LONDON, United Kingdom — The annual fundraising extravaganza that is The Metropolitan Museum of Art's Costume Institute Gala — popularly known as the "Met Ball" — is set to take place in New York City on Monday night. But across the pond, this week, the British Fashion Council unveiled ambitious plans for a high wattage fashion event of its own, which Natalie Massenet, chairman of the BFC, called "a mix of the Academy Awards and the Met Ball, on a global scale." Can it top the Met Gala, which André Leon Talley famously called "the Superbowl of fashion" in a documentary about the event?

Elsewhere at the intersection of fashion and popular entertainment, last Saturday night, Beyoncé dropped her new visual album "Lemonade," a tour-de-force of music, film and fashion (see that yellow Roberto Cavalli dress), which was part personal confessional, part political commentary. But as BoF's Imran Amed points out, the video "had more people looking at a Roberto Cavalli dress than any Cavalli fashion show I can remember in recent years!" Why can't major fashion brands break free from their marketing formulas and create these kinds of digital moments?

So what can we expect from Yves Saint Laurent after what some commentators have jokingly called 'Hexit'? In our latest CEO Talk, Saint Laurent chief executive Francesca Bellettini reveals that, post-Hedi Slimane, "What you can expect now is an evolution. The brand is established, the codes are established and the DNA is understood." Interestingly, Bellettini also went on to explain that, in the luxury sector, "about 70 percent of the clients are new every year, because we are in an aspirational business," meaning that the perennial Saint Laurent products, which have been flying off the shelves at major retailers, may seem repetitive to industry insiders, but actually feel new to the consumers doing the actual buying. Catch up on these stories and more with BoF's Week in Review.

1.BoF Exclusive | Francesca Bellettini on Saint Laurent in the Post-Hedi Slimane Era

Yves Saint Laurent chief executive Francesca Bellettini | Source: Courtesy

In her first ever in-depth interview, Yves Saint Laurent chief executive Francesca Bellettini speaks exclusively to BoF's Imran Amed on maintaining the brand's momentum in the post-Hedi Slimane era.

2. BoF Exclusive | BFC Unveils Global Fashion Awards, London's Answer to the Met Ball

Rendering of the Fashion Awards 2016 at the Royal Albert Hall | Source: Courtesy

BoF can exclusively reveal that the British Fashion Council is transforming its annual fashion awards into a global event, positioned as ‘a mix of the Academy Awards and the Met Ball.’

3. Can American Retailers Kick Their Discounts Addiction?

Source: Shutterstock

Rampant discounting at American retailers is creating a race to the bottom, shrinking profit margins and diminishing brand value. Where will it end?

4. On the Periphery, Going Global

Maticevski show at Mercedes Benz Fashion Week Australia Spring/Summer 2015 | Source: Courtesy

Fashion businesses in markets like Australia, Brazil and Georgia face the tyranny of distance, but some turn remote geography into a competitive advantage.

5. Middle Eastern Designers Break Boundaries

Jewellery by Noritamy | Source: Courtesy

From Tel Aviv to Tehran, a new generation of designers from the Middle East is finding fame in the world's fashion capitals.

6. Top 10 Fashion Films of the Season

(L-R) "Lemonade" by Beyoncé, "Pussygangster" by William Strobeck for Supreme, Gucci Spring/Summer 2016 by Glen Luchford | Source: Beyonce/Supreme/Gucci

As Beyoncé’s ‘Lemonade’ makes clear, the online video stakes are high — and fashion brands have work to do.

MARKET MOVEMENTS

Hermès Sales Growth Slows on China, Europe Attacks
Hermès said sales growth slowed after attacks in Brussels and Paris put off some tourists and an economic slowdown in China weighed on demand.

Valentino Cuts Prices in Asia to Boost Local Sales
Italian fashion house Valentino will cut its prices in Asia to bring them into line with European prices.

Adidas Raises 2016 Guidance After First-Quarter Earnings Jump
Adidas hiked its guidance for 2016 sales and earnings a second time as it reported a 38 percent jump in quarterly underlying profit, citing strong brand momentum.

Coach Beats Forecasts
Coach Inc. has reported fiscal third-quarter net income of $112.5 million.

MCM Aims For $2 Billion Sales in Five Years
MCM aims to more than double sales to $2 billion within five years, tapping into shoppers' growing appetite for niche luxury brands.