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The Olsen twins have announced yet another fashion project, this time in the sunglasses category.

Building their Elizabeth and James brand, Ashley and Mary-Kate will serve as creative directors for a new line of sunglasses and optical frames, which debuts with a Resort ’10 capsule collection.

Their official announcement pointed to a predominantly unisex sunglass collection to be launched to high-end global retailers and run at $185 a pop. On its heels will be a “comprehensive” Elizabeth and James’ Spring ’11 sunglass collection at price points of $155 to $265.

In addition, to celebrate the market entry of Elizabeth and James eyewear, select stores in North America, London and Hong Kong will carry a limited edition style, retailing at $425.

The new line is being produced in collaboration with Absolute Black Limited, a part of B.BASE IDG, recognized for its design collaborations for Madonna, Karl Lagerfeld, and sass & bide.