As a millennial woman, it was nearly impossible to escape the craze of the annual Victoria’s Secret fashion show. Every year, we’d wait to see which musician would perform among the VS Angels on the catwalk, whether it was Taylor Swift, Rihanna, Justin Bieber, or Nicki Minaj. We’d also wait, with bated breath, to hear which model had been chosen to wear the coveted and always extravagant Fantasy Bra. 

The peak of luxury, the Victoria’s Secret Fantasy Bras would dramatically drip with diamonds so ginormous, you could hardly believe it. First introduced in 1996, the Fantasy Bra was an annual showpiece—an ornate lingerie set custom-designed by world-renowned jewelers and encrusted with millions of dollars’ worth of natural diamonds and colored gemstones. More than just lingerie, these creations functioned as wearable works of art and the centerpiece of the Victoria’s Secret Fashion Show for over two decades, until the last design appeared on the runway in 2018.

Ahead, discover every glittering Fantasy Bra—plus exclusive details from the jewelers who brought these iconic, natural diamond-encrusted creations to life.

Meet the Expert

Pascal Mouawad is the fourth generation leader of renowned luxury jewelry brand, Mouawad. The House has created 11 Fantasy Bras for Victoria’s Secret throughout the years.

The Iconic Jewelers Behind the Victoria’s Secret Fantasy Bras

Mouawad unveils the 2017 Victoria’s Secret Fantasy Bra in Geneva.

Using the most precious natural diamonds you could imagine, Victoria’s Secret tapped some of the world’s most renowned jewelers to create their beloved Fantasy Bras. Mouawad has been responsible for eleven Fantasy Bras, while Hearts On Fire, Martin Katz, Damiani, London Jewelers, and Eddie Borgo have also contributed to this diamond-studded legacy. 

Pascal Mouawad says of the experience, “It is a profound source of pride that Mouawad’s creations became forever interwoven with the fabric of fashion history.” He says, “At the time, no one could have anticipated the enduring iconography of the Fantasy Bras. They were never mere jewelry pieces — they were wearable works of art, blending craftsmanship, glamour, and imagination. Even today, the fascination they inspire speaks to something greater than adornment: each was a moment of cultural theater, an artistic statement that continues to resonate across generations.”

Heidi Klum Wore the Fantasy Bra at the 2001 Victoria’s Secret Fashion Show

Heidi Klum on the runway at the Victoria’s Secret Fashion Show 2001 in Bryant Park, New York City, 11/13/01. The show will air on ABC Television on Thursday, November 15, 2001.

Heidi Klum was the first model to strut the Fantasy Bra down the runway during Victoria’s Secret’s first televised fashion show. The “Heavenly Star” Fantasy Bra was designed by Lebanese jeweler Mouawad. The bra’s scalloped angel wing motif was encrusted with 1,200 Sri Lankan pink sapphires and over 2,300 round and marquise-cut diamonds with a stunning 90-carat emerald-cut diamond at its center. Valued at $12.5 million, the bra was paired with a sapphire and diamond angel wing belt worth $750,000 on its own.

According to Pascal Mouawad, “The 2001 ‘Heavenly Star’ Fantasy Bra marked our debut in this extraordinary collaboration. Designed for the incomparable Heidi Klum, it had to be as unforgettable as the woman who would bring it to life.” He explains, “Valued at $12.5 million, the bra was adorned with over 3,500 gemstones, including an astonishing 90-carat D-Internally Flawless emerald-cut diamond at its center — a stone so rare it deserved its own stage. That moment set the tone for everything that followed, transforming jewelry into spectacle and carving a permanent place in the collective fashion memory.” 

When looking back on the 90-carat center stone, Mouawad says the diamond was the most extraordinary diamond ever set into a wearable creation. “Flawless in clarity, colorless, and alive with brilliance, it commanded presence with every facet,” He said.”Diamonds have personalities, and this one spoke with bold refinement. Once placed at the heart of the Heavenly Star, it elevated the design into a creation of unmatched opulence and became an enduring icon.” 

