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While we've always admired Target's designer collaborations, its latest endeavor with the Italian knitwear empire Missoni takes luxury bargains to a whole new level.

The highly anticipated Missoni for Target collection--which debuted today and has been flying off the shelves--is the mass retailer's biggest partnership yet. With more than 400 pieces ranging from $3 to $600, everything mirrors the family-run company's tradition of playful prints and exceptional quality (think structured knits, silk chemises and cozy wool scarves).

Fashions pay tribute to Missoni's 1960s Milanese roots with bold zigzags and patterns. We're smitten with this colorful sweater dress, this beguiling silk robe and these charming striped flats. There's also an impressive men's selection of silk ties and socks and an adorable assortment of children's clothes.

It's the brilliant home goods, though, that truly pop. The picture frames, espresso cups and serving trays reflect the exquisite aesthetic of the Missoni's vast family estate in northern Italy, and these psychedelic file folders and notepads give our home office some much-needed pizzazz. The Missonis have left their mark on just about everything, including this amazing three-speed bicycle.

We hear that Target's website has crashed due to the overwhelming response, but continue to check the site or visit your local store to get your piece of la dolce vita (through October 22).

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