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While other retailers announced their plans to close stores in the last week, Abercrombie & Fitch has gone the other route, making public its plans to launch an underwear line called Gilly Hicks. Management of the New Albany, OH-based company had previously called the brand “Concept 5,” as it is the retailer’s fifth chain.Gilly Hicks already has a steamy website (WARNING: It does contain some nudity), which doesn’t surprise us, as Abercrombie is known for its controversial marketing campaigns. The new chain’s name is supposed to have something to do with Sydney, Australia.Abercrombie CFO Michael Kramer made no apologies for the company’s racy advertising, speaking yesterday at the Needham & Co. Annual Growth Conference, in San Jose, CA. “We push the edge with regards to sexuality,” he said.The first store is set to open at General Growth Property’s Natick (MA) Collection on Jan. 21. And it looks as though Abercrombie is also doing some hiring at other locations.Until the first store opens it is hard to tell exactly what Gilly Hicks is about. But we think it will probably compete with the Victoria’s Secret Pink concept, or maybe American Apparel.Do you have any insight or thoughts about his new chain?

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