(1):

(n.) The waist or bodice of a lady's dress; as, a low corsage.

(2):

(n.) a flower or small arrangement of flowers worn by a person as a personal ornament. Typically worn by women on special occasions (as, at a ball or an anniversary celebration), a corsage may be worn pinned to the chest, or tied to the wrist. It is usually larger or more elaborate than a boutonniere.