updated 3/10/2010 1:10:40 PM ET 2010-03-10T18:10:40

Macy's Inc. is getting into the groove with Madonna.

MG Icon, a newly formed venture between the pop star and Iconix Brand Group Inc., announced a licensing agreement Wednesday with Macy's for an exclusive new line of teen clothing that will be in 200 stores and online in August just in time for the back-to-school shopping season.

As part of the agreement, Macy's will have the opportunity to launch additional brands with MG Icon in the future. The collection, which will be called "The Material Girl" and will also include jewelry, footwear and handbags, was inspired and designed in collaboration with Madonna and her daughter Lourdes, along with Iconix Brand Group's fashion department.

The Material Girl collection will be priced from $12 to $40.

The Iconix Brand Group owns, licenses and markets a growing portfolio of consumer brands including Candies', Joe Boxer, Danskin and Roca Wear.

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