Now this is what we call a stylish celebration!

The 3.1 Phillip Lim for Target collection was revealed last night at a star-studded party in New York City—and it was well worth the wait!

The private shopping event also featured the reveal of Stylescape, a larger-than-life interactive photography display that showcased the limited-edition collection as worn by style tastemakers across the U.S. and Canada.

And while the cheap chic designer collaboration doesn't hit stores for the rest of us until Sept. 15, we got a fun first look at everything, along with several celebs and VIP guests including Jessica Alba, Solange, Emile Hirsch, Maria Sharapova and more. 

Jessica Alba, Phillip Lim, Solange Knowles

Neilson Barnard/WireImage

E! News fashion correspondent Zanna Roberts Rassi chatted with the renowned designer himself to get the scoop on the inspiration and story behind all of the cool clothes.

Lim reveals that Target has been pursuing a collection with him for five to six years, but he wanted to make sure the timing was right to create a line that would reach so many people at an affordable price.

And he did just that!

In this teaser video, we catch Lim and Rassi ogling the highlights from his buzz-worthy collection, including a fierce trench coat, a men's leather biker jacket, a mustard yellow handbag, a flirty animal print skirt and more.  

Consisting of more than 100 pieces ranging in price from $19.99 to $299.99 for apparel and $19.99 to $59.99 for accessories, this is one line you won't want to miss!

To see Phillip Lim's complete Target collection, tune into E! News tonight at 7 p.m. and 11:30 p.m.

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