Giambattista Valli for Macy's

As the excitement of New Year's Eve madness ramps up, so does our Countdown to NYE outfit series. Case in point: Olivia Palermo's Giambattista Valli for Macy's ensemble, which includes a plethora of monochromatic pieces, serves as today's midnight-perfect wardrobe inspiration. The military-inspired jacket and black strapless velvet dress are cinched together with a skinny gold belt; her sparkly accessories add a bit of edge and shine to the all-black getup; and the solid heart pendant lends a girlie accent. The final touches? Transform a sequined shoulder bag into a party clutch and finish with silver lace-up brogues, and metal arm candy. Just click our editors' picks below and shop Olivia's look.

After earlier speculation in June, it has now been confirmed that Giambattista Valli will design a collection for Macy's. The designer, who's known for his decadent gowns worn by celebs like Emma Stone and Selena Gomez, is the fourth designer to participate in the Impulse Only at Macy’s collaboration. He follows on the heels of Karl Lagerfeld, whose collection debuts in September. Just in time for the Holiday season, expect a much dressier collection from Valli when it bows on Oct. 26. Drawing inspiration from his signature namesake collection, Valli's creations for Macy's is set to feature a predominantly red and black palette of cocktail dresses, skirts, blouses, jackets, and pants made in lace, tweed, brocade, fake fur, and tulle. The best part? The whole collection is set to retail from $50 to $150. There are no pictures yet, but we'll be on the lookout. For a refresher in Giambattista Valli's designs, check out his Fall 2011 runway collection.

>> Straight after Karl Lagerfeld's Macy's line drops at the end of this month, Giambattista Valli — in his first foray into affordable fashion — is collaborating on a line for the retailer.

The limited-edition Giambattista Valli for Macy's collection includes cocktail dresses, skirts, blouses, light jackets, edgy pants, and graphic tees, all of which stick to a mainly red and black palette, with touches of gold, gray, and fuchsia. Alongside bold prints and color, Valli worked with feminine fabrics, lace, tweed, brocade, faux fur, and point d’esprit tulle.

The collection bows Oct. 26 both in 225 Macy's stores and on the retailer's website, and runs $50 to $150.

Already, Macy's has designers lined up for next Spring, according to Martine Reardon, EVP of marketing and advertising: “Look for us to be doing new things in the spring. We’re looking at other apparel categories. We’re also looking at shoes, handbags and jewelry. Anything is possible for the future.”