Apparently backpacks are back in style, but don’t think you can just dust off your old Jansport.

Women’s Wear Daily reports that Mary-Kate and Ashley Olsen are struggling to meet demand for a $39,000 alligator backpack from their luxury fashion line, The Row.

The outrageously expensive backpack was "the first thing that sold off the shelf," Ashley said at the Paris launch of the twins’ new handbag collection on September 30.

"During our last economic crisis in the U.S., the only thing that went up was Hermès," the champagne-sipping mini-mogul commented regarding the popularity of pricey items during difficult financial times.

"If you were ever going to spend $39,000 on a bag, that's the bag you should buy," Barney’s Fashion Director Amanda Brooks told Fashionista upon the bag’s debut in July.

Brooks thinks this accessory really is all that: “There's enough design to make it interesting and beautiful but they truly are classic bags - and I think you also might be the only one who has it."

Mary-Kate said the glossy black item is actually quite practical: "We wanted to do a bag for every occasion," she told Style.com at the Barney’s unveiling.

Would you shell out nearly $40k for this bag?