
Model Chanel Iman and designer Tom Ford attend the 'Schiaparelli And Prada: Impossible Conversations' Costume Institute Gala at the Metropolitan Museum of Art. Getty Images
Mayor Bloomberg said it in his speech: “this is the Oscars of the East Coast.”
Tom Ford said it as he strolled the red carpet: “There’s more fashion here than at the Oscars.”
They were both talking, of course, about last night’s Met Gala, nominally celebrating the latest show, “Schiaparelli & Prada: Impossible Conversations,” but practically also raising an enormous amount of money for the museum’s Costume Institute (most of its annual operating budget, according to a spokesperson), working as highly effective advertising for all the fashion houses that participate, and this time also providing an unprecedented launch pad for a new brand. And you thought it was just a party. Hah.
Indeed, this year, more than any other, there seemed to be an acknowledgement of the business dimension of the event, especially its red carpet.










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Vanessa has been the FT’s fashion editor since 2003, and is based in New York, though she lived in London for 12 years.