Katy Perry to Co-Chair the 2017 Met Gala Following Taylor Swift

Katy Perry is taking her passion for fashion to a whole new level.

On Friday, The Metropolitan Museum of Art announced that the "Rise" singer will serve as co-chair at fashion's biggest party of the year, the 2017 Met Gala held in New York City in May. Joining her will be singer-songwriter Pharrell Williams, along with Vogue editor-in-chief, Anna Wintour, and honorary chair, Japanese designer Rei Kawakubo.

WATCH: Beyonce and Jay Z: The Best Moments From the Queen and King of the Met Gala

The Costume Institute's annual spring fundraiser will focus on Kawakubo's design work and the "Art of the In-Between." Titled Rei Kawakubo/Comme des Garçons, the accompanying thematic exhibition -- which will feature approximately 120 examples of Kawakubo's womenswear designs for her label, Comme des Garçons -- will be on view from May 4 through Sept. 4, 2017. It marks the "first monographic show on a living designer" at The Met since the Yves Saint Laurent exhibition in 1983.

"Rei Kawakubo is one of the most important and influential designers of the past 40 years," Andrew Bolton, Curator in Charge of The Costume Institute, explained. "By inviting us to rethink fashion as a site of constant creation, recreation, and hybridity, she has defined the aesthetics of our time."

WATCH: The 13 Weirdest Looks From the Met Gala

This year's star-studded gala, Manus x Machina, honored Perry's rumored nemesis, Taylor Swift, and Idris Elba as co-chairs. Along with Perry, Swift and Elba, other attendees included Kim Kardashian West and her husband, Kanye West, Gigi Hadid and boyfriend Zayn Malik, Blake Lively, Beyoncé, Lady Gaga, Claire Danes, Madonna, Selena Gomez, Nicki Minaj, Kerry Washington and Demi Lovato.

As we patiently wait to see just how perfectly the celebrities will dress to the avant-garde theme in May, watch the video below to see the most memorable moments from this year's fashionable fête!

Related Gallery

2016 Met Gala -- See the Red Carpet Arrivals!