An undergarment, such as a corset, adapted to be worn about a torso of a wearer includes a body having first longitudinal edges. A separate panel is removably attached to the first longitudinal edges of the body. The separate panel can be replaced by another separate panel which has a different design, coloring, or material construction. The body may be formed of first and second separate body members which also are secured along second longitudinal edges by adjustable lacing.