool programs.

“Every child should have the opportunity to be part of a positive and nurturing environment after school,” said Ashley Olsen. “Through the purchase of an Olsenboye change purse, customers can help support afterschool programs and impact a child’s life,” added Mary-Kate Olsen.

Now YOU have a chance to win one of 10 Olsenboye change purses! Tell us in the comments below how you’d benefit from this adorable piece during school or work. The top 10 commenters will receive a coin purse and our favorite also wins a $50 gift card to Olsenboye. Good luck and happy commenting.

- Olsenboye, Mary Kate and Ashley’s lower-end retail line, will be launching a webisode series today starring five West Coast fashion bloggers. West Coast and fashion seem oxymoronic to me, but you can check out the first webisode today at 10 am on teenvogue.com. [WWD]

- Vogue‘s Editor-at-Large, Hamish Bowles went one on one with Amar’e Stoudemire of the NY Knicks, and as you’d expect, Hamish totally schooled Amar’e. I mean, Hamish is dunkin’ on him like donuts — I think his fashionable headband might have been the deciding factor. [Refinery29]

JCPenney is offering aspiring designers an opportunity to win a trip to NYC to meet Mary-Kate Olsen and Ashley Olsen. The contest invites young designers between the ages of 13 and 21 to design an original apparel item. Enter for a chance to win:

· Grand prize trip to New York City

· Meet Mary Kate Olsen and Ashley Olsen

· $1,000 JCPenney style shopping spree

· Nine runners up each receive $500 JCPenney gift cards

· A chance to have your design included in a future Olsenboye collection

Enter the contest February 2, 2010 through March 14, 2010. Public voting to decide the winners begins late March.

Young designers can enter the Olsenboye Design contest by visiting jcp.com/olsenboyecontest. Following conclusion of the entry phase, Mary Kate Olsen and Ashley Olsen will select their favorite 15 designs.

A public vote will be held to choose 15 finalists in March. The winners will be announced in April.

Thanks NY Mag!

Mary-Kate and Ashley Olsen will be launching a new Junior’s brand exclusively at JCPenney called Olsenboye. To gear up for the launch of the new line, New Yorkers will have the chance to get an early peek at the new collection.

Starting today (10/26), JCPenney will be parking a “treat truck” for three days in three locations in NYC, for a sneak peek at some Olsenboye product, the Olsen’s will be making a surprise appearance at one of the three locations.

Treat truck locations (from 2:30pm-6:30pm):

Mon., Oct. 26- Union Square

Tues., Oct. 27- Herald Square

Wed., Oct. 28- Washington Square Park

Check out http://www.olsenboye.com for more info.

Ashley Olsen and Mary-Kate Olsen Paris Fashion Week Autumn/Winter 2008 - Chanel - arrivals Paris, France - 29.02.08 **Only available for publication in the UK** Mandatory Credit: WENN