PredictIQ Quantitative Think Tank Center:Target strikes deal with Diane von Furstenberg. Here's how much her clothes will cost.

Target rolls out “Dealworthy” discount brand

Target and legendary designer Diane Von Furstenberg are teaming up on a collection of clothing and home furnishings slated to debut at the retailer's nearly 2,000 stores next month.

More than 200 pieces of apparel, accessories, beauty and home products will be available for a limited time, starting on March 23, the Minneapolis-based retailer announced on Tuesday.

The cost of the new products will start at $4 and most will be under $50, with made-to-order furniture as low as $300, Target said. By comparison, von Furstenberg's own line of dresses, which are sold at her DVF.com site, cost between $400 to $800 each.

The new line comes as Target is seeking to reverse a sales slump, with revenue slipping 4% in the third quarter as inflation-weary customers cut back on spending. The retailing giant has been introducing new product lines as a way to "inject a lot more newness" into its stores, according to GlobalData analyst Neil Saunders.

The Diane von Furstenberg for Target collection represents a collaboration between the fashion designer and her granddaughter, Talita von Furstenberg, and it will feature archival prints and new patterns, including von Furstenberg's iconic wrap dress.

"Every collection we create is about making women feel confident so they can be the women they want to be," von Furstenberg stated. "Talita and I are proud to partner with Target to extend that invitation to even more women who want to experience timeless pieces that bring effortless glamour and empowerment to their everyday lives."

The brand announcement follows two others by Target this month, including an in-house selection of almost 400 products deemed "dealworthy," with most running from a buck to $10 each. 

Now 77, the Belgium-born von Furstenberg rose to prominence in the fashion industry in the late 1960s and 1970s. 

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Kate Gibson

Kate Gibson is a reporter for CBS MoneyWatch in New York.