The star-studded, super-hyped Victoria's Secret lingerie show hits the catwalk in Shanghai on Monday, the first time the US brand is holding its self-described "sexiest show on earth" outside the United States or Europe.

Coming to China is all about business: the company's bottom line is sagging and it is staking its future on the growing Chinese market.

Here is everything you should know about the annual festival of music, lace and flesh, now in its 23rd year.

 

China or bust

Western markets for intimate wear have already matured, but China's is still blossoming as rapid societal changes help loosen Communist-era prudity.

China's women are a growing consumer force and more interested than ever before in expressing their sexuality, fashion analysts assert, and they increasingly have the money to do so.