Hot on the heels of reports that some top designers have cancelled their Fall 2009 Fashion Week shows, we get this teaser: according to NY Mag, Betsey Johnson (one of the cancelling designers)—and we quote Betsey Johnson CEO Chantal Bacon—“is planning a limited-edition design collaboration with a retailer that will likely launch in the fall.”

Speculation? A diffusion line with H&M or—dare we dream?—Target. We adore the cartwheel-turning designer, but we’re not entirely sure how her designs will translate to the mass consumer (floral print corsets and tulle skirts in Omaha? hmmm). That being said, we’re on the edge of our proverbial budget seat.

image courtesy of teenhollywood.com