The most common and most likely answer to this crossword clue is the 7 letter word MAN-BAG
I've seen this crossword clue in The Times
M
A
N
-
B
A
G
Buddy explains!
The straight part
We know that "Fashion item" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case fashion item = man-bag.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 MAN-BAG mean?
MAN-BAG noun- The equivalent of a woman's small handbag designed for use by men, having compartments for mobile phones etc