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1 stor fest (party), högtidlighet (ceremony, function), gala (great event) swimming gala simuppvisning
2 (attr.) gala-, fest- (gala performance)
in gala dress i galadräkt=i [full] gala
gala night (teater,opera) galakväll
Explanation: It depends of what you are going to celebrate. If it's a big event(more offcially) I think it would be more appropriate to use the word "gala".
If the occasion is more private but many people will come than you could use "stor fest" = big party.
Fest/firande =celebration is when you celebrate someone or something and it can be used in a big scale such as "the 4-th of July", "Christmas celebration" or in a more reduced scale, a small private party.