The annual Victoria’s Secret Fashion Show, which is now in its 16th year, has come a long way since the first one in 1995, which wasn’t even broadcast. The 2011 show, which will be filmed tomorrow and air on November 29, promises to be the most extravagant yet with 38 big-name models, three huge musical performances and a $12 million budget. However, did you know that they started out with a budget of only $120,000? That’s a fraction of what some of their bras cost these days.

Click through to see how the shows transformed from normal girls in a normal fashion show to the celeb-filled over-produced extravaganzas they are now, including a video of the first ever show in 1995!