While it may be the first day of Summer, Christmas must be coming early since H&M announced its collaboration with Versace to design an iconic collection for Autumn 2011. The first look features lots of sleek black and slimming silhouettes that will give anyone that leggy model look, in addition to the well-known and celebrated embellishments, studding, and glitzy gold detailing that screams Versace.

H&M is killing it with their designer collaborations that bring luxury to the masses at wallet friendly prices. While normally creative director, Donatella Versace‘s luxurious excess and decadent designs are for the eyes and not for the wallet, this exclusive collection will honor the heritage of the Versace brand while full of leather, print, color and exuberance in exclusive materials at fantastic H&M prices. Miss Versace will be following in the footsteps of past designers like: Karl Lagerfeld, Stella McCartney, Comme des Garçons, Jimmy Choo and, most recently, Lanvin.

Donatella will be bringing a piece of the past to the present as Versace is known for it’s skin tight silhouette, skimming hemlines, vibrant shades and prints. The collection is not emblazoned with the traditional Medusa head logo, but Versace purveyors will notice the iconic and more rectangular pattern featured on dressed and jackets. The high/low fashion will be representing youth and virility at it’s finest.

Men will join in on the fun on this collection as well with sharp tailoring, including the perfect tuxedo, as well as belts and jewelry. Women will have a selection of dresses perfect for the upcoming party season with indulgent details featuring studded leather, silk and colorful print, with accessories including high heels and costume jewelry. To change it up this time around, Versace will be the first collaboration that features Housewares, more specifically cushions and bedspreads. Perhaps a nod toward the upcoming Missoni for Target line?

The limited line drops November 17th in 300 stores worldwide and on-line , so buy accordingly before your Thanksgiving carb overhaul. If you want to wait until after the holidays, you’ll still be in luck as Donatella Versace has also designed a pre-spring collection for H&M which will be exclusively available in countries with H&M on-line sales from January 19, 2012.

Images Courtesy of: H&M Press Room