Forget Missoni for Target. And sorry Alber, but your lavish Lanvin for H&M runway show last year was merely a warm up for last night's festivities — the extravagant launch of H&M's collaboration with famed Italian fashion house Versace. In true Donatella fashion, the party pulled out all of the stops: A sprawling space on the Hudson River was constructed especially for the event, complete with a hall of mirrors, a gilded runway, palm trees, and more disco balls than we could count. The only thing glitzier than the location was the crowd — from young Hollywood Versace fans like Blake Lively and Chloe Moretz, to the next generation of iconic fashion designers like Alexander Wang and the Proenza Schouler boys, everyone was high on the electric energy that only Donatella can provide.

Although it included some major models and the signature sexiness we've come to expect from Versace, the runway show that kicked off the night was only the beginning. Nicki Minaj took the stage first for a dynamic performance, wearing a bedazzled Versace baseball cap and jacket, naturally. Then, after about an hour of anxious waiting, Prince took the stage in a sparkly red jumpsuit and threw the crowd into the funkiest sing-along-slash-dance party that we've ever seen. Our highlights included watching model Coco Rocha grooving front and center just inches from Prince, and nearly getting knocked over as a crazed fan rushed the stage, seriously spooking the singer.

After closing his hour-long set with Purple Rain, the doors for the collaboration's pre-sale finally opened to frantic editors and industry insiders. Full disclosure: It was 12:15 at this point and we were too drained from Prince's epic performance to deal with the crazed crowd, so we went home. However, that doesn't mean we're not feeling some regret about not scooping up those studded leather jackets and printed pants, so you can count on us being at H&M when the collection officially drops on November 17 — as should you.

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