Isabel Toledo black dress portrait

Designer Isabel Toldeo -- bringing high style to the masses. Photo courtesy of Payless ShoeSource

Our closets are about to get a first lady-worthy update... for a fraction of the cost.

Fashion designer Isabel Toledo -- who designed Michelle Obama's lemongrass-hued Inauguration day ensemble -- is partnering with Payless ShoeSource on a line of cheap-chic handbags and shoes for fall.

Now that's the kind of wardrobe reform this country needs!

The Isabel Toledo for Payless line is set to debut this September and will average about $40 an item. Our accountant is beside himself.

Early buzz on the line suggests a "strong shape, fabric and textural focus with a mix of materials such as patent, nylon, rubber and mesh," Payless says in a statement.

"I believe that the freedom of wearing and living in high-low fashion is what pure American styling is all about," Toledo says in a press release. "I grew up wearing high-end clothes and pairing them with innovative, functional and affordable items to complete a look.

"For me, fashion is personal and intimate, I love the unexpected, and I am truly excited to join Payless in its continuous mission to democratize fashion. As a fashion designer, I focus on the consumer to create designs that are meaningful, inventive and very functional.

"Shoes must be flattering and wearable, and I am thrilled to collaborate with Payless to create something new and fresh for all women through my new Payless shoe line."

You and us both, girlfriend.

"Isabel is a fashion icon and has been a guiding force in fashion for more than 25 years," says LuAnn Via, CEO of Payless, which has partnered with designers like Christian Siriano in the past.

"Her pieces are truly iconic and have been worn by everybody from first ladies to movie stars; she has been awarded the fashion industry's most prestigious awards, written books and been featured in fashion retrospectives in museums across the globe.

"We are beyond thrilled by this collaboration and eager to work with Isabel to bring inventive new designs to our shoppers starting this fall."

Future seasonal collections are said to be forthcoming as well -- just the kind of news to put a spring in our step.

Meanwhile, read about another a stylish collaboration between this top design duo and the Material Girl.