Watch Gisele star in Chanel's No. 5 campaign video

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After weeks of teasing and a star-studded dinner to celebrate its release, Chanel premiered its new campaign for the No. 5 fragrance - a short film entitled "The One That I Want" - on Wednesday morning. The three-minute ad was directed and produced by Baz Luhrmann (of "Moulin Rouge" and "The Great Gatsby" fame) in a Chanel homecoming of sorts - he directed the No. 5 film starring Nicole Kidman in 2004 - but this time around, Luhrmann's leading lady is Gisele Bündchen, who portrays a modern woman that embodies the true spirit of Coco Chanel. She's athletic and uses surfing as her daily moment of self-reflection, but she also has an aspirational career and a child. She also has a true love, which becomes the focus of "The One That I Want." During a press conference for the film, Luhrmann joked, "Finally! The Chanel woman is running to a man and not away from him."

The director, who worked with his Oscar-winning wife Catherine Martin on production design, describes the dialogue-free clip as a trailer for a movie that never got made - and with its dazzling set, emotional music piece by Lo Fang and Gisele's expressive performance, we almost wish there was a movie to follow.

Watch the full Chanel No. 5 ad below (there are also 60 and 30-second versions that will appear on TV in the coming weeks) as well as a video from behind-the-scenes with Luhrmann and his team during the shoot.

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