Click here to view last year cover featuring Miranda Kerr, here to view 2014 cover featuring Rosie Huntington-Whiteley, here to view 2013 covers featuring Lara Stone, here to view 2012 covers with Jessica Stam, here for 2011 cover with Nicole Kidman, and here for 2010 cover with Kate Hudson.
UPDATED FEBRUARY 07TH 2016: The model is Laura Mayerhoef.
The image is photographed by Oliver Beckmann. (source)
Click here to view last year cover featuring Victória Guerra, here to view 2014 cover featuring Julia Shvets, here to view 2013 cover featuring Iris Egbers, here to view last 2012 featuring Caroline Trentini, here for 2011 cover with Melissa Tammerijn, and here for 2010 cover with Kasia Struss.