Cryptic crossword clue
Red heels on exchanged for leather breeches 10

The most common and most likely answer to this crossword clue is the 10 letter word LEDERHOSEN

I've seen this crossword clue in Financial Times
L
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Buddy explains!

The straight part
We know that "leather breeches" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case leather breeches = lederhosen.
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 LEDERHOSEN mean?

LEDERHOSEN noun
  1. A pair of knee-breeches made of leather, typical of Bavaria.

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