(CNN)As far as Diane von Furstenberg is concerned, there's one thing that never goes out of style: inspiring and supporting other women.
Diane von Furstenberg on the women who inspire her
"I want every single woman in the world to know she can be the woman she wants to be," she tells CNN.
For eight years running, the fashion icon's DVF Awards have sought to recognize women whose efforts in their fields make even someone as accomplished as von Furstenberg feel humbled.
"These are the women that, when I listen to their stories and I see what they do, I feel so small and unaccomplished because they are so strong," she said.
This year's awards, taking place at the United Nations in New York City as part of the Women in the World Conference, will honor five women.
Cuban journalist Yoani Sanchez, human rights lawyer Baljeet Sandhu, education advocate Louise Dubé and supermodel Karlie Kloss will be honored.
Jane Goodall will also receive a Lifetime Leadership Award.
"It's a beautiful event and I honor women who have had the strength to fight, the courage to survive and the leadership to inspire," von Furstenberg said.
Each person honored receives $50,000 to go toward their nonprofit work.
At 70, von Furstenberg said she's more dedicated than ever to doing her own part to leave behind good in this world by mentoring others.
"I love working, talking to women, to young girls and giving them the strength," she said. "That is what gives me strength and purpose."
-- CNN's Brooke Baldwin contributed to this report.