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Sources speculate Mizrahi will appear in everything from in-store appearances to runway shows during New York Fashion Week for the line. Like Liz Claiborne Inc. chief creative officer Tim Gunn, who has been promoting the collection this fall with in-store shows, Mizrahi is a familiar face on television. In addition to hosting his own series on both the Oxygen Network and the Style Network, Mizrahi is a regular guest star on other shows, including, interestingly, a recent appearance on "Tim Gunn's Guide to Style." In February, he will launch his new Web-based series "WatchIsaac" at Watchisaac.com.

"It's a great move for Liz Claiborne, and a huge loss for Target," said Black. "They couldn't have picked a better person. Isaac really understands this customer, and he has done the high-end and really done a great job targeting it to the mainstream market. I would bet he would be doing lots of personal appearances once they have the product out. With him designing it, the line could be pretty great."

Sources estimated Mizrahi's collection for Target does more than $300 million at retail annually, with last year being its best ever. Sales have doubled every year since the line was launched in 2003. Target's agreement with Mizrahi expires at the end of this year, which some might see as a blow to the discount retailer. Mizrahi's arrival at Target helped foster its cool image and was a major force in elevating its apparel offering. Recently, however, Target has seen sharp falls in same-store sales, with many analysts saying the Mizrahi collection and other lines need freshening up.

A three-time winner of the designer of the year award at the Council of Fashion Designers of America, Mizrahi opened his own sportswear business in 1987. Before shuttering his design house, bankrolled by Chanel, in 1998, the industry heralded Mizrahi as the next big thing in American fashion as a designer who was known for his wit and charm. He hosted theatrical runway shows and was featured in his line's print ads. At the time of its closing, Mizrahi's collection business was estimated at $8 million to $10 million at wholesale, plus another $15 million to $20 million from the ISAAC bridge division. He made his big media debut with the documentary "Unzipped," about the development of his fall 1994 collection.

He reinvented himself four years ago when he started designing his line for Target, as well as a couture collection for Bergdorf Goodman — epitomizing the emergence of high-low. He will continue his designer line.

Mizrahi wasn't available for comment Tuesday, but said in a statement: "Liz Claiborne is an American fashion icon. Her clothes were not only beautiful, not only smart, they were revolutionary. She invented separates, and invented an entirely new category in the department store.

"She made fashion friendly and accessible, and in doing so, she became every woman's best friend. These are all ideas I treasure and I'm honored to have the opportunity to build on this fantastic legacy and excited to reestablish the label as a must-have. And, as excited as I am about developing Liz Claiborne, the collaboration also affords fantastic opportunities for growth in my own brand," said Mizrahi.

Mainstream brands have brought in well-known designers to resuscitate themselves with varying success. Although Patrick Robinson at Perry Ellis and, more recently, Isabel Toledo at Jones Apparel Group's Anne Klein, enjoyed critical success, both had short-lived tenures. But McComb promised the deal with Mizrahi will have a better fate, and consultants seem to agree.

"Liz has felt like a dormant brand for quite some time without a strong sense of identity or relevancy," said Catherine Sadler, president of New York marketing firm Catherine Sadler Group. "Isaac represents approachable fashion to Middle America."