Cut-price Chanel!

If you've always dreamt of owning a Chanel twin-set and pearls, or swishing around town in a classic boucle blazer, but don't have squillions to spend on clothes, today your luck is in. Karl Lagerfeld has designed a diffusion line for Macy's, with prices starting at $45 (£30). The range includes tweed, T-shirts and statement jackets.

Karl told Vogue, 'The collaboration is a kind of test how to do this kind of clothes in that price range. As you know, I love occasional co-branding. Macy's is the perfect department store in the US, where everybody can find what they're looking for without ruining their budget.'

Macy's head of fashion said,'There's a contemporary spin on his signature aesthetic, with versatile, easy-to-wear pieces with a modern twist. I've known Karl for a very long time. He is not just about fashion. He is all about style. With Karl, it was a very easy process. You could be intimidated, but he is so amazing. He is very reachable, sharp and funny. We met with him and he knew who we wanted to reach.

The range hits the shops on the 31st August, and is also available online - handy for UK residents who can't just pop over to NYC on a whim...

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