YES. It's true. Alexander McQueen will design a diffusion line for Target based on his McQ line. WWD reports:

The collection will have rock 'n' roll influences and edgy details such as studs and tattoo-print fabrics. Designer Initiative is a separate program from Target's Go International, which focuses on young or emerging designers. Target said additional Designer Collaborations will be announced in the future. Each collection will be available in stores for a limited time.

And we thought the election was exciting. It's official: This is the best day ever!

Target to Launch McQueen Line [WWD]