Panty is a character from Gainax’s latest anime series “Panty and Stocking with Garterbelt.” Panty is the elder of the anarchy sisters. They were thrown out of heaven due to their bad behavior. They are sent to Daten City (presumably earth?) where they battle strange monsters called “Ghosts” which besiege the city.
Their powers are based on their ability to transform their clothing into weapons. Panty in particular is able to transform her “panty” into a gun. Panty is the elder of the two sisters.
Sisters Panty and Stocking change costumes very frequently in the show. This is Panty in her angel form.