Diane Von Furstenberg is set to be honoured with the Superstar Award at The Fashion Group International's Night of Stars.
The 67-year-old designer and creator of the iconic wrap dress will be presented with the top prize at the gala later this year to celebrate her revolutionary influence in the fashion industry.
Margaret Hayes, president and chief executive officer of the FGI, told WWD: ''Diane is truly a legend in her own time. Perhaps more than any other American designer, she has been profoundly influential in elevating the visibility and importance of the American fashion industry around the world.
''But beyond Diane's exceptional talent is a sense of compassion and a generosity of spirit that drive the work of her family's foundation, which brings quality, hope, beauty and grace to the lives of so many.''
Diane follows in the footsteps of Marc Jacobs and Robert Duffy, who both won the award last year.
This year, the FGI bash takes place on October 23 at Cipriani 55 in New York City.
The American designer was previously honoured with the Lifetime Achievement Award from the Council of Fashion Designers of America (CFDA) in 2005 and received a star on Seventh Avenue's Fashion Walk of Fame in 2008.