They will now own high-end couture label The Row - will add Elizabeth and James, a contemporary sportswear range, to their fashion portfolio this autumn.

The new brand, created in partnership with L'Koral Industries, was named after the twins' other siblings.

Mary-Kate told Women's Wear Daily magazine said: "We wanted it to be based on a relationship between a girl and a boy and tell the story through clothing.

Ashley added: "It's a clash between masculinity and femininity."