Derek Lam just launched his five-dress collection for eBay, so he’s no stranger to the concept of a diffusion line. And indeed, his company’s CEO Jan-Hendrik Schlottmann told WWD, “We have been waiting for this for a long time.” The time is now.

The diffusion line, 10 Crosby Derek Lam, is named after the address of his corporate office. And as the name suggests, the collection will have a more downtown, casual feel than his eponymous line.

Like most designers who launch lower-priced collections, Lam stressed that this won’t be a watered-down version of his main line. He told WWD, “One of the values I really want to express with the 10 Crosby collection is that while the collection has a more accessible approach, it is still about clothing of value and integrity of design.” Read: not cheap. Pieces will retail for $195 to $895. The line is expected to eventually outsell the main line.

The collection will be shown during the June market and will hit stores on November 1. It will also be sold at Lam’s Crosby Street boutique, and is expected to expand to Japan and Europe in Spring 2012.