The blonde beauty, 28, left very little to the imagination in the barely-there frock.
The fit-like-a-glove silhouette of the champagne-hued dress perfectly accentuated her lithe frame.
Featuring an EXTREME plunge neckline which highlighted her ample bosom, the Swedish stunner was dressed to impress.
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The fashion model showed that she felt underwear was SO last year as she went commando for the occasion with the split of the dress leading all the way up to her torso.
Further detail on the dress, included ruffles which gave it a feminine feel and emphasised the HUGE thigh-split.
Cinching in her tiny waist, Elsa added a bold black waist belt that included a whimsical, bejewelled heart design.
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Keeping her hair simple, the Victoria Secret's supermodel, pulled her hair back into a sleek ponytail.
A pale pink shadow was dusted on her eyes while a slick of bold rouge perfected her plump pout.
Holsk, 28, who is one of the longest-serving Victoria's Secret spokeswoman will be returning to the highly-anticipated show for the seventh year running in November.
This year's show is set to be the underwear giant's most diverse yet.
Nearly 50 per cent of the models cast are of black, Asian or Hispanic origins.
The show's stunners will come from all over the world from countries such as England, France, Russia, Netherlands, Tanzania and Brazil.