Madonna is following in the footsteps of fellow singers gone designers like Gwen Stefani, Jessica Simpson and Victoria Beckham.

Of coarse it couldn’t be just any fashion line. No, this line was inspired and designed by both Madonna and her daughter Lourdes.

Partnering with Iconix Brand Group, Inc. Madonna created, MG Icon LLC. Her first debut will be a junior line labeled, Material Girl set to launch exclusively at Macy’s.  It will carry footwear, handbags, jewelry and apparel all between the prices of $12-$60 and will hit stores August 2010.

The label, as per contract is 50% owned by Iconix and 50% owned my Madonna and Guy Oseary, her longtime manager (together making up the “M” and “G” of MG Icon). Neil Cole, CEO of Iconix, says that the partnership will include many fashion-related business opportunities, buying of existing labels and enhancing already owned lines.

“Madonna has been building brands for other companies for a long time. Now, it’s time for her to build her own brand, there are so many opportunities globally for this joint venture. Madonna sells out arenas around the world, from Scandinavia to South America. Madonna is an international calling card,” says Neil.

Oseary, Madonna’s partner stated that Madonna has been looking to brand her name for quite a while but, “It wasn’t really until we met Neil and Iconix that I really felt that we had the proper support system and infrastructure that we would need to reach our goals.”

The Material Girl line is hoping to reach all 850 doors of Macys. Jeff Gennette, chief merchandising officer at Macy’s Inc. said, “We have not done a lifestyle line in juniors’ before, and Madonna is a multigenerational icon.”

The target market is girls ages 13-25 years old. Madonna’s daughter, and muse for the line, 13-year-old Lourdes Leon, has taken a large role in the design of the collection. It has been stated that Lourdes has an acute sense of fashion and her point of view has been a strong factor in the creation process.

Looking forward to what this mother-daughter team will bring to the table.