Francesco Risso will become creative director of the label.
The designer had most recently been freelancing after running his own label and working at Cerruti and Jack Wills.
The event takes place Nov. 29.
The Lempicka painting has not been seen publicly beyond the couple’s Upper West Side apartment for the better part of 47 years.
Rebecca Minkoff, Gary Wassner, Katia Beauchamp and Christine Hunsicker make up the panel of judges.
Two exclusive pop-up shops will cater to the students of Boston University, Northeastern University, Emerson College and Ohio State University.