Excitement has been buzzing in the fashion world over Target’s newest designer collaboration, and the patience of frugal fashionistas is finally paying off. The highly anticipated Target Corporation designer collaboration with Prabal Gurung launched Feb. 10 in stores and online.

Gurung is the most recent designer to bring his fashion expertise to Target, joining a long string of designers and fashion houses that have paired up with the corporation, including Jason Wu, Rodarte, Erin Fetherston and Thakoon.

But Gurung is no stranger to Target collaborations. In December 2012, the designer created two pieces, a wool cape and a bow-embellished clutch, for the Target + Neiman Marcus Holiday Collection.

Prabal Gurung has been a growing household name in the past few years and is gaining quite the celebrity following with famous clientele including Zoë Saldana, the Duchess of Cambridge, First Lady Michelle Obama and Jennifer Lawrence, among many others.

According to the designer’s website, Gurung graduated from the Parsons School of Design and worked with the Cynthia Rowley design and production teams and served as design director at Bill Blass. The designer launched his own collection in February 2009 “with a philosophy encompassing modern luxury, indelible style and an astute sense of glamour.”

Gurung’s achievements in fashion in the past four years are bolstered by the various awards that he’s won, including the 2010 Ecco Domani Fashion Fund Award and the 2011 CFDA Swarovski Award for Womenswear.

In a press release statement, Trish Adams, senior vice president of apparel and accessories at Target, expressed excitement for the collaboration to bring great designs to consumers without the hefty price tag. “Prabal has quickly become one of the industry’s most influential designers, and this collaboration enables Target’s guests to shop a beautiful, feminine assortment from a modern visionary,” Adams said.

As stated on the designer’s website, Gurung’s artistic design visions have always included glamorous feminine silhouettes, flawless tailoring and modern luxury.

One of Gurung’s more famous runway collections was his Fall 2012 ready-to-wear collection in which the designer ventured on a journey from heaven to hell. Before the show, the designer opened up to style.com and discussed his own spiritual journey and traveling through both dark and light to find yourself.

The runway transitioned from a somber black, to blue, and ended with a collection of ethereal gold and ivory clothing. Along with spot-on tailoring and ultra-feminine silhouettes, Gurung used a variety of textures in the fabrics in the show, contrasting shiny and matte fabrics with each other and sprinkling stretchy neoprene fabrics in to spice up the collection. One of the culminating pieces from the collection was a shiny gold dress with waist cutouts that gained national recognition when Jennifer Lawrence wore it to the Hunger Games premiere last year.

In a press release, Gurung stated, “I am so thrilled to be working with Target on a collection that brings my designs to a wider audience. This collection was inspired by love, and if Target’s guests can feel even a little bit of the love that I felt while I was designing this collection, then I will consider it a job well done.”

With dabs of soft florals, flirty ruffles, circle skirt silhouettes and lace blouses paired with sleek and bright jewelry, there is a definite playful yet sensuous vibe to the collection, in which Gurung’s inspiration of love shines through. The collection includes women’s ready-to-wear clothing and accessories and will range in price from $19.99 to $199.99 for clothing and $12.99 to $39.99 for jewelry, shoes and handbags.

In a press release, Gurung was asked how designing for a big audience was different than designing for his luxury collection and stated that “Mixing ‘high’ and ‘mass’ fashion is the modern way of dressing; people don’t wear head-to-toe high-end designers anymore. These types of collaborations allow people to experience designer clothes at an affordable price, while still maintaining the look of luxury.”

Fashion mavens should be aware that this capsule collection will only be available until March 23, 2013 or while supplies lasts both at Target stores and at Target.com. The best course of action is to check out the Prabal Gurung for Target complete lookbook online, select the most covetable pieces from the collection and be ready to sprint through the door of your nearest Target or test your nimble finger skills at swift online shopping to ensure you get a piece of this collaboration before it’s too late.