This falls in the way-too-cute category–and it’s nice to see Madonna involved in good gossip for a change. I grew up with Madonna‘s music and craziness, so, it’s still hard for me to see her as a mommy. But, she and her daughter Lourdes have created a new fashion line together, “Material Girl” to be launched at Macy’s. Today Macy’s released three sketches of “Material Girl” clothing line which will hit store shelves and Macys.com on August 3rd – you guessed it, just in time for back-to-school.

Madonna and Lourdes have formed a company called MG ICON, which will produce the collection of apparel, footwear, handbags, jewelry and – you guessed it, fingerless gloves.

The great news is that the line is very affordable: The collection will retail from $12 to $40.

There will also soon be launches of  a Macys.com/materialgirl site as well as “Material Girl” Facebook and Twitter pages with more imagery and behind-the-scenes video.

Madonna, 51, says that it was fashion designer and good friendStella McCartney who encouraged the burgeoning design talent of Lourdes when she was 8 years old.