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Fashion enthusiasts are set to witness one of the most stylish nights on Monday May 1st, 2017 as New York City will set the red carpet for Met Gala that was formally known as the Costume Institute Gala. Celebrities take months to prepare for this big fashion parade as all the eyes are set on them and what they will wear. The Met Ball is names after where it takes place at the Metropolitan Museum of Art in New York City. However, the movie stars, models and singers were not on the guest list until the year 1999, which is when Vogue's matriarch Anna Wintour, took charge.

So what exactly is the Met Ball

The Met Gala started taking place in the year 1946 as an annual event to raise funds for the Metropolitan Museum of Art's Costume Institute and just in 2016, around $12.5 million was raised in funds for the institute.

Since the year 2005, the Met Gala takes place on the first Monday in May every year. This year the event is set to take place on May 1st. The price of the tickets for such an extravagant event is also no surprise since ticket costs begin from $25,000 and that is just for a single person to attend. If someone is generous enough and wants a whole table, than they are looking to pay somewhere between $75,000 to $250,000. Around 700 very lucky people get to attend the event as an invitation only entry and every attendee is first approved.

The themes and Chairs for the Met Gala

There is always a theme for the event and guests are encouraged to dress according to it. This year the theme is "Rei Kawakubo/Comme des Garçons" which honours the 74-year-old Japanese fashion designer Rei Kwakubo.

In the previous years, the themes have been Jacqueline Kennedy: The White House Years in 2001, Superheroes: Fashion and Fantasy in 2008, Punk: Chaos to Couture in 2013 and Manus x Machina: Fashion In An Age Of Technology in 2016.

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In addition to Anna Wintour who heads the event each year, there are other honorary event day chairs and co-chairs as well. This year it's singers Katy Perry and Pharrell Williams. Previously fans saw Taylor Swift, Beyonce, Marc Jacobs Caroline Kennedy act as chairs.

This year, celebrities such as Gwyneth Paltrow, Chrissy Teigen, Lorde, Gigi Hadid, Paris Jackson and Dakota Johnson are set to attend the event. In the previous years, viewers have seen stars such as Beyonce, Rihanna, Kim Kardashian, Sarah Jessica Parker, Jennifer Lopez, Michelle Williams and Selena Gomez grace the red carpet.