We’ve been smitten with The Crocodile Backpack since it debuted in July.

Mary-Kate and Ashley Olsen’s premium fashion label, The Row, is struggling to satisfy demand for a $39,000 alligator backpack, according to reports.

Ashley Olsen, a former child actress turned high-end fashion designer, told Women’s Wear Daily that The Row was struggling to meet up with demand for the $39,000 premium car-priced accessory.

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The super expensive backpack was “the first thing that sold off the shelf,” Ashley remarked on September 30 during the Paris debut of the sisters’ new handbag range.

“During our last economic crisis in the U.S., the only thing that went up was Hermès,” Olsen commented, before returning to sip Champagne with guests such as Michelle Harper and Christian Louboutin.

In an effort to compete with other outrageously costly purses, Barneys New York began offering the crocodile-skin bags in July.

“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 in July.

“Obviously we don’t carry Hermes bags in the store so we were trying to find something that appeals to that customer who is willing to spend a lot of money on a bag that’s going to last a long time and has a classic design,” she added.

The glossy black piece, according to Mary-Kate, is really extremely practical: “We wanted to do a bag for every occasion,” she told Style.com at the Barney’s launch.

And yes, those of you who began a piggy bank fund for the pouch are out of luck—they’re all gone! Of course, we are delighted that, despite the shaky economy, people continue to pay for luxury bags, but we can’t help but wonder whether the Olsen twins are pricing everyone else out of the It-bag market except Russian oligarchs and Petra Ecclestone.