NEW YORK — Mark Badgley and James Mischka are no longer just night owls.

The design team, which made its mark in the past five years selling opulent eveningwear in its signature collection, has launched Badgley Mischka Dress for fall, featuring daytime, cocktail and dinner dresses.

The collection wholesales for $175 to $275 and uses such fabrics as wool jersey, wool crepe, cotton and Lycra spandex velour, merino wool knit, four-ply triacetate and rayon matte crepe, rayon and Lycra pannÄ velvet, acetate taffeta and viscose georgette, as well as an assortment of laces.

The designers, whose company operates as a division of Escada (USA) Inc., hope the new line generates about $5 million in first-year sales. Mischka said this would equal the collection’s 1993 volume.

Badgley said the dress line is purposely priced well below the evening collection, which wholesales at $500 to $3,000.

“We wanted to offer a woman clothes she can wear anytime, without having to make a huge investment,” Badgley said. “It also allows us to approach a lot of stores that can’t buy the collection.”

Mischka said first deliveries will begin in June for early fall retailing, with three seasons planned each year — fall, holiday-resort and spring-summer.

The designers said they are using a wider color array in the day line than in the eveningwear, with an eye on silhouettes that take women from desk to dinner.

Mischka said important shapes include coatdresses, fit-and-flares, two-piece jacket or tunic dresses, A-lines and chemises.

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