American model Lily Aldridge modelled a Fireworks Fantasy Bra with $2 million of encrusted jewels. Photo: Kevin Mazur/WireImage
Namibian 'Angel', Behati Prinsloo. Photo: Victor VIRGILE/Gamma-Rapho/Getty Images
Gigi Hadid models another fantastical creation in the lingerie retailer's show. Photo: Kevin Mazur/WireImage
South African beauty Candice Swanpoel on the catwalk. Photo: Victor VIRGILE/Gamma-Rapho/Getty Images
At 34, Brazilian model Adriana Lima is the eldest Victoria's Secret catwalker. It was the 16th time the mother-of-two has walked in the show. Photo: Kevin Mazur/WireImage
Alessandra Ambrosio. Photo: Victor VIRGILE/Gamma-Rapho/Getty Images
Kendall Jenner walked the runway at the 2015 Victoria's Secret Fashion Show for the first time. Photo: Kevin Mazur/WireImage
Puerto Rican model Joan Smalls. Photo: Victor VIRGILE/Gamma-Rapho/Getty Images
Adriana Lima walks the runway as The Weeknd performs. Photo: Kevin Mazur/WireImage
Aussie model Shanina Shaik. Photo: Kevin Mazur/WireImage
An Angel since 2005, Brazilian model Izabel Goulart walks the runway. Photo: Kevin Mazur/WireImage
American model Martha Hunt. Photo: Victor VIRGILE/Gamma-Rapho/Getty Images
Jasmine Tookes. Photo: Victor VIRGILE/Gamma-Rapho/Getty Images
Maria Borges walks the runway at the 2015 Victoria's Secret Fashion Show in New York City. Photo: Victor VIRGILE/Gamma-Rapho/Getty Images
New Victoria's Secret Angels Taylor Hill and Megan Puleri pose onstage with singer Selena Gomez. Photo: Kevin Mazur/WireImage
British model Lily Donaldson was part of the line-up. Photo: Kevin Mazur/WireImage
Brazilian Alessandra Ambrosio, who is a spokesmodel - AKA 'Angel', for the brand. Photo: Kevin Mazur/WireImage
Models pose on the runway as the 2015 Victoria's Secret Fashion Show ends in New York City. Photo: Kevin Mazur/WireImage
The biggest fashion show of the year just happened. Inside Victoria's Secret
It's a fashion show. It's a spectacle. It's a funfair.
The annual Victoria's Secret fashion show is one of those events that mystify those outside the business.
Why is a lingerie show by a brand - however stunning - such a big deal on the world's fashion calendar? Why is it televised in 185 countries (not till December though)? Why do models who rank at the absolute top of the earnings and prestige roster walk down its ramp each year?
Why is it more watched than all other fashion shows on the annual fashion calendar combined?
There's no simple answer.
In part it's cause and effect; its visibility comes from the biggest names in the business strutting down the technicolour, blingy ramp down the years.
Rarely do they appear at the same time on the same stage.
Some years, the ramp has looked like a fashion casting director's wishlist: think Naomi Campbell, Tyra Banks, Heidi Klum, Gisele Bundchen, Adriana Lima, Selita Ebanks and Alessandro Ambrosio together onstage in flamboyant innerwear at one go (2005. Google it).
The 2015 edition just happened this Tuesday - Victoria's Secret's current batch of 'Angels' including Alessandra Ambrosio, Adriana Lima, Behati Prinsloo and Candice Swanpoel showcased the 2015 VS lingerie collection.
Two already-famous debutantes made their Victoria's Secret debut too - Gigi Hadid and Kendall Jenner were definitely among this year's talking points.
Themes as always including snow queens, butterflies, fireworks and carnival.
The show is designed to be a spectacle, which is why Selena Gomez, The Weeknd, and Ellie Goulding performed. Model Behati Prinsloo, who also happens to be wife of Maroon 5 star Adam Levine, opened the show for the second year running.
The star of the night, though, is always the girl who gets to wear the brand's coveted Fantasy Bra. The elaborate, gem-encrusted piece of lingerie is one of the highlights of the show and presented every year by the underwear giant's favourite model; past wearers have included Tyra Banks and Giselle Bundchen.
This year that honour went to Lily Aldridge who stepped out in the equivalent of a small country's GDP; a dazzling $2 million confection that boasted 6,500 precious gems including diamonds, blue topaz, yellow sapphires and pink quartz, set in 18-karat gold.
The brand is known to have an eye for those who go on to make it big in the business - so the announcement of a new roster of 'Angels' is always a buzzworthy moment in the fashion biz.
This April the 10 new names they picked were Elsa Hosk, Martha Hunt, Stella Maxwell, Sara Sampaio, Lais Ribeiro, Jac Jagaciak, Kate Grigorieva, Jasmine Tookes, Romee Strijd and Taylor Hill.
You may be blank on them today, but rest assured you'll be hearing of them in years to come.
In the meanwhile, here's some of this year's most Instagram-worthy moments.