Failure to get young lady new lace (7)
I believe the answer is:
debacle
'failure' is the definition.
(I have seen 'Utter failure' mean 'debacle' so perhaps 'failure' could also mean 'debacle')
'get young lady new lace' is the wordplay.
'get' says to put letters next to each other.
'young lady' becomes 'deb' (**).
'new' is an anagram indicator.
'lace' anagrammed gives 'acle'.
'deb' put next to 'acle' is 'DEBACLE'.
'to' is the link.
(Other definitions for debacle that I've seen before include "Catastrophe" , "A complete collapse or messy failure" , "Pasting" , "Fiasco, a right mess" , "Sudden and ignominious failure" .)