Sexy supermodel Bar Refaeli has shot a saucy new underwear advertisement dressed up as Santa Claus.

In the festive black and white commercial for her lingerie line, the Jewish stunner walks through Central Park and parts of Manhattan, New York in disguise as Father Christmas.

Back at her apartment she strips off to reveal a body to die for in lacy panties and a camisole top.

The ad ends with ravishing Refaeli lounging on a sofa in her pyjamas and a Santa hat, winking suggestively at the camera.