While the British Fashion Council's annual British Fashion Awards draws plenty of attention in industry circles, nothing beats the Met Ball in terms of buzz. Its red carpet regularly blows the Oscars out of the water, as stars seize their chance to experiment with daring, fashion-forward looks.

But now the Met Ball's got competition, with the news that the British Fashion Council (BFC) is transforming its annual awards ceremony into "a mix of the Academy Awards and the Met Ball, on a global scale," BFC chairman and former Net-A-Porter head honcho, Dame Natalie Massenet, told Business of Fashion. "It's going to be the most sweeping, beautiful, magical, sparkly, twinkly, elegant red carpet you've ever seen."

It's a big call, but Massenet can back it up: the new event, simply coined The Fashion Awards, will be sponsored by Swarovski and will take place at London's iconic Royal Albert Hall (as opposed to the smaller, decidedly less grand London Coliseum and Savoy Hotel, where it's previously been held) . The new name reflects a new global focus, with more awards honouring international talent and plans to broadcast the event across the world.

The Fashion Awards will take place on December 5 and will host over 3000 members of the general public, with tickets going on sale on May 3. 

The British Fashion Awards is taking on the Met Ball