The most common and most likely answer to this crossword clue is the 8 letter word LEOTARDS
I've seen this crossword clue in The Daily Telegraph
L
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O
T
A
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S
More clues leading to the result LEOTARDS
- Garments with old tears, looking awful
- Guy on time machine with one-off garments!
- Lots dare sporting figure-hugging attire
- Man sits on magical phone box, one coming out in panto gear?
- Old rates for exchange which are tight on people
- Oldster tailored clothes — a set of exercise clothes
- Garments sold with rate slashed
- Tight garments resold at Mobile
- Some people born in August take contrary oath to make dancewear
Buddy explains!

The straight part
We know that "Old rates for exchange which are tight on people" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case old rates for exchange which are tight on people = leotards.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 LEOTARDS mean?
LEOTARDS noun- A one-piece skintight garment with or without sleeves and without legs (often worn by gymnasts, acrobats, wrestlers, female swimmers, etc.)