The singer and her 13-year-old first born have partnered with Iconix, owner of such well-known labels as Badgely Mischka, Bongo, Candie’s, London Fog and Roca Wear, to design a “fast fashion” line that will be sold exclusively at Macy’s, according to E! Online.

Of course, never content to claim only a small piece of the pie, Madge’s new venture with Iconix, MG Icon, will also “develop and explore multiple business initiatives along these lines,” so fragrance and beauty lines are expected in 2011.

“Joining forces with Iconix to bring my fashion ideas to consumers is very exciting for me,” Madonna said in a statement. “I look forward to working closely with [Iconix CEO] Neil [Cole] and his team to create and translate my vision and ideas for MG Icon.”

The initial line – dubbed Material Girl, ‘natch – will feature shirts, skirts, shoes, jewelry and handbags and will be priced from $12 to $40. (That’s quite a bargain considering what Stefani’s Harajuku Lovers line sells for!) Macy’s is expected to have items in stock by August.

MG Icon also announced a venture for grownups this week: a collaboration with Dolce & Gabbana. Madonna and her manager, Guy Oseary, will create a line of sunglasses for the Italian couture fashion house – the first cobranded product the company has ever produced.

The line, which is expected to debut in May, will run from $248 to $289 and will be manufactured by Luxottica to be sold in D&G stores as well as Luxottica Group’s Sunglass Hut chain.