The 79-year-old iconic fashion mogul will be honoured as Honorary Knight Commander of the Most Excellent Order of the British Empire (KBE) for his services to fashion and philanthropy, making him the first ever American designer to receive such an honour.
Ralph will be awarded the title during a ceremony next year, by a representative of 92-year-old British monarch Queen Elizabeth II.
The award is fitting for the designer, as his work has been frequented by famous stylish royals, including the late Princess Diana, Catherine, Duchess of Cambridge, and Meghan, Duchess of Sussex.
Antony Phillipson, British Consul General to New York and Her Majesty's Trade Commissioner for North America, said in a statement: "I warmly congratulate Ralph Lauren on this award that recognises these efforts and achievements over the past 50 years."
On top of his fashion powerhouse, Ralph has also been a prominent philanthropist with a commitment to helping cancer patients access quality health care, and has set up several Ralph Lauren Centers in the US and London to help with cancer care.
Whilst the designer may the first to receive a KBE in his industry, he isn't the first American to have been awarded the honour, as in previous years the likes of President Dwight D. Eisenhower, President Ronald Reagan, President George H.W. Bush, Angelina Jolie, Steven Spielberg, Bill and Melinda Gates, and many more celebrities have all been honoured as well.
Ralph recently celebrated his 50th anniversary in the fashion industry with a star-studded show and party in Central Park, which included a stunning runway collection and a speech from Oprah Winfrey.