Start by applying a nice gradient to the background layer. Double click the layer to unflatten it.



Double click the layer to open layer style window. Apply settings as shown.





Insert a cutout of a model.



Change the layer mode to "Luminosity".



Double click the layer to open layer style window. Apply settings as shown.







Duplicate the layer and remove all the layers styles. Change the layer mode to "Soft Light".



Press Q to enable quick mask. From "Filter" menu select "Render>>Fibers". Apply settings as shown.

Press Q again to disable quick mask.



Create a new layer and fill it with black color.



Change the layer mode to "Overlay" and reduce the opacity to 70%.



Create a circle using elliptical shape tool.



Double click the layer to open layer style window. Apply settings as shown.





Duplicate, scale down and place as shown in the image below.