The reading for this kanji (å‹è² ) is “shoubu.” It normally means “victory or defeat; match; contest; game; bout; challenge.”
I recently heard this word for the first time on a comedy TV show, and asked Yuko what kind of underwear everyone was laughing about when the male comedian said his wife never wears “shoubu” panties anymore.
I learned that when shoubu is used as an adjective to describe panties, as in “shoubu pantsu” / “å‹è² パンツ”, it describes “date night panties”- you know, sexy underwear used to catch a man.
I guess some jokes are the same no matter what language you speak. 😉