Australia's most feted - and certainly richest - sporting event, the Melbourne Cup carnival - was launched in typical style on Monday morning at an admittedly soggy and sombre Flemington Racecourse.

Despite massive thunderstorms foiling plans to have the Melbourne Cup trophy - home after its lavish national tour to lift the profile of the race and drum up interstate visitors - take a spin on the Melbourne Star, the official business of the launch went off without a hitch.

Lord Mayor Robert Doyle - riffing on the "immortal" lyrics of Rupert Holmes' 1980s classic - summed up the inclemency and inconvenience of Mother Nature in his speech: "if you like pina coladas and walks in the rain, the Melbourne spring racing is for you" before optimistically promising Victorians a "guarantee the sun will shine on Derby Day".

The Lord Mayor crowed that the Cup carnival had truly proven its stripes as an "international event, certainly the most significant in Australia sporting and it is ours as Victorians".

Each year after the final race on the last day of the calendar - Emirates Stakes Day - is run, Cr Doyle has his office tally the various numbers for the economic case for the pomp and splendour that surrounds and supports the carnival.

In 2013, the carnival was credited with attracting 10,000 international visitors to Melbourne for the week, with 2500 visitors - and their wallets - staying on at least two weeks longer.

There were 330,000 visitors to Flemington during the week-long event and the boon to the local economy was estimated at $364 million.

Of that figure, $31.4 million was spent on fashion in Melbourne stores on 62,000 hats and fascinators, 63,000 pairs of shoes and (in a rather quirky piece of data) 13,000 socks and 17,000 pairs of underwear, according to the Lord Mayor.

Cr Doyle has a strong familial link to the Melbourne Cup - one that he says explains his love of punting, "even though I have had a terrible streak of late."

His great-great grandfather was Lord Mayor of Melbourne in 1861 when the inaugural "race that stops a nation" was run.

Guests on Monday included PR supremo Judy Romano, Masterchef host Matt Preston, resplendent in three piece suit and signature cravat, 2000 Melbourne Cup winner Brew and his jockey Kerrin Jockey, trainer Ed Dunlop who has returned to Australia for a fourth time with champion horse Red Cadeaux for a shot at Cups glory, and X Factor soul man Jason Heerah and his family.

Unveiled as the official VRC ambassador for Emirates Stakes Day, Heerah performed a version of Pharrell Williams' infectious hit Happy but it was his children who stole the show, jumping on stage and hip-hop dancing next to their dad.

Koby and Kayla Heerah will also be guest judges in the Emirates Stakes Day Fashions on the Field kids category with Koby saying he would be looking for "kids having fun, lots of colours and big happy smiles".

Younger sister Kayla was also in a simplistic sartorial frame of mind, chiming in, "I like lots of colours and I like my hair band because it is pink."

Welsh designer Jeff Banks has returned to Australia once again to resume duties as Myer Fashions on the Field judge and he had five crucial tips for menswear, a category he says is often overlooked and neglected.

"Most important is for men to be comfortable and to be themselves as nothing is more obvious as someone who is not in their own skin," he said.

"Waistcoats I think are obligatory and the shade this year is a brilliant navy blue, almost royal blue.

"A pocket handkerchief, of course.

"Wear a tie that's just a little bit wider than normal, and if you are going to wear a hat don't rest it on the back of your head, pull it down, James Bond-like, over one eye.

"And for heaven's sake, NO white shoes!"

The Victorian Racing Club is celebrating 150 years in the business this year and has proudly claimed the title of the world's largest member-based racing club.

As such, the VRC intends to thoroughly push the boat out for the week-long carnival, focusing on improving and value-adding to the general public admission areas.

Four luxury general admission tents and bar areas have been added - including the James Boags deck which provides unparalleled views of the track, the Alice in Wonderland themed Yellowglen Terrace, the Bar Schweppes enclosure - plus a shoe-shine station, mobile phone recharge booths and pop-up gourmet food stalls, including Peter Rowland catering.

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