Victoria's Secret has unveiled its long-awaited Fantasy Bra on Monday, which will be featured on the runway at its annual Fashion Show next week. Known as the Fireworks Fantasy Bra, the lingerie item is valued at US$2 million (AU$2.7 million).

The Fantasy Bra is designed by jeweler Mouaward and is modeled by Angel Lily Aldridge, Vogue reports. The bra is encrusted with more than 6,500 precious gems, including diamonds, yellow sapphires and blue topaz, all set in 18-karat gold, added the website. The total weight of the diamonds is more than 375 carats but the combined weight of all the stones is just under 1,364 carats. The bra also comes with a panty, which too has 126 diamonds and 400 other precious stones.

The bra has been Victoria's Secret's most priced possession till date. In 2014, the Fantasy Bra was valued at $2.7 million, when the London-held Victoria's Secret show featured two Fantasy Bras.

Aldridge, who will wear the bra for the first time, is also featured in a small video of the same. She is seen doing peppy dance moves while showcasing the bra.

“I’m not scared, I’m super excited and I’m anxious to just get on the runway and wear it and be in that moment,” the 29-year-old model told PeopleStyle. “Some of the girls who have worn it in the past are just like, ‘Enjoy every moment of it.’ It’s such a special experience and I’m really excited.”

Previous Angels who have wore this bra include Claudia Schiffer and Gisele Bündchen.

For women who don't want to spend millions on buying the Fantasy Bra, there is some good news. The diamond-encrusted bra is based on Victoria's Secret's Very Sexy Flirt bra, which goes on sale Nov. 11 and will be slightly affordable.

The Victoria's Secret Fashion Show returns to New York City next week. It will air Dec. 8 on CBS at 10 p.m.

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