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Banana Republic announces Milly Collection

A sketch from the Banana Republic Milly Collection,

A sketch from the Banana Republic Milly Collection, launching in late May. (January 2013) (Credit: Handout)

Spoiler alert: Now we know what everyone will be wearing in the Hamptons this summer.

Banana Republic and designer Michelle Smith announced a new collaboration Monday, the Banana Republic Milly Collection, set to launch in late May.

Polished and preppy with just the right amount of breezy simplicity, the collection should fit perfectly into Banana Republic's summer styles. It features 46 pieces for women and, in Smith's menswear debut, 16 pieces for men.

The limited-edition capsule collection will feature signature Milly prints, pops of neon and sporty color combos such as navy blue and lime green.

Women will find maxi dresses, bright shorts, ladylike dresses, embroidered miniskirts, beachy totes and scarves. For men there will be button-downs, vintage-inspired shorts and striped polos.

Apparel for women will range from $45 to $175 and apparel for men will range from $24.50 to $64.50. Jewelry and accessories are priced at $39.50, and totes are $130.

The collection will be sold at select Banana Republic stores nationwide and at