Pantone Color Institute, a color forecaster company, recently announced the official "color of the year" for 2014: radiant orchid, the Los Angeles Times reports.

Radiant Orchid is "an enchanting harmony of fuchsia, purple and pink undertones" that "inspires confidence and emanates great joy, love and health," as Leatrice Eiseman, executive director of the Pantone Color Institute, said in the company's annual announcement.

Last year, Pantone predicted that emerald would be 2013's leading color, and the green hue appeared in everything from Ikea furniture to wall textiles and runway fashions. Radiant Orchid is already taking the fashion world by storm before the new year, having "premiered in spring 2014 fashion collections by Emerson by Jackie Fraser-Swan, Juicy Couture and Yoana Baraschi," according to the Times.

"While the 2013 color of the year, PANTONE 17-5641 Emerald, served as a symbol of growth, renewal and prosperity, Radiant Orchid reaches across the color wheel to intrigue the eye and spark the imagination," Eiseman said. "An invitation to innovation, Radiant Orchid encourages expanded creativity and originality, which is increasingly valued in today's society.

The color is already making its way to the red carpet, as the purple hue is flattering to many skin tones and hair colors. Pantone's predictions have influenced product development and purchasing decisions in multiple industries for years, according to Yahoo!.

Past Colors of the Year
PANTONE 17-5641 Emerald (2013)
PANTONE 17-1463 Tangerine Tango (2012)
PANTONE 18-2120 Honeysuckle (2011)
PANTONE 15-5519 Turquoise (2010)
PANTONE 14-0848 Mimosa (2009)
PANTONE 18-3943 Blue Iris (2008)
PANTONE 19-1557 Chili Pepper (2007)
PANTONE 13-1106 Sand Dollar (2006)
PANTONE 15-5217 Blue Turquoise (2005)
PANTONE 17-1456 Tigerlily (2004)
PANTONE 14-4811 Aqua Sky (2003)
PANTONE 19-1664 True Red (2002)
PANTONE 17-2031 Fuchsia Rose (2001)
PANTONE 15-4020 Cerulean (2000)