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ROUGH CUT (NO REPORTER NARRATION) STORY: Celebrities and fashion icons came out for one of fashion's biggest nights at the Metropolitan Museum of Art's Costume Institute Benefit gala in New York on Monday (May 7). The night's showstoppers were new mom Beyonce Knowles, who stunned in a barely there Givenchy dress with black lace and a purple train. In addition, newly engaged couple Justin Timberlake and Jessica Biel made a rare joint appearance, posing together for numerous pictures. The night, considered by many as the Oscars of fashion, had sports stars, singers and fashion icons rubbing elbows. The gala celebrates the opening of the museum's newest exhibition which raises money for the Metropolitan Museum's Costume Institute. This year's exhibit features the work of Elsa Schiaparelli and Miuccia Prada. Before heading into the gala, the event co-chair, Vogue editor-in-chief Anna Wintour, talked about the importance of the night. "I think it celebrates fashion, I think it celebrates a whole industry and tonight I'm particularly excited that were celebrating two such great but different Italian designers. And obviously most importantly we are here to support the Costume Institute for the Metropolitan museum," she told Reuters. New York designer Marc Jacobs, a longtime admirer of both Schiaparelli and Prada, arrived in self-described lace-dress. The exhibit features over 100 looks from both Prada and Schiaparelli and showcases their similarities. Also featured are eight short films created by filmmaker Baz Luhrmann. For the first time ever fashion fans could watch the red carpet action live online via a live stream broadcasted on the museum's website. Schiaparelli and Prada: Impossible Conversations official opens on May 10 and runs until August 19.