KEY POINTS
  • The organizers of the Met Gala announced next year's theme, honoring the work of Karl Lagerfeld.
  • The benefit and accompanying exhibition will celebration and explore his nearly seven-decade career in the fashion industry.
Karl Lagerfeld attends the Conde' Nast International Luxury Conference at Palazzo Vecchio on April 22, 2015 in Florence, Italy.

The Metropolitan Museum of Art announced on Friday next year's Met Gala theme: a celebration of the works of the late German designer Karl Lagerfeld.

The Gala, formally known as The Costume Institute Benefit, is an annual fundraiser scheduled for the first Monday in May — for next year, that means May 1. It is followed by the institute's annual spring exhibition, this year titled "Karl Lagerfeld: A Line of Beauty," which will be on view from May 5 through July 16.