H&M finally announced their fall 2011 collaboration with another high-end designer, Versace, following the likes of Karl Lagerfeld, Stella McCartney, Comme des Garçons, Roberto Cavalli, Jimmy Choo and Lanvin.

This announcement is a complete turnaround from Donatella Versace’s response back in 2008 when she was asked about doing a lower-priced line. “I respect everyone who does it. But the reason I didn’t do it is because I work very hard to put the Versace line in the luxury section. I think to put the Versace line in H&M would confuse the brand,” she told New York Magazine. However, instead of selling this collection as a “diffusion” line, it’s called the “Iconic Collection”, wherein Donatella will be sharing Versace’s iconic designs.

So what can we expect from H&M’s collaboration with Versace?

Designed by its creative director Donatella Versace, the exclusive collection will recall the vibrant heritage of the brand, complete with leather, prints, color, and exuberance in exclusive materials at fantastic H&M prices.

The womenswear collection will be dominated by dresses that express the spirit of the season, featuring studded leather, silk and colorful prints, and accessories including high heels and costume jewelry. The men’s collection will focus on sharp tailoring, including the perfect tuxedo, as well as belts and jewelry for men. For the first time in a designer collaboration at H&M, the collection will include homeware pieces including pillows and bedspread.

Now, the big question… When will it be available???

Versace for H&M will be out on November 17 in selected stores in the US. The collection will be available in about 300 stores worldwide. It will then be followed by a pre-spring collection, which will be available on January 19 in countries with H&M online sales.