Red hot Kate Upton usurps Irina Shayk as Sports Illustrated new cover girl takes centrestage at magazine launch

It's official, Kate Upton is the beauty gracing the 2012 Sports Illustrated Swimsuit edition and tonight she got to bask in the glory of her coup at the New York launch party.

She of the fabulous physique didn't disappoint, in fact, 19-year-old Upton looked just as incredible even with her clothes on... in this fitted bright scarlet dress.

With her blonde hair swept up into a messy, loose chignon - the preserve of the young - she looked every bit the beautiful ingenue, but what of last year's girl?

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Upton Girl: Stunning Kate is the new Sports Illustrated cover girl, and celebrated the fact tonight at the launch party at the aptly named Crimson New York wearing this beautiful red dress and killer heels



Bombshell: Kate Upton looked wonderful for her big moment tonight



Step forward, Christiano Ronaldo's girlfriend, the ravishing Irina Shayk, 26, who was there tonight to celebrate her successor gaining the ultimate American modelling accolade.



If there were any sour grapes, the brunette was keeping them well behind that beatific smile and even chose to wear a heavenly white to absolve her of any sinful envy.

But she couldn't resist directing photographers to her spread inside the magazine, all the same.

Not quite as big a deal as the cover though, Irina.



Law of the jungle: Irina gets straight to the point as soon as she's done her duty

Check me out: Upton outside the Ed Sullivan Theatre in New York earlier in the day, and Irina with her own cover, last year



Look at me! Irina poses by Kate's cover then can't resist showing her own picture inside the magazine



Irina sizzled on the cover of last year's coveted swimsuit issue, but had handed over the crown to Miss Upton, whose cover was unveiled on an enormous billboard in Times Square.



She was joined by a host of fellow Sports Illustrated beauties including Alyssa Miller, Izabel Goulart, Meredith Ariel and Jessica Gomes.



Speaking to the NY Post, Irina dished out some advice for women celebrating Valentine's Day.

Blue belle: Bar Rafaeli shone in a electric blue lace dress with her blonde hair worn loose

Electric: Bar was a knock-out in her lace minidress

Ladies-in-waiting: Jessica Gomes, Nina Ugdal and Michelle Vawer strutted their stuff on the red carpet



Bevy of beauties: Kirby Griffith and Cintia Dicker chose unusual hues for their gowns, but pulled off each individual look



The confident model said: 'Look beautiful. It’s such a sexy holiday, you should wear something red like a dress or cute lingerie or nail polish or lipstick.



'You just have to be yourself to flirt and be beautiful and sexy. You don’t need to have long legs and big lips and beautiful hair and makeup. Just be a normal person.'





White out: Irina went for an angelic look and left Kate to sizzle



Black Lace: Izabel Goulart smouldered in sheer black gown that revealed a lot yet kept her covered



Delicate: Chrissy Teigen also opted for lace, but was less successful in her choice



After last night's appearance on David Letterman to confirm she is this year's Sports Illustrated Swimsuit Issue, Upton has proved that the cover is only a teaser of what's inside the edition.

A new photograph from the lengthy photo spread has emerged in which the stunning 19-year-old blonde from Michigan poses on a beach in a hot pink bikini with white hearts.

Newswires have been buzzing since yesterday with the news that the former Guess model and Victoria's Angel had snatched the coveted cover after having been named Rookie of the Year by the magazine in 2011.

Style misses: Adaora, Genevieve Morton and Crystal Renn all failed to set the red carpet alive with their dubious outfits

Short and sweet: Alyssa Miller looked stylish in a tuxedo jacket worn as a dress, while Julie Henderson and Anne V looked fabulous in green and silver respectively

A photograph of the 2012 Sports Illustrated Swimsuit Issue featuring Kate Upton was leaked before the billboard was unveiled

This time last year, Russian-born brunette stunner Irina Shayk won the coveted spot on the sports' publication's most popular issue.

Miss Upton was signed by Elite Model Management in 2008 and has been attracting a growing number of admirers thanks to the high-profile campaigns for Guess and Victoria's Secret.

Cocktail gowns: Jessica Perez and kept it classic for their party numbers

Last year, her popularity soared as thousands of fans logged on to watch a video of the curvy stunner dancing at a basketball game in Los Angeles which she had attended with fellow Sports Illustrated model Damaris Lewis.

First published in 1964, the Swimsuit Issue was launched as distraction to combat the winter lull in sporting events and news.

Published only once a year, the cover is a huge coup for a model hoping to make it to the big time.

Strike a pose: Earlier in the day Sport Illustrated models posed at the New York Stock Exchange, from left, Irina Shayk, Crystal Renn, Michelle Vawer, Nina Agdal, and Jessica Gomes

To many, the exposure from this cover is unparalleled and can catapult a well known model in fashion circles and the world of beauty to fame far beyond the catwalk.

Sports Illustrated has always favoured the voluptuous looking models like Miss Upton and has previously featured the likes of Cheryl Tiegs, Christie Brinkley, Paulina Porizkova, Elle Macpherson, Rachel Hunter, Rebecca Romijn, Petra Nemcova, Valeria Mazza, Heidi Klum, Tyra Banks, and Marisa Miller among its cover stars.

The famous billboard is unveiled to show the newest star of the Sports Illustrated Swimsuit Issue before being re-covered for Letterman's big reveal.

Thanks a bunch: Upton blows kisses as she poses with a bouquet of flowers

Though many non-models have appeared within the magazine's pages, the first such famous face to adorn the cover was Beyoncé Knowles in 2007.

Outside the modelling world, the blonde teen who was raised in Florida, is a keen equestrian and has won a number of championship competitions.

Miss Upton has also debuted on the silver screen this year in Tower Heist with Ben Stiller and Eddie Murphy and applied her newly discovered acting talent to the Farrelly brothers' latest comedy, The Three Stooges, due for release in April.

I'm your girl: Kate put on an animated display as she arrived and posed for photographers