Margherita Missoni, granddaughter of the fashion house's founders told the Wall Street Journal that plans for the affordable range are still in the early stages. "You need to evolve. If you sit for a moment, you're not relevant in fashion anymore," she told the newspaper.

However, it is unlikely that the new line will quite match the low prices of Target. "I don't think I could put the zigzag on that," Margherita added.

According to Vogue, Ms Missoni could not confirm a name or expected date for the more accessible collection, but she did reveal that it would probably be released to coincide with the launch of a new Missoni e-commerce site.

Missoni was started by newlyweds Rosita and Ottavio Missoni in 1953 when the couple set up a small workshop in their basement in Gallarate. They started off making tracksuits and later moved into knitwear.

By the early 60s Missoni’s knitwear started to appear in fashion magazines and in 1963 they redefined what a Raschel knitting machines could do – the machine had previously only been used for producing curtains. They used it to make highly colourful light weight dresses. The rest is history.

Missoni Women’s Fashion Show SS 2013..