The limited-edition capsule will be released on May 27!

It's a sign o' the times when brands pay tribute to an icon like Prince, and if you spent your formative years singing along to Purple Rain, this news will have you reaching for your wallet.

Urban Decay is releasing a makeup line inspired by Prince! The collection, which is appropriately called "Live Loud in Color," is described as a capsule inspired by the artist's daring style and spirit. The limited-edition line will be released on May 27, roughly a month after the fifth anniversary of the singer's death in 2016.

"With meticulous attention to detail and a constant desire for refinement and reinvention, Prince owned his looks unapologetically, never shy to live by his own rules," the press release said. "The elements in this collection will inspire fans and those getting to know Prince to live boldly and without limits."

The collection was a labor of love between the cosmetics giant and The Prince Estate. Close collaborators of the Purple One were involved in bringing the line to life, most notably his creative director Trevor Guy, photographer. Randee St. Nicholas, and performer Damaris Lewis, who accompanied the singer on his Welcome 2 Australia tour.

Urban Decay, whose Naked eyeshadow palettes have endured beyond the fickleness of industry trends, seems to be a fitting company for Prince's vision. Both emphasize originality and edge within the realm of creative expression.

"We found his ethos of not asking permission to be who he was and owning it so boldly aligned with our values of breaking the mold and championing all forms of beauty," brand co-founder Wende Zomnir said.

Though sneak peeks of Prince X Urban Decay have yet to emerge, we're letting our minds wander on the possibilities. Perhaps a purple liquid eyeliner or lipstick in his signature shade? In any case, we imagine it won't stay on shelves for long. You can keep your eyes peeled on Urban Decay's website, as well as retailers who carry the brand like Ulta and Sephora.

Prince fans, what do you think of this collaboration? Share your favorite album with us in the comments.