Adam Jeffery | CNBC.com

Sporting diamonds, Swarovski crystals and barely there outfits, Victoria's Secret angels strutted down the runway in the company's annual fashion show on Wednesday.

Each year, the women's lingerie chain, which is owned by Limited Brands, kicks off its holiday selling season with a star-studded show to generate excitement about its products.

This year's show started with a circus theme, complete with acrobats and sword-swallowers. Other themes were: Dangerous Liaisons, Calendar Girls, PINK Is Us, Silver Screen Angels and Angels in Bloom.

Model Alessandra Ambrosio had the honor of wearing this year's fantasy bra that came with a $2.5-million price tag and about 5,200 precious stones, including diamonds, sapphires, rubies and amethysts.