Well, lingerie obviously but it is rather interesting that it uses being the object of voyeurism as the hook. This from a Chantelle page that you can see here. Chantelle make very good lingerie (much better than anything you'll find at Victoria's Secret) at the price point that you should expect to go with very good.
The line of lingerie being pushed here is called Idole and, because it's black, this particular set is called Idole Noir. It's probably just an accident that "Noir' conjures up film noir but this image and the others in the series all fit that accidental conjunction terribly well. The girl herself is very white. Her lips are the only thing in the photograph that are neither black nor white. I can make it into a black and white image and it won't look jarringly different
I put it to you that the single most significant thing about that photo, and this is surprising, given that it is a lingerie ad, is that the most erotic thing in it is the woman's face. Her body is surprisingly normal with healthy body fact both on her stomach and on her face. But notice that neither her pubic hair not her nipples are showing and she is wearing sheer lace! In real life, both would show quite prominently through this underwear. The entire erotic interest is her face and what makes you interested in her, whether you are a man or a woman looking at her, is what this woman is feeling.
We cannot make any generalizations based on this. Chantelle obviously are very good at delivering what some women want. "Some" meaning enough for them to make a whole lot of money in a very competitive field. If we can draw one conclusion from ads like this with absolute confidence and that is that there are a lot of women who want feel the feeling the facial expression on the woman in the picture corresponds to. And I don't have to explain what that feeling is to you do I?
I'll tell you why I think neither pubic hair nor nipples ever show through sheer lingerie in ads. It's because the thing a woman wants to know about is not what it feels like to be seen in her underwear but what it feels like to be wearing this underwear under her clothing. It's not the creep who peers through windows that interests her but the men who look at her when she is fully clothed in public spaces. That is why the erotic interest is directed at her face. The value of the lingerie is not what it will look like when she is partly clothed but in what it can make her feel when she is fully clothed.
As I say, not all women want this. I suspect that most women don't. But enough do to make lingerie a multi-billion dollar industry and this ad is for those women.