Naked except for last of lingerie (4)
I believe the answer is:
bare
'naked' is the definition.
('bare' can be a synonym of 'naked')
'except for last of lingerie' is the wordplay.
'except' becomes 'bar' (**).
'for' is a charade indicator (letters next to each other).
'last of' indicates one should take the final letters.
The final letter of 'lingerie' is 'e'.
'bar'+'e'='BARE'
(Other definitions for bare that I've seen before include "Without protective covering" , "State of deciduous tree in winter" , "Naked or empty" , "Denuded" , "Uncovered - unfurnished - unadorned" .)