Two women are reading, one woman has a magazine with a Dior ad on the back of it, while the other woman is reading fro ma hard cover book.
Two women are reading, one has a magazine, while the other has a book.
This refers to two women with one who has a magazine and other reading from hard cover book.
A hard cover book is a type of book.
Two women are reading, one with a magazine and other with a book.