We've got an exclusive first look at the latest collection from Mary-Kate and Ashley Olsen's fashion label, Elizabeth and James! "The fall collection plays with texture and mixes comfort with fashion," Mary-Kate told us. Translation? Blousey dresses and trousers, plus luxe details like Italian brocade and ostrich feathers. The line's signature blazers and jackets are as modern as ever, although this time around they're topped off with playful fur and leather accents. Her and Ashley's favorite piece? "The silk drapey pant is the new skinny pant—it's comfortable, flattering and looks great paired with heels," she says. Click on for a complete look at Elizabeth and James' Fall 2010 collection.