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Met Ball Monday is exactly a week away—coinciding with Cinco de Mayo, for what we are calling internally Cinco de Met Ball—so let's break down everything we know so far about this year's "Fashion Oscars." We've rounded up all of the crucial details including what, exactly, the Met Ball is, the finer points of this year's red carpet rules and, of course, the famous faces that will attend (and who they'll be wearing). Get the low-down after the jump, and tune in a week from today for our liveblog of the affair.
· The Met Ball and Met Gala are interchangeable terms referring to the Costume Institute Gala Benefit, a splashy celebration of the opening of the annual Costume Institute exhibit at New York City's Metropolitan Museum of Art. The event is chaired this year by Aerin Lauder (the billionaire granddaughter of Estée Lauder and proprietor of her own lifestyle brand), and the co-chairs are Bradley Cooper, Oscar de la Renta, Sarah Jessica Parker, Lizzie and Jonathan Tisch, and Anna Wintour.
· Sorry, did we say Costume Institute? Beginning with the opening of this year's exhibit, the space will now be referred to as the Anna Wintour Costume Center, an ode to the Vogue EIC who has raised $125 million for the Costume Institute during her 15 years as a Met trustee.
· No less than First Lady Michelle Obama will cut the ribbon on the exhibit—and Anna's gallery—the morning of May 5th. M'Obama will also speak at the ceremony, but it's unclear if she'll attend the gala.
· Ah, and the exhibit again? It's Charles James: Beyond Fashion, honoring a great American couturier (three words you don't hear together often). Nearly every important work of James' career will be on display, spanning his career from the early '20s to the late '70s.
· This is the first single-designer show since 2011's ode to Alexander McQueen. This year's topic is a notable 180 from last year's punk theme.
· Also notable this year? It's gonna cost attendees and extra $10k to get in. Admission to the event is now a whopping $25,000 per ticket.
· Another huge piece of news this year is the White Tie dress code. A surge of evening gloves are expected for the ladies (and everyone knocked Kim Kardashian for hers last year—tsk tsk). French glovemakers Perrin Paris are expected to cover the digits of a number of attendees. House heiress Chloé Perrin, 23, laid out glove etiquette for Vogue.com:
"You must wear them while shaking hands with other guests and also while dancing, but they should be removed when you sit at the table for a meal... They can be partially removed while drinking, but personally I prefer to keep them on."
· And for the gents? The Times explains: "A black tailcoat, a waistcoat, a wing-collared shirt, and white bow tie" (think the Monopoly man). Bonus accessory to keep an eye out for: Top hats.
· Speaking of the red carpet, here's a list of celebrity and designer pairings The Hollywood Reporter has learned:
· Prada: Lupita Nyong'o, Michelle DockeryLanvin designer Alber Elbaz will be in attendance with a mystery celebrity, and not usual house model Emma Stone. Other guests include Jessica Chastain, Emilia Clarke, Naomi Watts, Jessica Pare, Allison Williams, and current cover girl Kim Kardashian.
· Prabal Gurung: Zoe Saldana
· Givenchy: Amanda Seyfried
· J. Mendel: Taylor Swift
· Diane von Furstenberg: Margot Robbie, Olivia Munn
· Tommy Hilfiger: Zooey Deschanel
· Gwyneth Paltrow will not be at this year's Met Gala—or any Met Gala ever again—because last year's was so "un-fun".