It’s time for the Oscars in the fashion industry once again: the Met Gala. It is the season again for the annual Costume Institute Gala or the Costume Institute Ball, popularly known as Met Gala (or Met Ball).

As the designers celebrate the opening of the fashion exhibit at the Costume Institute at the Metropolitan Museum, celebrities and prominent fashion aficionados also take this time of the year to showcase their design or to highlight their new styles in fashion.

Also known as the Oscars in the fashion industry, the Met Ball is one great avenue for stars to shed their old look and introduce a new one. The red carpet at the Met Gala is thus regarded as “the Red Carpet of all the Red Carpet,” the Night of All Carpet Nights,” the one every star wants to flaunt their new looks or show off their improved ones.

But this is also the night for fashion missteps, even for reputable fashion icons.

Known as the best of the red carpets the Met Gala is hosted by Vogue and is considered as the top most annual social event in New York City. The formal event this year is scheduled on May 6, 9pm.

START the SLIDESHOW and check out the photos featuring the most memorable and top looks on the red carpet at the annual Met Ball at Metropolitan Museum, New York City.

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