The September 15 release of the latest 3.1 Phillip Lim for Target collection has had everyone from Park Avenue fashionistas to street savvy clotheshorses chomping at the bit. And, since the recent release of the official lookbook -- which reveals the entire women's and men's lines -- the excitement has reached a fever pitch. People simply cannot wait to get their hands on Lim's luxury-meets-budget fashions -- which is the driving force of the collaboration.

"One of the reasons I wanted to collaborate with Target is because I felt that together we could create a collection that would inspire -- one that is cool and chic, but still very accessible," says Lim of the line that tops out in price at $299.

According to the official release, the collection, which boasts everything from leather goods to preppy trench coats to animal print dresses and skirts, is "a sophisticated and elevated collection that is both beautiful and functional. Rooted in a classic fall palette of neutral tones and prints, the collection features a variety of versatile, affordable pieces that modern women and men can wear on-the-go, while remaining effortlessly chic."

While we'd happily import the entire collection into our (and our guys') closets, we've zeroed in on five key pieces to covet and, for fun, paired them with five of fall's hottest hair and makeup trends.

Have a flip through and wet your fall fashion whistle ...

Combine the simplicity of a form-fitting jersey dress with the never-fail impact of a feline print and you have one heckuva knockout piece that's clamoring for a place in your wardrobe.

Pair this rowr print with the ubiquitous cat eye look that dominated the Fall show runways of designers like Anna Sui, Kenzo and Monique L'hullier, and top it off with big, disco 1970's hair to knock it out of the park.

READ: Erica's 60-Second Cat Eye for Beginners

This LBD, with the rhinestone treatment at the neck, screams Holly Golightly. We don't recommend pairing it with a cigarette holder (though gloves could be cute), but the timeless silhouette of this garment makes it a piece that you can wear season after season and never look dated.

A fun way to modernize the whole "Breakfast at Tiffany's" vibe while remaining true to the original look: incorporate the textured red lip look that designers like Nina Ricci and Marni (who went with matte) and Oscar de la Renta and Nina Ricci (they opted for glossy) showcased on their runways.

READ: The Best Red Makeup For Your Skin Tone

For hair, why not go with a very high ponytail? The pony is back in a big way for fall and is one of those rare trends that are chic and comfortable. Win/win.

READ: What's the Best Ponytail for Your Face Shape?

There's nothing like a great coat to help lift the gloom of a rainy day and this sleek offering hits the nail on the head. Available in several color options, this garment manages to look great while also serving a purpose and, like the little black dress, is one that you can keep for seasons to come.

Embrace the feel of a misty, foggy day with one of the hottest runway looks for fall: the gray wash. A light grey smoky eye that's sheer and not overdone was all the rage on the catwalks of Alexander Wang and Derek Lam.

Here, too, a ponytail is a great option. Slick hair back with some gel, tie it off into a low-slung look and you'll look great despite the inclement weather.

READ: The Super-Cute Pony Tail I'd Be Wearing If I Hadn't Just Gotten a Pixie Cut (And, How to Do It)