Color fanatics and fashionistas - this one's for you.

The 2015 color of the year has officially been announced, and we hope you like shades of red. The Pantone Color Institute has declared that "Marsala" is the next up-and-coming color to take trends by storm. The "naturally robust and Earthy wine red" will make its appearance on runways in spring 2015 and will likely pop up as a popular color for beauty products, interior decorating and graphic design, according to a release from the "global color authority."

"Marsala enriches our mind, body and soul, exuding confidence and stability," said Leatrice Eiseman, executive director of the Pantone Color Institute, in a release. "Much like the fortified wine that gives Marsala its name, this tasteful hue embodies the satisfying richness of a fulfilling meal, while its grounding red-brown roots emanate a sophisticated, natural earthiness."

Each year, the Pantone Color Institute, a color research and information center, names a color of the year. In 2014, the color of the year was "Radiant Orchid," preceded by the 2013 color of the year, emerald.

The color of the year is determined by research of worldwide color influences, including colors used for technology, films and fashion.

"The color of the year selection requires careful consideration and, to arrive at the selection, Pantone combs the world looking for color influences," the release states.

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