Courtesy Target

" Good Morning America" got the exclusive first look at the highly-anticipated Target + Neiman Marcus Holiday Collection today.

The much-buzzed about holiday gift collection features over 50 limited-edition designer products from $7.99 to $499.99, and will be available nationwide at Target and Neiman Marcus stores and online starting Dec. 1.

"GMA" unveiled six pieces from the collection from designers Diane von Furstenberg, Jason Wu and Tracy Reese.

Legendary designer Diane von Furstenberg, known for her signature prints, created a black-and-white yoga mat and lacquer jewelry box in a twig print for the collaboration. Both items retail for $49.99. Von Furstenberg decided on a yoga mat since she is an avid yoga lover who practices on the roof of her home.

Tracy Reese made a stylish, sequin and silk blouse for $79.99, and a $39.99-set of four printed dessert plates, which are rimmed in 18K gold, for the line.

Jason Wu, a favorite designer of first lady Michelle Obama, has designed for girls for the first time ever. Wu created two little girl's dresses in red and a polka dot pattern, which will be available for $59.99.

Click here to see photos of the complete collection.

Oscar de la Renta, Marc Jacobs, Carolina Herrera , Brian Atwood, Alice + Olivia, Proenza Schouler, Tory Burch and Marchesa are among the other top designers that contributed designs for the hot holiday collection.

Click here to enter Good Morning America's "Target + Neiman Marcus Holiday Collection Giveaway" for a chance to win all six of these designer products featured on "GMA"!

Von Furstenberg, Target's Executive Vice President of Merchandising and Supply Kathee Tesija, and President of Specialty Retail for the Neiman Marcus Group Jim Gold appeared on "GMA" today to reveal the six items and explain the unprecedented partnership between the luxury department store and budget retailer.

"This was a great idea between Neiman Marcus, Target and the [Council of Fashion Designers of America] CFDA and we got together and we decided we wanted to celebrate the holiday and use everybody's strength," von Furstenberg said on "GMA."

The collaboration is a move to distinguish Neiman Marcus and Target from other retailers this holiday shopping season. Gold said the collection serves as a "unique point of differentiation."

"Neiman Marcus is putting out a welcome mat, saying we want all kinds of shoppers," Fast Company Magazine Articles Editor Jeff Chu told "GMA." "By doing this, Target and Neiman Marcus are making Super Saturday about fashion, design, and trendy things that you can afford."

Assembling the all-star designer line-up was easier than expected.

"The designers 'got it' from the start and were excited to collaborate on a program that will reach so many customers this holiday season," Gold said, adding that designers were encouraged to delve into new product categories for the holiday collection. "Many of the designers seemed surprised and inspired that they didn't have any guardrails or restrictions around their designs."

The companies will donate $1 million of the proceeds to the CFDA.

Target has had success with its designer collaborations in the past, bringing a host of limited-edition designer collections to the masses at a more affordable price point. The retailer has partnered with A-list designers Jason Wu, Zac Posen and notably, the Italian designer Missoni. The Missoni for Target line, which debuted in October 2011, created a frenzy among fashion and budget-savvy shoppers who flooded stores across the country and reportedly crashed the retailer's website.