Just announced: Target's latest (and, dare we say, the most promising) designer collaboration is with none other than 3.1 Phillip Lim. 

The decorated New York–based designer—responsible for modern, trend-defining looks like this leather peplum top and biker-chic fall 2013 ready to wear collection—will join the Target collaboration ranks of collections by Rodarte, Missoni, Prabal Gurung, and Jason Wu.

Initial details from the department store's camp indicate that the 100-piece collection will feature wearable styles for both men and women in a "classic fall palette of neutral tones and prints," as well as accessories and a line of travel gear. Prices range from $20 to $300 for the collab that launches September 15.

You know that feeling when a killer movie trailer comes out only to let you know that the film isn't premiering for like two more years? That's sort of how we feel about waiting until September. But at least we have some time to plan our line-up strategy.

Check out Lim talking through the collection in the video below and check back with us as we keep you updated with all the dreamy details as they unfold.