The answer is YES. There are many ways to do this, but you can definitely sell your design and all rights to your design to a company. You can also structure the business arrangement where you sell the design and limited rights (i.e. it can be used for two seasons or one year). To Michelle's point above, you would need a legal contract written up, but the company buying the design should handle this. You would just want to review the details of the contract carefully, and consider having a lawyer review it.
I worked in the fashion industry and owned my own clothing company for 7 years. I hope this answer helps.