NEW Yorkers just can’t resist a bargain.

Four years after Swedish chain H&M first took the city by storm, the frenzy was reignited yesterday by the arrival of the one-season-only Karl Lagerfeld for H&M collection.

Despite the chilly rain, lines of hundreds wrapped around the Fifth Avenue store; some shoppers had arrived as early as 5:30 a.m.to get their hands on the cheap-chic styles from the man behind Chanel. Within the first hour, 1,000 people had walked in the door.

Within the first half-hour, 1,500 items had been sold. Within minutes, even $6 plastic sunglasses were being

hawked on eBay for $100. The limited-edition collection featured 30 items made exclusively by Lagerfeld, including chiffon blouses, silk camisoles, sequined dinner jackets and baby-doll dresses for women, ranging from $9.90 to $149.90.

For men, there were ruffled white-button-down shirts, silk ties and dinner jackets with corduroy lapels, all under $150.

“I have done for H&M what I do for Chanel, Fendi and Lagerfeld Gallery,” said Lagerfeld. “Design is not a question of price only.”

“This is an historic day,” said Adriana Kaegi, a 47-year-old woman who waited several hours in the rain.

“I want to thank Karl Lagerfeld for bringing his fashion to the low-budget fashionistas. And I’m expecting to buy a lot of my winter wardrobe from his collection . . . anything that I can get my hands on that would look good on me.”

Shoppers scrounged, pushed and shoved to grab whatever they could, even as trucks were making deliveries all day long and shelves were being restocked every two hours.

“There was a mad rush,” said Jennifer Uglialoro, an H&M spokesperson. “Everyone was going crazy – even staking out the stock rooms. I’ve never seen anything like it before.”

The collection is already sold out in Europe, where buyers were pulling down the banners, stripping down to their underwear and taking the clothes off the mannequins.

Expecting a huge demand, the New York store had prepared special oversize tote bags for shoppers to use inside the store to carry their merchandise.

“We’ve been getting phone calls from people living on the West Coast offering bribes and giving out their credit card numbers,” said Uglialoro.

Lauren Raburn, a 20-year-old student from Brooklyn, was “overwhelmed.”

“I was hoping for a bonding experience, but it was one big catfight,” she said.

“It’s absurd. People are pushing you out of the way, snagging things out of your hand, jumping in front of you and getting catty.”

Ashley Degroff, a 22-year-old magazine assistant from Manhattan, who doesn’t own any Chanel or Fendi clothes, was thrilled to find a $99 Audrey Hepburn-inspired cocktail dress.

“It’s Karl Lagerfeld, you know?” she said. “When else are you going to pay this little for something designer? It’s perfect for the holiday season.”

Danielle Levitt, a fashion photographer, got up at 6:30 a.m. and purchased one of nearly every item, racking up a $893.56 bill.

“I’ll try it all at home and then return what I don’t like,” she said.

“Everything is so Chanel. A Chanel skirt! A skinny pant! I can’t help myself!”

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