Hello Kitty's parent company, Sanrio, signed a licensing deal with powerhouses Judith Leiber and Kimora Lee Simmons to produce a luxury accessory collection of the girls' icon.

The "Hello Kitty Collection by Kimora Lee Simmons" features combination of youthful kitsch with all-time fashionable luxury items – diamonds.  The collection hit, designed by Kimora Lee Simmons, is a nine-carat diamond convertible pendant/brooch, sported by Britney Spears in her new video, estimated at over $50,000. It also includes less expensive items such as bracelets, earrings, and pendants priced from $350 to $3,500.

Last year, Kimora Lee Simmons presented her “Diamond Diva” collection in New York to state that diamonds can be affordable for many: “Simmons Jewelry Co. believes that fine quality diamonds can be affordable. You don’t need to spend a lot of money to live the diamond lifestyle. Everyone can afford to have my look, you can be ’phabulous’ at any pricepoint,” says Kimora Lee Simmons. “Simmons Jewelry Co. wants to give women what they REALLY want. Not just jewelry, but real fashion!” Looks like 'Hello Kitty' is another step to prove that statement.

Judith Leiber's contribution to 'Hello Kitty' collection is an exclusive jewellery kit, which, among other items, includes a Hello Kitty compact/mirror and a key chain. The collection is available at the brand's boutiques well as at select Neiman Marcus and Saks Fifth Avenue stores. Last year, her crystal-encrusted Hello Kitty minaudiere has been a must-buy item of the season.