A new licensing deal has given Madonna fans the opportunity to emulate her fashion style, which may be as close as we’ll all ever come to knowing what it’s like to be the Material Girl.

MG Icon, the newly formed joint venture between Madonna and Iconix Brand Group, Inc., announced its first direct-to-retail license agreement with Macy’s, Inc. for the Material Girl collection. Material Girl is a newly created, fast-fashion junior collection that will launch exclusively in approximately 200 Macy’s stores and online in August 2010 for the back-to-school season.

As part of the direct-to-retail agreement, Macy’s will have the opportunity to launch additional brands with MG Icon in the future.

The Material Girl collection was inspired and designed in collaboration with Madonna and her daughter Lourdes, along with Iconix Brand Group’s in-house fashion department. In addition to the back-to-school apparel collection, Material Girl will also launch in multiple categories including footwear, handbags, and jewelry.

The strategy for growth will include additional categories in the lifestyle and beauty sectors including fragrance beginning 2011, as well as a rollout into additional Macy’s stores.

What celebrity did you want to be like when you were younger? Which celebrity’s style do you admire now? Leave us some comments and let us know!

And for your entertainment, we present the music video for Material Girl: