Karl Lagerfeld will receive the Outstanding Achievement accolade at the British Fashion Awards.
The 82-year-old designer is the first recipient to be announced for the annual occasion where he will be honoured for his contribution to the industry as the creative directors of Chanel and Fendi.
Chairman of the British Fashion Council, Natalie Massenet MBE said: "Karl Lagerfeld defines outstanding. He is the champion of excellence, the master of the exceptional and one of the most iconic figures globally from our industry. His life's work for his own and so many extraordinary brands has written the language of fashion. He is the ultimate visionary and we celebrate not only the decades already passed but those yet to happen. In Karl's hands the future of fashion will be an exceptional one."
Previous winners of the award include Anna Wintour last year, Terry and Tricia Jones in 2013 and Manolo Blahnik in 2012.
The prized member of fashion royalty previously said he doesn't think in terms of "business" when it comes to his companies and just does whatever he wants.
He said: "I think after a certain amount of years your priorities change a little and your mind is freer. I don't have to battle for what I'm doing, I just do it. The circumstances of my job are nearly unique.
"I'm not into business, I don't ever think in terms of business. I don't go to meetings, I don't do marketing things, nothing, I just think, 'Let's try this, let's do this, let's do this'."
Karl is expected to attend the ceremony which will take place at London's Coliseum on November 23.