Fancy neckwear (5)
'fancy neckwear' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Another definition for cravats that I've seen is " neckwear".)
(Other definitions for ascot that I've seen before include "sporting event" , "Necktie with wide square ends" , "Tosca (anag) - racecourse" , "Posh racecourse" , "English town" .)