And the fashion verdict is in! Halston has tapped 31-year-old Austrian/Greek designer Marios Schwab as the iconic brand's new Creative Director, effective immediately. It was a highly anticiapted hiring and Halston execs picked the designer after being impressed by his Spring '09 collection in London.

Schwab, who launched his own line in 2005, will oversee the fashion house's ready-to-wear and accessories collections and work to modernize Halston, while continuing to run his own namesake line. He will relocate to New York City for the new high-profile position.

His first collection, Fall 2010 will debut in February, and as reported by The Cut, he will also spearhead the brand's Halston Heritage collection, which will feature reissues of ionic Halston pieces at today's recession-friendly prices ($55-$595). Apparently, Schwab was tapped not only for his sense of style, but for his knowledge of the Halston history. According to CEO Bonnie Takhar, Schwab's designer 'mantra' is an excellent match.

"After several meetings, both our board and I were confident of Marios' design sensibilities. His mantra was very Halston-appropriate in terms of what we think Halston should be. His knowledge of the Halston brand really impressed us."

Marios takes over the role of creative director following an almost year-long vacancy left by the departure of previous director Marco Zanini, who as reported by The Cut left the job in mid-2008 due to disagreements with the board about the line's direction.

According to WWD, the powers-that-be at Halston have put a lot of time and consideration into finding a suitable replacement. After consulting Paris' expert fashion exec finder Floriane de Saint Pierre, they believe they've found it. Apparently, Schwab's Spring 2009 show really wowed execs in London, and Schwab is prepared to impress at Halston, too, saying:

"While Halston's DNA is crucial to its future success, I very much wish to move the brand forward and make it relevant for today. Simple, effortless pieces realized via modern fabrics and technology will play a large role in how I will redefine the brand. The clothes will echo the heritage but with a very distinctive, modern feel that is completely new and completely now."