Lord & Taylor will present Fashion Group International's Night of Stars Fashion Oracle Award for the next three years beginning with this year's event on Oct. 25. The honor has been renamed the Lord & Taylor Fashion Oracle Award and will be given to André Leon Talley, editor at large of Vogue.

"We are extremely excited to honor the talented influencers who help take this industry to the next level," Jane Elfers, president and chief executive officer of Lord & Taylor, said in a statement. "Editor, author and fashion authority, André Leon Talley truly inspires us and future generations with his work at Savannah College of Art and Design."

The award is the latest of several initiatives that the 180-year-old Lord & Taylor has taken to elevate its profile and fashion status, including overhauling merchandise to focus on better, bridge and contemporary labels; reducing clutter on the selling floors, and closing weak locations. Lord & Taylor's owner, NRDC Equity Partners, is funding $250 million in renovations and a fall image campaign costing more than $10 million.

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