This was a headline in yesterday's Daily Mail referring to Pamela Anderson, who had been photographed wearing a fur coat: "All fur coat -- let's just hope she's wearing knickers".
Although the Daily Mail is frequently obsessed with celebrities' knickers, in this instance the reference is to an old idiom - she's all fur coat and no knickers. I can remember my aunts and neighbours saying it in the north-west of England in the 60s. They would be criticising a woman for her ostentatious vulgarity and showy facade, namely, she might look on the surface as if she is well-to-do, but she has lowly origins in reality.
This idiom varies around the country. You will (or would) also hear 'all red hat and no knickers' or 'all red hat/fur coat and no drawers'.