I'm sure you've seen these type of embellished knickers before, but this picture has particularly inspired me to make some of my own - I am thinking maybe for swimwear. Buy some high waisted knickers or bikini bottoms, attach some half moon shaped fabric at the hips like below, embellishing with different coloured sequins, studs, buttons or even fringing. For the half moon shapes use leather or another stiff fabric to get the required amount of definition at the hips.
Image: Studded Hearts / Tumblr