NEW YORK, NY — It’s the first Monday in May and that means it’s Met Gala Monday!

The Met Gala is a fundraiser for the Metropolitan Museum of Art’s Costume Institute. Last year’s event raised more than $26 million. The gala is also usually the kickoff for the Costume Institute’s spring exhibition. The event is helmed by Vogue Editor-in-Chief Anna Wintour and is attended by fashion designers and brands, celebrities, influencers and more.

Here’s what you need to know ahead of fashion’s biggest night.

WHAT IS THIS YEAR’S THEME?

This year’s exhibition theme is “Superfine: Tailoring Black Style.” Vogue described it as “examining the importance of clothing and style to the formation of Black identities in the Atlantic diaspora” with the Black dandy as its subject.

WHO ARE THIS YEAR’S HOSTS?

Wintour, Colman Domingo, Lewis Hamilton, A$AP Rocky and Pharrell Williams will co-chair. And LeBron James was named honorary chair.

WHAT IS THE DRESS CODE?

It was announced in February that the dress code is “Tailored for You,” which Vogue says is a nod to the exhibition’s focus on menswear.

Good Morning America’s Michael Strahan interviewed Wintour ahead of the big event. She revealed Domingo texted her a photo of his look and was floored by her reaction.

“It was his idea. It was a clever idea,” Wintour said.

On The Red Carpet’s fashion expert Roshumba Williams spoke to ABC News Live about what she hopes we’ll see people wearing.

“Capes and coats and exquisitely tailored menswear,” WIlliams said. “Also, structured silhouettes and lots of flowing silhouettes as well.”

WHAT CELEBRITIES ARE EXPECTED TO ATTEND?

Among the celebrities on the host committee are André 3000, Doechii, Ayo Edebiri, Spike Lee and Tonya Lewis Lee, Audra McDonald, Janelle Monáe, Usher, and Kara Walker.

Rihanna is co-host A$AP Rocky’s partner. She has made big splashes at the Met Gala in years past and star-watchers are hoping she will walk those iconic stairs once again.

Other previous guests include Sarah Jessica Parker, Blake Lively and Ryan Reynolds, Jared Leto, Elle Fanning, Florence Pugh, Zendaya, Lil Nas X, Cardi B, Ariana Grande, Lady Gaga, Gigi Hadid and members of the Kardashian-Jenner family.

Keep an eye on ontheredcarpet.com for all the best looks, biggest entrances and red carpet moments.