It's Met Ball day! That means tonight's the night all the top models, designers, celebrities, and assorted rich people in New York head to the Upper East Side to listen to Azealia Banks and drink prosecco in the Temple of Dendur. The event has raises millions for the museum every year, and fêtes the annual Costume Institute show — "Schiaparelli and Prada: Impossible Conversations" opens Thursday, friends. Only the guest of honor and the only surviving member of this year's headlining duo may not be able to attend. Miuccia Prada reportedly fell off her "high-rise platform shoes" this weekend; when journalist Suzy Menkes met her at her hotel for an interview, Prada was "resting" and unsure if she would be able to make it to the ball. Karma. [IHT]
Not entirely coincidentally, the house of Schiaparelli — which closed its doors in 1954 — is being prepared for a relaunch. Tod's owner Diego Della Valle acquired the Schiaparelli name and archives in 2006. He has hired model Farida Khelfa to serve as a brand ambassador (kind of like he hired Inès de la Fressange to lend a little glamour to the relaunch of Roger Vivier shoes in 2002); Khelfa will be wearing vintage Schiaparelli at the ball tonight. The company is still searching for a creative director, and says the first new Schiaparelli goods will hit stores next February. [WWD]
Sarah Burton of Alexander McQueen says, "I often look to Schiaparelli. I think she was an incredibly inspiring designer. We've had her on our research boards many times." [Refinery29]
Some of the pieces for this year's show were loaned to the Met by a 70-something rich lady in Michigan who has spent her life collecting rare, old couture. And, through some feat of (enviable?) self-repression, never wearing any of it. [NYTimes]
Here's a list of which designers are taking which models and celebrities. Azealia Banks is being dressed by Alexander Wang, and Proenza Schouler is taking Isabel Lucas. Poor Joan Smalls has to wear Balmain. [Fashionista]
"Sources" say that no less an authority than Anna Wintour has asked all of the Vogue editors to wear pink to the ball tonight. Shocking pink was Schiaparelli's favorite color. Reports Women's Wear Daily: "Wintour is said to have asked the magazine's editors to take pictures of themselves in their dresses, with a few different hairstyle options, and send them to the Vogue editor in chief." [WWD]

Coco Rocha is wearing a vintage yellow and hot-pink Givenchy couture jumpsuit that once belonged to Elizabeth Taylor. The model bought it at the auction of the late actor's things last December for $3250. It's not quite pristine, says Rocha. "If you look carefully, you can see the suit has this very faint red wine stain on it. After I had it cleaned I took it to show the editors at Vogue and we could still see the stain. We all agreed that since it was Liz Taylor's wine stain, it's OK to wear as is." [USAToday]

As for the small matter of the actual show? Apparently, it involves a film directed by potential imminent Gatsby-ruiner Baz Luhrmann, in which the Australian actress Judy Davis — playing Schiaparelli — has a conversation with Prada. [WWD]

Meanwhile in London, the Victoria & Albert Museum is readying for opening an exhibition called "Ballgowns." These are some of the gowns featured. [Vogue UK]

Natalia Vodianova designed a girl's dress with the label Caramel Baby and Child and had her six-year-old daughter Neva model it. Half the proceeds go to support Vodianova's charity, the Naked Heart Foundation. [Telegraph]

In other mother-daughter news, Nicole Kidman and her daughter Faith Margaret are on the cover of Australian Harper's Bazaar. Only the kid is looking away from the camera. [DS]

Charlotte Gainsbourg is le nouveau sexy, according to Elle France. [FGR]

Want to participate in the "Navajo" "trend"? Don't want to give money to Forever 21 or Urban Outfitters? The Native American fashion blog Beyond Buckskin has just launched an online boutique showcasing the work of 11 Native American clothing, jewelry, and leather goods designers. T-shirts start at $30, and right now silk scarves are 50% off. [Beyond Buckskin]

Kanye West hates everything you own. Look at your life. Look at your choices. [Storify]

  • In the second day of testimony at the family court hearing on Linda Evangelista's child-support lawsuit against François-Henri Pinault, the multi-billionaire luxury tycoon was grilled by the supermodel's lawyer about his expenses. Pinault testified to spending over $93,000 on clothing and accessories in 2010, and said he spent about $73,000 on nannies for his daughter with Salma Hayek that same year. Evangelista is seeking $46,000 in monthly support, largely because of nannies and the expense of hiring private round-the-clock security guards. Evangelista, who was not wearing so much as a stitch from any brand owned by Pinault's company, PPR, testified that although she is considered a supermodel, "there's not a lot of demand" for her today, and her income, which once topped $1.8 million per year, has fallen off significantly since her L'Oréal contract was not renewed in 2011. Asked about how she was "discovered," Evangelista said that she was scouted at a beauty pageant. "Unfortunately, I did participate in a pageant," she said. "It was embarrassing...mainly because I didn't win." [WWD]
  • In other news of French multi-billionaire luxury tycoons, Marc Jacobs says working for Pinault's rival Bernard Arnault is just like being in the movie Babe. "I mean, he's never going to jump up and down with exuberance, and the most he can say has often been the equivalent of 'That'll do pig.' But now he does praise me, which is great." [WSJ]
  • Beth Ditto says that she doesn't think Adele should waste any time thinking about Karl Lagerfeld's comments that she is "a little bit too fat." Says Ditto, "I hope, and I'm pretty confident, that she does not think about Karl Lagerfeld, ever. I bet that is the last thing on her mind at night." The singer added, "I don't think Adele would deny that she was fat. And I bet she doesn't. Karl Lagerfeld used to be fat himself, so you gotta think about that. He's obviously not proud of that fact. I also think that people give him way too much power! He's just an eccentric designer who makes amazing art but doesn't always say the coolest shit." [ES]
  • Target, which started rolling out its new "shops" concept of in-store boutiques "curated" by established smaller retailers, says it will launch a shop by high-end boutique Kirna Zabête in September. The store's co-owners will be producing a line for Target that will retail for $4.99-$199.99. [WWD]
  • A 12-year-old girl asked Tim Gunn for fashion advice. He responded by critiquing the sexualization of young girls and the "Snooki-ization" of America.
  • "I don't like talking about it, but occasionally I will talk about the Snooki-ization of young women and teens — and a 12-year-old is about to be a teen. Parents have to draw a line in the sand and say "no." It's very, very important. I'm not saying that a 12-year-old girl should be dressed monastically, but at the same time, there is a tendency to oversexualize young women, and I feel it's hugely inappropriate."

  • [Troy Patch]
  • Kathy Ireland's licensing empire rakes in about $2 billion in total sales annually. [WWD]
  • And now, a moment with P'Trique, the star of the "Shit Fashion Girls Say" video. P'Trique, what is it all about?
  • "It's all about the attitude. Life is like Kabuki-inspired minimalism and Chanel gauchos, you just got to go for it. Real fashion girls know that."

  • And P'Trique, are there any trends you're particularly excited about for summer?
  • "I'm super into colorblocking. I layer my different-colored Birkins to get the effect. Then floral on floral on floral. Oversize paisley is the new cat-eye. That's all I'd like to reveal for now."

  • [WWD]