The most common and most likely answer to this crossword clue is the 10 letter word REBRANDING
I've seen this crossword clue in The Times
R
E
B
R
A
N
D
I
N
G
Buddy explains!
The straight part
We know that "new launch" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case new launch = rebranding.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does REBRANDING mean?
REBRANDING verb- To change the brand name, logo, or image of a product or company.
- The association of a new brand, trademark, image, or appearance with a product or service.