As soon as we saw the trailer, we knew that Baz Luhrmann’s take on The Great Gatsby was going to be a visual feast – and a 1920s fashion spectacle.

Now we’ve been given another reason to get excited about the style on screen – with the news that Miuccia Prada has collaborated with Baz Luhrmann and costume designer Catherine Martin to create the costumes for the film.

The bespoke collection of over 40 unique cocktail and evening dresses - each inspired by selected Miu Miu and Prada runway looks from the last 20 years - will take a leading role in the film – from Daisy Buchanan’s golden Prada party gown worn to a ball at Gatsby’s mansion, to fringed, fur-lined dresses made for dancing the Charleston.

ABOVE: Knee-length dress in octane-coloured tulle lined in matching silk cady. In the front, tulle is embroidered with a precious ramage pattern in crystal-coloured Swarovski.

ABOVE: Orange organza dress enriched with plastic fish scale-like sequin embroidery. Inspired by the Prada Fall/Winter 2011 collection.

Costume designer Catherine Martin explains that it was the duo’s shared “fascination with finding modern ways of releasing classic and historical references from the shackles of the past” that brought the two together for the film – and that the designs will show “the European flair that was emerging amongst the aristocratic East Coast crowds in the 1920s”, and the dichotomy between the privileged, Ivy League look and this emerging European glamour.

ABOVE: Radzmire dress with bustier embroidered with pearls, stones and sequin fringes. Inspired by a revisited silhouette of the 1920s, it is made contemporary by the use of modern fabrics and embroideries of the 1950s.

ABOVE: Multi-striped sequins dress with a plastic and trimmings embroidery at the bottom. Inspired by the Prada Spring/Summer 2011 collection.

The relationship between Baz and Miuccia actually goes back 16 years, to when Prada collaborated on Leonardo DiCaprio’s suit for Luhrmann’s 1996 film, Romeo + Juliet. Since then Luhrmann has been the creative consultant for Elsa Schiaparelli and Miuccia Prada’s Impossible Conversations at the Metropolitan Museum of Art exhibition – but this is the first time such a large scale collaboration between the pair has taken place.

Judging by the sketches, we’re in for a treat when the film finally arrives in March 2013