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November 19, 2013 AT 11:58 AM
World-renowned fashion designer Oscar De La Renta is receiving a major honor. It has been announced that the designer will receive the seventh annual Carnegie Hall Medal of Excellence. The award recognizes his leadership in both business and philanthropy. Following the presentation of the award will be a performance by Oscar's good friend Julio Iglesias. The fashion mogul said "Julio is like a brother to me. I am unbelievably honored that he will be joining me at Carnegie Hall, a place with an extraordinary soul that for me holds a very special meaning."