The campaign with Brazilian model Isabeli Fontana is photographed by Mert Alas & Marcus Piggott. (source)
She is wearing Michael Kors, Mugler and Bulgari on the covers of Harpers Bazaar Spain April 2015 issue. Photography and styling by Alique and Juan Cebrian, hair and make up by Franco Gobbi and Serge Hodonou. (source)
The cover was photographed by Gui Paganini. (source)
Click here to view last year cover featuring Magdalena Jasek, Camille Rowe Pourcheresse and Ysaunny Brito, here to view 2013 cover featuring Aline Weber, here to view 2012 cover featuring Patricia Van Der Vliet, here for 2011 cover with Fabiana Mayer, and here for 2010 cover with Caroline Trentini.
Eduardo Rezende snapped the cover. (source)