Discounter Target Corp and luxury retailer Neiman Marcus are joining forces for the first time to launch a limited-edition collection of products this holiday season.

The gift items are being created by 24 designers including Carolina Herrera, Derek Lam, Diane von Furstenberg, Jason Wu, Marc Jacobs and Oscar de la Renta. The products will be available from 1 December at all Target and Neiman Marcus stores, priced from $7.99 to $499.99, with most items costing less than $60.

"Target and Neiman Marcus are known for charting new terrain, and by joining forces for the holiday season, we've set the stage for a redefining moment in retail," said Gregg Steinhafel, chairman, president and chief executive officer, Target.

"This collaboration is unlike anything Target has done before, and we are confident our guests will be thrilled with this extraordinary collection that features some of America's most preeminent designers."

Karen Katz, president and CEO of The Neiman Marcus Group added: "We are thrilled to be collaborating to offer a spectacular and special collection of one-of-a-kind items for the holidays."

To mark the collaboration, the two retailers are also donating $1m to the Council of Fashion Designers of America (CFDA).