Stars, models dazzle at 2014 Victoria's Secret Fashion Show

Supermodels, million-dollar bras, rhinestones and glitter galore -- it can only be a Victoria's Secret catwalk show. The show typically takes place in New York, but this year the models headed overseas.

The U.S. lingerie label brought its annual spectacle to London for the first time on Tuesday, dazzling guests with a high-octane mix of fashion and entertainment that featured 47 extravagantly dressed models and performances by pop princess Taylor Swift.

Models sashayed down the catwalk wearing lingerie paired with sparkly, over-the-top costumes: think giant butterfly wings, full feather skirts, and gold knee-high stiletto boots. Top models Adriana Lima and Alessandra Ambrosio donned the brand's "fantasy bras" - encrusted with thousands of jewels and worth $2 million each - and Karlie Kloss wore gilded angel wings made of 18K gold.

Unlike most mainstream fashion shows, models walking for the lingerie label are told to have fun and flirt with the audience. They also got to wink, dance and laugh onstage with Swift, who appeared in a glamorous pink and black lace outfit. The singer later changed into a racy black lingerie set worn with a matching lace cape.

Ariana Grande and Ed Sheeran also featured as models strutted around them.

Asked whether he was nervous about performing so close to scantily-clad women, Sheeran joked: "That's how I usually perform."

"It's one of the only times I've ever played when the attention isn't on the musician, so it's an odd thing." he added.

Ahead of the show, model Lily Aldridge told reporters she was looking forward to a fun performance.

"You can be sexy and have fun and smile. You get to let your personality shine, so I love that," she said.

Aldridge called the performance a "little slumber party that we get to have in London" - albeit an expensive and slickly managed one. Champagne flowed for the hundreds of guests who turned out in tuxedos and evening gowns to watch the show, which ended with the models parading and dancing amid hundreds of balloons. A post-show party followed late into the night.

The model said she was looking forward to hitting the dance floor at the party.

"Yeah, I'm going to dance tonight. I'm going to probably eat pizza. I'm very excited about it. I packed a Cadbury fruit nut bar," she said, laughing.

The show will air in the U.S. on CBS Dec. 9 at 10 p.m. ET.