Target, Neiman Marcus (and 24 designers) pair up for holidays

Come the holidays, Target and Neiman Marcus are joining forces, co-launching a special collection with more than 50 products from 24 designers.

The first-come, first-serve giftable offerings will be designed by the likes of Carolina Herrera, Marc Jacobs, Oscar de la Renta, Diane Furstenberg and more and made available on both retailers’ websites and in stores on Dec. 1.

Items will cost anywhere between $7.99 (standard Target pricing) and $499.99 (more Neiman Marcus’ speed).

The lady and the tramp partnership is an unusual one, considering that one pair of earrings at Target goes for about $10 while the dangly baubles at Neiman Marcus easily run past $1,000.

Target has nearly 1,800 stores. Neiman Marcus operates fewer than 100. Good luck finding the paper towels and groceries sold at the former on the shelves of the latter.

The concept of high-low capsule collections is one of Target’s calling cards – the retailer has paired with couture designers such as Jason Wu and Alexander McQueen, whose limited, discount designs have sold out within minutes at Target stores (see Missoni).

The model has been copied enthusiastically by other chains such as H&M and Forever 21.

But with the luxury market going through major shifts, it also behooves Neiman Marcus to make itself more accessible to bargain hunters. Most of the items in the Target + Neiman Marcus Holiday Collection will be priced at less than $60.

“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 Gregg Steinhafel, Target’s chief executive, in a statement.

RELATED:

Haute couture and discounters walk down the aisle

Retail sales at major chains up a weak 0.1% in June

Target’s Jason Wu line inspires long lines, frenzied shoppers

The new definition of luxury: Discounted, personalized and green

Follow Tiffany Hsu on Twitter and Google+