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Donatella Versace introduces affordable line for H&M

Model on the runway during the Versace for H&M Fashion Show and Launch Party, held at Versace for H&M Hall on the Hudson in New York City, Nov. 8, 2011. Getty Images

NEW YORK (CBS/AP) Donatella Versace unveiled a new line of affordable clothes for global fast-fashion retailer H&M, but the debut had all the glitz and glamour of her haute couture events.

There was a red carpet at Pier 57, in Manhattan's meatpacking district, where the event was held, Nicki Minaj performed, and front-row guests included Blake Lively, Emma Roberts, Zoe Kravitz Uma Thurman, Jessica Alba, Chace Crawford, and Prince.

Pictures: Versace for H&M

As for the clothes, there was a metallic disco dress, a studded leather bomber jacket and an animal-print-meets-tropical-sunset tank dress for women; and a hot-pink suit, studded tuxedo-style shorts and a palm-tree T-shirt for men.

Versace called it "a joyful collection" and said the embellishments of sequins, studs, leather and lace will serve as the antidote for the struggling economy.

Versace, whose own children are 20-somethings, said she has done her fair share of shopping with them at stores such as H&M. "I know this customer. I know what they want. They follow music, fashion. For the new generation, it's all pop culture."

Swedish fashion chain Hennes & Mauritz AB has partnered with big names before, including Karl Lagerfeld, Stella McCartney and Lanvin designer Alber Elbaz.

Target Corp.'s joint line with the Italian knitwear brand Missoni earlier this fall caused a frenzy, causing its website to crash the first day items were offered.

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