Style: Two tiny designers, one huge price tag

Mary Kate and Ashley Olsen, and their pricey alligator backpack (Getty Images)

The sound of jaws hitting the floor was deafening enough when Burberry launched its "warrior" bag back in 2008 for a mere £13,000 – and that was before the banks turned out to all be jipped. But, as George Osborne's mouth flapped open and closed, the latest piece of designer arm candy reached the ears of the Trending desk – not our arms, that's for sure.

The TV poppets turned (actually very credible) fashion designers Mary Kate and Ashley Olsen have released an alligator backpack available from their label The Row. But this is no high-street collaboration: minimal yet luxurious, The Row is beloved of some of New York's richest women. And working with Damien Hirst – who has customised the bags with prescription pills and gold polka dots – the Olsens have come up with the ultimate back-candy for that demographic. For a mere £34,000.

Well, it's cheaper than a diamond-encrusted skull, isn't it?