While Mouawad recognizes that each Fantasy Bra has its own story and place in history, he says, “The 2001 ‘Heavenly Star’ will always remain closest to our hearts. It was the beginning — where rarity, artistry, and imagination first converged to create something never before seen. It defined the benchmark for every creation that followed and cemented the legacy of the Mouawad–Victoria’s Secret collaboration.” 

Karolína Kurková Wore the Fantasy Bra at the 2002 Victoria’s Secret Fashion Show

Karolina Kurkova during the Victoria’s Secret Fashion Show at the Lexington Avenue Armory on November 14, 2002 in New York City.

The 60.19-carat pear-shaped Mouawad Mondera diamond. (Courtesy of Mouawad)

Karolína Kurková showed up and showed out at the 2002 Victoria’s Secret Fashion Show, wearing the “Star of Victoria” Fantasy Bra and matching belt. Designed by Mouawad, the $10 million bra was embellished with a bedazzled rose garden motif. With green leaves punctuated with 1,600 emeralds of 110 carats and pink roses highlighted with 1,150 rubies of 150 carats, all surrounded by natural diamonds. The matching belt alone weighed a total of 168 carats of rubies, emeralds, and diamonds. But with all the artistry involved, the star of the ensemble came in the form of the Mouawad Mondera diamond, perched between the bra’s two cups. 

The Mouawad Mondera is a flawless pear-shaped diamond, weighing 60.19 carats. Unique in color and clarity, its pristine finish and proportions make it a world-class gemstone. Robert Mouawad purchased the diamond on November 16, 2000, adding to his already impressive collection.

“The 2002 ‘Star of Victoria’ Fantasy Bra carried forward the legacy with a 60.19-carat D-Internally Flawless pear-shaped Mouawad Mondera Diamond,” says Mouawad. “A gem whose radiance felt as though it carried its own inner flame. Set in 18-karat gold and surrounded by rubies and emeralds in a radiant floral motif, the diamond became the soul of a piece that was both regal and ethereal. On the runway, Karolina Kurkova transformed it into a vision of fire and grace, forever immortalized as a high point of Fantasy Bra history.”

Heidi Klum Wore the Fantasy Bra at the 2003 Victoria’s Secret Fashion Show

Heidi Klum during the 2003 Victoria’s Secret Fashion Show at The New York State Armory in New York City.

69.68-Carat Pear-Shaped Mouawad Excelsior Diamond (Courtesy of Mouawad)

For her third Fantasy Bra, Heidi Klum wore the dazzling “Very Sexy” design by Mouawad—an ombré rainbow masterpiece valued at $11 million and requiring 370 hours of meticulous craftsmanship. According to the jeweler, the look was inspired by the bright lights of Broadway. The German supermodel appeared on The Tonight Show with Jay Leno alongside Martin Short to reveal the stunning showstopper a month before the fashion show took place.

Encrusted with 2,809 jewels, the bra was made up of exquisitely cut white natural diamonds, yellow-orange sapphires, rhodolite, and amethysts, totaling 2,200 carats. The matching bottoms were embellished with 3,236 diamonds and colored gemstones, for a total weight of 200 carats.

From the center of the bra, two strands of diamonds came together to dangle the famed 69.68-carat pear-shaped Mouawad Excelsior Diamond. Cut from the second-largest diamond in the world, the diamond earned the Fantasy Bra the Guinness World Record as the most valuable lingerie ever made. 

Heidi Klum wears the Victoria’s Secret Fantasy bra during an appearance on “The Tonight Show with Jay Leno” at the NBC Studios October 14, 2003 in Burbank, California. (Getty Images)

Discovered in Africa in 1893, the Excelsior diamond weighed an astonishing 971 old carats (equivalent to 995.2 modern metric carats). At the time, it was the largest diamond in the world, rivaled only by the legendary Great Mogul of India. In 1903, Joseph Asscher was asked to cut the Excelsior diamond. From that monumental stone, he fashioned 11 exceptional diamonds and cemented widespread acclaim within Amsterdam’s flourishing diamond-cutting trade.

Sold separately, three of the diamonds were purchased by Tiffany & Co. De Beers displayed another, a marquise-cut, at the New York World Fair in 1939. What we know today as the Mouawad Excelsior Diamond reappeared for sale in 1991 and then again in 1996, when Robert Mouawad purchased the gem. 

