I would have never guessed it: it's Donatella! Here's the scoop!
"H&M is proud to announce that its fall 2011 designer collaboration will be with one of the world’s most legendary fashion brands, Versace. Designed by its creative director Donatella Versace, the exclusive collection will look back to the vibrant heritage of the brand, full of leather, print, colour and exuberance in exclusive materials at fantastic H&M prices. The collection will include lines for women, men and selected pieces for the home. The collection will be released in North America on Saturday, November 19th. It will be sold in about 300 stores worldwide as well as online. In addition, Donatella Versace has also designed a pre-spring collection for H&M which will be exclusively available in countries with H&M online sales from January 19th, 2012."
PS. Thoughts and theories on the collection coming later. I'm tired...
Images courtesy of H&M Canada