Iconic fashion designer Karl Lagerfeld, who’s behind the elite labels Chanel and Fendi, is launching a more affordable line of streetwear aimed at the “everyday yet still fashion conscious audience.”

The label Karl will launch next spring with women’s ready-to-wear, the brand said in a statement Monday, Oct. 24. A men’s line and accessories are to follow.

The statement quoted Christian Stahl, a managing partner at Apex — a private equity group and top Lagerfeld shareholder — as saying the ponytailed designer “is essentially a global brand” all by himself.

Lagerfeld shot to fame as the designer for high-end Paris fashion houses Chloe and Chanel but his recent collaboration with high street brands like H&M and Macy’s have made him a top-tier celebrity.

Copyright 2011 The Associated Press