Lagerfeld will receive the accolade for his contributions to the fashion industry in a career of more than half a century spent at brands including Chloé, Fendi, Chanel and his own label.
The annual event will take place at the London Coliseum on Nov. 23.
“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 Outstanding Achievement award include Anna Wintour in 2014, Terry and Tricia Jones in 2013 and Manolo Blahnik in 2012.