Lingerie company Victoria's Secret unveiled its annual fantasy, jewel-encrusted bra on Wednesday but reduced the price of its holiday catalog highlight for a second year amid a weak, post-recession economy.

Brazilian model Adriana Lima showed off the Bombshell Fantasy Bra in New York adorned with 3,000 white diamonds, light blue sapphires, and oval-shaped topazes with a total of 142 carats -- and a price tag of US$2 million (S$2.6 million).

Lima, a Victoria's Secret Angel who earns US$7.5 million a year according to a recent Forbes list, said the one-of-a-kind bra designed by Damiani Jewelers is special and not just flashy.

"It's very comfortable, very comfortable," 29-year-old Lima told Reuters Television.

The US$2 million bra, with a blue and white design inspired by celestial and constellation patterns, was on show to launch Victoria's Secret new holiday collection. The luxury bra has become an annual novelty event to promote the holiday collection.

But the 2010 bra was a snip of the price of last year's US$3 million fantasy bra, the Harlequin Fantasy, which boasted 2,350 white, champagne and cognac-colored diamonds, a heart-shaped 16 carat champagne diamond, and a total carat weight of 150 carats.

Victoria's Secret 2008 fantasy bra, the Black Diamond Fantasy Miracle Bra, carried a price tag of US$5 million while the 2007 fantasy bra was priced at US$4.5 million, and the 2006 bra at US$6.5 million.