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Edited by on June 22 2011 at 6:59 AM

In case you were fearful that Versace‘s new line for H&M would be a cheap and watered down version of the iconic brand, fear not. Donatella is giving you all the Versace bang for the limited H&M buck and “There won’t be a polyester piece in sight,” she reassures.

Quote the maven:

“The moment is right to be rehashing iconic Versace pieces, I can feel it in the air. H&M represents an amazing connection to a broader customer base and to a younger audience that loves Versace but can’t afford to buy it. This is especially exciting and stimulating for me.”

Donatella has dug into the archives, where she no doubt ran into Lady Gaga milling about in a 50-inch heel, and came out dragging leather, studs, chain mail and the iconic Miami print — so loud you’ll need headphones to wear it — ready to be re-worked by H&M’s design team who were able to source quality bargain-priced materials for the final product.

Women — and some men — will have their choice of body-skimming dresses, high heels and bold costume jewelry while men — and some women — can choose from sharp tailoring and tuxedos.

The collection, launching November 17th in 300 stores worldwide, will also feature children’s clothing and for the first time in a designer collaboration,  homeware.  Versace has also developed a pre-spring collection available exclusively starting January 19th in countries with H&M online sales.

It’s a pity we’ll have to wait til November, but in order to beat the inevitable rush, I’ve already set up camp outside my favorite H&M. I’m getting a Miami-print Versace shift if it kills me, or more advantageously, you. [WWD]

With Gay Pride this weekend in New York City, FashionIndie is showing some pride — for once — with daily Gift Guides for the gay/lez/tran/bi/queer/other in your life. To kick off the fag-stivities (#pridepun!) here are some gift ideas for your favorite Art Fag.

Story by Lester Brathwaite

I was center square from 1969 to 1978, during which I perfected the art of the zing as well as a crippling cocaine addiction. Bea Arthur was responsible for both. @LesFabian lester at fashionindie.com