My fellow frugal fashionistas probably already know about this, but if you have been living under a rock during the past few weeks, this is sure to be good news. Jason Wu, the Taiwanese-born American designer that has dressed everyone who's anyone from Michelle Obama to Diane Kruger and January Jones, is designing a collaboration line for Target! Yes. You can finally afford Jason Wu.

This stunning gamine/American-girl-in-Paris inspired collection includes stylish but classic looks that doesn't scream DISCOUNT.

The diffusion line is suffused with navy prints and colors, feminine and flirty dresses, A-line and pleated skirts, and an assortment of tasteful accesories. The collection debuts at Target stores and online from February 5, 2012 and ongoing through March 6th.

Though relatively well-known in a huge part of the USA, this collection widens his design reach even further. In an interview with Women's Wear Daily, Wu explained: "This partnership offers an exciting opportunity for me to interpret my aesthetic into a collection made for a broader market...It was very interesting for me to translate my signature touches into a more affordable collection without compromising design and sophistication".

All of the pieces featured here are under $60! So ladies, be prepared for what might be another nightmare shopping experience of MISSONI for Target proportions.

Here are a few of our favorite looks  (especially lusting after THAT very pretty white dress):