The most common and most likely answer to this crossword clue is the 11 letter word ELASTICATED
I've seen this crossword clue in Financial Times
E
L
A
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Buddy explains!

The straight part
We know that "l/ike Teddy" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case l/ike teddy = elasticated.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.
Crossword Answer definitions
ELASTICATED adjective- Of clothing or part of a garment, containing a strip or strips of elastic, especially in the waistband, cuffs or the ends of the legs, in order to make the clothing fit snugly.