Mouawad describes the 2003 “Very Sexy” Fantasy Bra as both “a fashion spectacle and a tribute to diamond history.” He says, “At its center shone the 69.68-carat Excelsior I, the largest polished stone from the legendary 995-carat Excelsior Diamond discovered in 1893. Encircled by more than 2,800 gems totaling 2,200 carats, the bra transformed the Excelsior from a historic stone into a living masterpiece. When Heidi Klum walked the runway, the diamonds danced with her every step, a breathtaking reminder that jewelry is not only adornment but also history, storytelling, and the power to mesmerize. This creation was later recognized by Guinness World Records as the most valuable lingerie ever crafted.”

Tyra Banks Wore the Victoria’s Secret Fantasy Bra in 2004

Tyra Banks wore the “Heavenly 70” Fantasy Bra in 2004. (Mouawad)

Tyra Banks’ second Fantasy Bra was dubbed the “Heavenly 70,” thanks to its 70-carat pear-shaped diamond centerpiece framed with two angel wings. The $10 million bra was designed by Mouawad and featured a scalloped angel wing motif on the cup. Made up of 2,900 diamonds, weighing 112 carats, the bra was set in 18-karat white gold. But the masterpiece never made it down the catwalk. The VS Fashion Show did not take place that year, with the lingerie company hosting the “Angels Across America” tour in its place.

“The ‘Heavenly 70’ was defined by its flawless 70-carat pear-shaped diamond — a drop of pure brilliance suspended in time,” says Mouawad. “Surrounded by nearly 3,000 pavé-set diamonds in 18-karat white gold, the bra required over 275 hours of meticulous craftsmanship. When Tyra Banks [wore it], the diamond’s radiance fused with her presence, creating a spectacle of elegance and power that remains unforgettable.”

Gisele Bündchen Wore the Fantasy Bra at the 2005 Victoria’s Secret Fashion Show

Gisele Bundchen during the 2005 Victoria’s Secret Fashion Show at the The New York State Armory in New York City. (Photo by Jason Nevader/WireImage)

Gisele Bündchen took to the 2005 runway in the “Sexy Splendor” Fantasy Bra, valued at $12.5 million and designed by Mouawad. Featuring a geometric floral motif, the bra was adorned with 2,900 pavé-set natural diamonds of 108.37 carats, and bedazzled with 22 rubies of 38.25 carats, set in 18-karat white gold. A gob-smacking 101-carat diamond was suspended from a bow between the two cups. The look was completed with a matching diamond belt and a little sexy Santa ensemble to really ring in the holiday season. 

“The 2005 ‘Sexy Splendor’ was anchored by the extraordinary 101.84-carat D-Internally Flawless Splendor Diamond – an extremely rare eleven-sided pear-shaped gem of commanding scale,” explains Mouawad. “Surrounded by rubies and pavé diamonds in an intricate floral design, the creation was a geometric marvel. On the runway, Gisele embodied its power, transforming the stone into an extension of her own energy — a crystallization of strength and beauty in motion.”

Selita Ebanks Wore the Fantasy Bra at the 2007 Victoria’s Secret Fashion Show

Model Selita Ebanks wearing Victoria’s Secret at the 12th Victoria’s Secret Fashion show at the Kodak Theater on November 15, 2007 in Hollywood, California.

Only the second Black model to wear the Fantasy Bra after Tyra Banks, Selita Ebanks owned the runway in 2007, wearing the $4.5 million “Very Sexy Holiday” Fantasy Bra, created by Mouawad. Incorporating holly and poinsettia motifs, the bra included almost 9,000 diamonds (584.76 carats), 797.40 carats of emeralds, 276.93 carats of rubies, and 3.42 carats of yellow sapphires. The festive set featured a bra, thong, garter, hair barrette, and matching cuff bracelet—altogether requiring more than 880 hours of meticulous craftsmanship.

Candice Swanepoel Wore the Fantasy Bra at the 2013 Victoria’s Secret Fashion Show

The first model out Candice Swanepoel walks in the 2013 Victoria’s Secret Fashion Show at Lexington Avenue Armory on November 13, 2013 in New York City.

