The world of fashion lost Belgian-born fashion designer, Liz Claiborne, who founded the namesake US company Liz Claiborne Inc., passed away yesterday, June 26, an announcement made by the company said.

Claiborne, who retired from the day-to-day operations in 1989, was suffering from cancer and died at the New York-Presbyterian Hospital, her assistant said.

The clothes she designed have been respected and worn over the years by women all over the world.

"In losing Liz Claiborne, we have not only lost the founder of our company, but an inspirational woman who revolutionized the fashion industry 30 years ago," said Bill McComb, CEO of Liz Claiborne, in a statement.

Claiborne founded the sportswear company in 1976 along with second husband Art Ortenberg and Leonard Boxer. Their purpose was to design affordable collections for a wide range of customers.

"Her commitment to style and design is ever present in our thinking and the way we work. We will remember Liz for her vision, her entrepreneurial spirit and her enduring compassion and generosity," he added.