Target, Neiman Marcus Unite For Holiday Collection

STUDIO CITY (CBS) — It's Christmas in July for Target and Neiman Marcus shoppers.

The two retail juggernauts announced Tuesday its collaborative effort to create a limited-edition holiday collection featuring 24 well-known fashion designers, including Diane von Furstenberg, Marc Jacobs and newbie Derek Lam.

The mix of more than 50 products, ranging from $8 to nearly $500, will hit stores and websites in December.

"Target and Neiman Marcus are known for charting new terrain, and by joining forces for the holiday season, we've set the stage for a redefining moment in retail," said Target chairman, president and CEO Gregg Steinhafel. "This collaboration is unlike anything Target has done before, and we are confident our guests will be thrilled with this extraordinary collection that features some of America's most preeminent designers."

Karen Katz, president and CEO of The Neiman Marcus Group, said the corporations share a passion for design.

"We are thrilled to be collaborating to offer a spectacular and special collection of one-of-a-kind items for the holidays," she said. "These will be the 'must-have' gifts, whether you are a loyal Neiman Marcus customer, a devoted Target guest or a fan of American design."

And it's all for a good cause.

Both organizations are donating $1 million to the Council of Fashion Designers of America to celebrate the unlikely marriage.

"I can think of no better finale to CFDA's 50th Anniversary celebration than through this extraordinary designer collaboration," CFDA President Diane von Furstenberg said. "As designers, creativity is our best gift, and with the generous support of Neiman Marcus and Target, we are happy to have created specially designed products as a thank you to share with our consumers and friends."

Collection designers include: Alice + Olivia, Altuzarra, Band of Outsiders, Brian Atwood, Carolina Herrerra, Derek Lam, Diane von Furstenberg, Eddie Borgo, Jason Wu, Judith Leiber, Lela Rose, Marchesa, Marc Jacobs, Oscar de la Renta, Philip Crangi, Prabal Gurung, Proenza Schouler, Rag & Bone, Robert Rodriguez, Rodarte, Skaist-Taylor, Thom Browne, Tory Burch, and Tracy Reese.