Olsen twins become CEOs at the age of just 18: Mary-Kate and Ashley are taking full control over Dualstar LLC, their billion-dollar media enterprise

Olsen twins split with partner to takeover business

18-year-old twins tycoons Mary-Kate and Ashley Olsen are taking full control over Dualstar LLC, their billion-dollar media enterprise, by buying out of the lawyer and manager who helped the Olsen sisters run the business and become international superstars.

Robert Thorne, who has headed up Dualstar for the last 15 years, sold his “very substantial minority stake” after the teen twins Mary-Kate and Ashley Olsen approached him with the offer. The amount paid by the teen stars Mary-Kate and Ashley Olsen, who started their career as toddlers on the TV series "Full House”, was not disclosed.

"The decision was to respect their desire to take the helm perhaps a few years earlier than I had anticipated," Thorne told Reuters. "But I didn't want to stand in their way provided that I was taken care of, as I was handsomely."

Thorn intends to turn his attention to consulting and management in fashion and entertainment. However, he will stay with the Olsens for several months as a consultant.

Dualstar, with staffers in Los Angeles, New York and London, manufactures apparel, make-up, books, CDs, DVDs, fragrances and Barbie dolls under the Olsens' names, targeting the audience of young girls.

"I am truly excited to continue the Dualstar legacy we built with Robert and work hand in hand with Mary-Kate to push the company to even higher heights," Ashley said in a statement, according to E!Online.

"We are very thankful that we are able to enjoy our college experience, run a business and live our lives," said Mary-Kate Olsen.

See also:

Mary-Kate Olsen struck by eating disorder

Olsen Twins Become CEOs (by FashionGates.com)