Miranda Kerr has said "Bye, bye" to baby weight!

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Orlando Bloom's wife hit the red carpet last night for the first time since giving birth on January 6 to son Flynn -- and she looked absolutely incredible.

Wearing a revealing, skin tight red dress, the Aussie model stunned at the launch party for Victoria's Secret 2011 'SWIM' collection at Club L -- where she was joined by fellow Angels Candice Swanepoel, Alessandra Ambrosio and Adriana Lima.

While Miranda walked the runway for the Balenciaga show after giving birth at the beginning of the month, this is the first time we've seen her in such form-fitting clothes.

Check out more photos from the event!

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