We've all been anxiously awaiting the launch of Phillip Lim's new collection for Target. The designs are amazing and at a price we can all afford: you'll find us waiting by the computer at midnight on September 15th.

Lim's collection is a mix of fun, flirty prints and patterns with stunning basic dresses and beautiful handbags. We've seen plenty of amazing Target collaborations but this collection takes the cake. Last night in New York City, some of our favorite celebs celebrated the launch with Lim including Jessica Alba, Solange Knowles, and Maria Sharapova. The star-studded event was hosted by Lim and guests were able to get a sneak peek at the collection.

Click through the gallery above to see highlights from the launch party and make sure to shop Phillip's collection at Target stores nationwide (and online) on September 15th.