Bells and whistles weren’t invited to Mary-Kate and Ashley Olsen’s beautifully edited presentation for Elizabeth and James. But great wool and Italian cotton fabrics, interesting zipper details, screen prints on knits and the first peek at their new handbag collection most certainly were. “We were thinking about what our girl’s closet would look like,” said Ashley, “and what she would want added to it.” In came lots of outerwear and sweaters of the slightly oversize variety that played nicely off slim cropped pants, a sleek silk jacquard wrap skirt and pointy patent-leather loafers. As for the bags, there were just five styles — a cross-body, shopper, clutch, messenger and backpack — done in lambskin and cow hair. With an opening retail price point of $295, they just might make their way into a lot of those closets.