The most common and most likely answer to this crossword clue is the 5 letter word THONG
I've seen this crossword clue in The Daily Telegraph
T
H
O
N
G
More clues leading to the result THONG
- Ton pig eats new leather strip
- It's not right to pack flip-flop
- Pants tune delivered by Mike Tyson
- Terribly hot? No good — strip!
- Strip to highlight one’s naked glory, primarily
- Strap, however, no good
- Heavyweight key locking up husband’s skimpy beachwear
- Skimpy underwear awfully hot, no good
- Host runs out in skimpy underwear
- Skimpy garment sported in marathon generally
Buddy explains!

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 THONG mean?
THONG noun- A strip of leather.
- (usually in the plural) An item of footwear, usually of rubber, secured by two straps which join to pass between the big toe and its neighbour.
- An undergarment or swimwear consisting of very narrow strips designed to cover just the genitals and nothing more.
- The largest section of a bullwhip constructed of many straps of braided leather.