The most common and most likely answer to this crossword clue is the 7 letter word REFACES
R
E
F
A
C
E
S
Buddy explains!
The straight part
We know that "Gives new coats to" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case gives new coats to = refaces.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 REFACES mean?
REFACES verb- To replace the face or surface of something; to create a new outer layer.