Prada and Schiaparelli at the Met

The New York Metropolitan Museum has announced its 2012 fashion exhibition , the subjects of honour

will be Muccia Prada and Elsa Schiaparelli.

The exhibition will launch with the star-studded Met Ball next May as it celebrates two of fashion's most influential Italians, reports WWD.

Prada, and sister label Miu Miu, made €2.1 (£1.85), billion last year, whilst Schiaparelli is responsible for introducing catwalk shows to the fashion world.

The Costume Institute's curators, Harold Koda and Andrew Bolton, will hope to repeat the success of this year's phenomenon, Alexander McQueen: Savage Beauty, which received a record breaking 661,509 visitors.