It may be July, but we are already daydreaming about December.

Last week, Target and Neiman Marcus announced plans to join forces to showcase an incredible holiday collection this December.

Together, the major retailers plan to launch 50 limited-edition gift items, from 24 well-known designers.

And by “well known”, we mean wildly successful, creative, fashionable household names like Brian Atwood, Carolina Herrera, Diane von Furstenberg,Marc Jacobs, Oscar de la Renta and Tory Burch. Be still our wailing wallets.

The special collection of items will be available at all Target and Neiman Marcus stores (as well as their respective websites) starting December 1. Gifts will range in price from $7.99 to $499.99, but most items will be less than $60.

The complete list of participating designers includes: Alice + Oliva, Altuzarra, Band of Outsiders, Brian Atwood, Carolina Herrera, Derek Lam, Diane von Furstenberg, Eddie Borgo, Jason Wu, Judith Leiber, Lela Rose, Marchesa, Marc Jacobs, Oscar de la Renta, Philip Crangi, Prabal Gurung, Proenza Schouler, Rag & Bone, Robert Rodriquez, Rodarte, Skaist-Taylor, Thom Browne, Tory Burch and Tracy Reese.

And in the holiday spirit, both stores are giving back. Target and Neiman Marcus will donate $1 million to the Council of Fashion Designers of Americato help foster future design talent.