"H&M is proud to announce that its autumn 2011 designer collaboration will be with one of the world's most legendary fashion brands, Versace," the Swedish company said in a statement.
The Versace line will hit some 300 H&M stores worldwide on November 17, 2011 and "will look back on the heritage of the brand, full of leather, print, colour and exuberance in exclusive materials," H&M said. The collection will also be available in Israel.
The collection will include both women's and men's clothing as well as some home accessories such as a bedspread and cushions.
A pre-spring collection, also designed by Donatella Versace, will be available exclusively online from January 19, 2012.
Verscase for H&M (Photo: Hennes & Maurice)
"I am thrilled to be collaborating with H&M and to have the opportunity of reaching their wide audience. The collection will be quintessential Versace, perfect for H&M and Versace fans everywhere," the Italian designer said.
Known for its trendy yet affordable fashions, H&M is the world's third largest clothing group behind Spain's Inditex, which owns Zara, and Gap of the United States.
It first teamed up with a top fashion designer in 2004, in a tie-up with Karl Lagerfeld and sent its monthly sales soaring.
Since then it has hooked up with the likes of Stella McCartney, Viktor and Rolf, Comme des Garcons, Jimmy Choo and Sonia Rykiel -- as well as one-off lines with style icons Kylie Minogue or Madonna.
H&M was founded in Vaesteraas in central Sweden in 1947. The cheap-and-chic fashion company had 2,206 stores and 59,440 employees worldwide at the end of 2010.
Italian luxury fashion house Versace was founded in 1978 by Gianni Versace. His sister Donatella took over as head of design in 1997.
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