The term 'Gala (Big Event in Fashion)' can be summarized as a large, formal event that is typically associated with the fashion industry. The three-letter acronym for this term is 'MET', which stands for the Metropolitan Museum of Art's annual Costume Institute Gala. This event is held in New York City and is attended by celebrities, fashion designers, and other influential figures in the fashion world. It is known for its extravagant displays of fashion and is often seen as a major event in the fashion industry.