Models celebrating 40 years of Sonia Rykiel last October. Now we can all put our hands up for the designer's H&M collaboration. Photo: AFP/Getty Images

Before we can even wrap our heads around the fabulousness that is the Jimmy Choo for H&M collection, we have more mind-blowing fashion news: Sonia Rykiel is launching knitwear, lingerie and accessories for H&M!

The Parisian designer known as the "Queen of Knits" will be the first big name to try her hand at an innerwear offering for the fast fashion retailer.

Infused with the modern spirit of Paris, the debut collection will hit 1,500 select H&M stores on December 5, just in time for some last minute holiday shopping (for yourself!).

The line will also be sold at Rykiel's own high-end boutiques, which is another first for H&M. And brilliant, we might add.

Then, on February 20, the fiery-haired designer will have a smaller rollout of her second collection for H&M, which is comprised of her signature knitwear for women and girls (18 months to eight-years-old), as well as accessories, to retail in 250 H&M stores.

All collections are said to be inspired by the items coming down the runway in Rykiel's fantastic 40th Anniversary show last October (above).

It was there that we saw Rykiel-branded classics including the sequined beret, pullover knit sweaters with ruffled sleeves, blouses and skirts decorated with big floppy bows and glittering rainbow-colored stripes, as well as accessories with surrealist details like giant lips and twisted hands.

In the lingerie department, Rykiel showed sexy silk body suits and high-waisted '50s-style briefs.

If even a quarter of that trickles down into the H&M collection, we are looking at some seriously fashion.

Jimmy Choo, Karl Lagerfeld, Comme des Garcons, Roberto Cavalli, Viktor & Rolf, Stella McCartney, Matthew Williamson and now Sonia Rykiel? H&M, we love you!

Get a sneak peek at the retailer's upcoming Jimmy Choo collaboration now.

Can't wait for the H&M line, shop Sonia Rykiel now.