Dive Brief:

• Elizabeth and James, a lifestyle brand founded by Ashley and Mary-Kate Olsen in 2007, will exclusively be available in most Kohl's stores and on Kohls.com beginning this holiday season, the retailer said on Wednesday.

• The collection, which will be available in stores nationwide, will include apparel, handbags, accessories and beauty offerings, according to a Kohl's press release.

• The retailer said Elizabeth and James will continue to operate as an independent business, and the Olsen twins will both continue to serve as creative directors for the brand.

Dive Insight:

Forming a partnership with Mary-Kate and Ashley Olsen further adds to Kohl's growing portfolio of partnerships in a bid to stay relevant among younger consumers. The brand joins the likes of LC Lauren Conrad, Simply Vera Vera Wang and Adidas, among others.

"This is another great example of how we are bringing newness and fashion relevancy to the millions of women who shop Kohl's," Michelle Gass, Kohl's chief executive officer, said in a statement. "We also know that Elizabeth and James will support our efforts to drive new customers, particularly millennials, to Kohl's."

The partnership with Elizabeth and James, a brand that has been sold in Nordstrom, Bloomingdale's, Saks and Neiman Marcus, may seem a bit unfitting for Kohl's, known for its lower-priced selection. But that just may be exactly why the brand decided to pursue this opportunity.

"Our vision for Elizabeth and James is to deliver a lifestyle brand that offers women access to premium fashion at an affordable price without sacrificing quality and fit," Mary-Kate Olsen said in a statement. "Leveraging Kohl's extensive store network and digital platform will also allow us to reach a much larger audience than we have in the past and for this we are particularly excited," she added.

While the Olsens also operate luxury brand The Row, this isn't their first stint in a lower priced market. In 2009, Mary-Kate and Ashley teamed up with J.C. Penney to launch Olsenboye, which has since ended.

"Kohl's is doing a great job with innovation and thinking differently about omnichannel retail. We have always seen Elizabeth and James speaking to a much larger audience and this new business model with Kohl's will allow us to achieve that," said Ashley Olsen.