South African model Candice Swanepoel wore the $10 million “Royal” Fantasy Bra at the 2013 Victoria’s Secret Fashion Show. The most expensive Fantasy Bra since 2005, it marked Mouawad’s return to the design after a six-year break. Styled to echo the grandeur of crown jewels, the piece was adorned with 4,200 diamonds, rubies, and yellow and blue sapphires, all set in 18-karat gold with a coordinating belt. The vibrant palette of red, blue, and yellow mirrored the colors of royal regalia, while the centerpiece—a 52-carat pear-shaped ruby suspended from a diamond bow—evoked the dramatic drop gems often seen in historic crown jewels and ceremonial orders.

Alessandra Ambrosio & Adriana Lima Wore the Fantasy Bras at the 2014 Victoria’s Secret Fashion Show

Adriana Lima and Alessandra Ambrosio walk the runway at the annual Victoria’s Secret fashion show at Earls Court on December 2, 2014 in London, England.

Dynamic duo Adriana Lima and Alessandra Ambrosio brought the star power to the 2014 runway in the coordinating “Dream Angels” Fantasy Bras. The two VS Angels stormed the catwalk together, both in Fantasy Bras created by Mouawad. Both sets took artisans nearly 1,380 hours to perfect. 

Lima’s royal blue assortment was decorated with diamonds, sapphires, amethysts, topazes, and agates, with layered body chains and belts. Ambrosio’s crimson ensemble featured diamonds, sapphires, garnets, topazes, quartzes, and agates. The occasion marked the first and only time two Fantasy Bras were on display during the annual fashion show. Each woman wore over 16,000 jewels in 18-karat gold, and the bras were valued at $2 million each.

“The 2014 Fantasy Bras were historic,” recalls Pascal Mouawad. “For the first time, two were unveiled side by side, worn by Adriana Lima and Alessandra Ambrosio. Each valued at $2 million and requiring over 1,380 hours of work, the creations shimmered with diamonds, sapphires, rubies, and multicolored gemstones set in 18-karat gold. It was a celebration of duality and sisterhood — two individual visions of beauty converging into one unforgettable spectacle, a milestone moment that reinforced the enduring partnership between Mouawad and Victoria’s Secret.” 

Lily Aldridge Wore the Fantasy Bra at the 2015 Victoria’s Secret Fashion Show

Lily Aldridge walks the Victoria’s Secret runway at Lexington Armory on November 10, 2015 in New York City.

Hitting the catwalk with a bang, Lily Aldridge wore the $2 million “Fireworks” Fantasy Bra during the 2015 fashion show, designed by Mouawad. Handset in 18-karat yellow gold, an explosion of more than 6,500 gems, including diamonds, sapphires, garnets, amethysts, topazes, tourmalines, peridots, quartzes, citrines, and tsavorites mimicked a colorful firework pattern. The dazzling Fantasy Bra and matching belt required over 685 hours to create.

Lais Ribeiro Wore the Fantasy Bra at the 2017 Victoria’s Secret Fashion Show

Lais Ribeiro walks the runway in the Fantasy Bra during the 2017 Victoria’s Secret Fashion Show at Mercedes-Benz Arena on November 20, 2017 in Shanghai, China.

Lais Ribeiro looked like a gilded angel when she stormed the VS runway in Shanghai, China, wearing the $2 million “Champagne Nights” Fantasy Bra designed by Mouawad in 2017. She was only the fourth Black model chosen to wear the coveted Fantasy Bra, preceded by Tyra Banks, Selita Ebanks, and Jasmine Tookes. 

The 18-karat gold assortment included 6,000 handset diamonds and sapphire-encrusted ornate leaves, set among stunning blue topaz stones, all weighing over 600 carats. The intricate design took nearly 350 hours to create, along with a matching belt and a suit of jewelry. The Brazilian model glistened in gold feathered angel wings and a Grecian wing headpiece with her dazzling jewels. 

As the penultimate Fantasy Bra in VS history, the “Champagne Nights” Fantasy Bra is the last of its kind, embellished in natural diamonds and gemstones.