Female collecting round Oxford, perhaps (4)
I believe the answer is:
Here is my best explanation:
'oxford perhaps' is the definition.
(oxford is a kind of shoe)
'female collecting round' is the wordplay.
'female' becomes 'she' (I've seen this before).
'collecting' is an insertion indicator.
'round' becomes 'o' (round can mean a round object).
'she' placed around 'o' is 'SHOE'.
(Other definitions for shoe that I've seen before include "Foot covering", "What's worn", "From which playing cards are dealt one at a time", "Last product", "Box for holding and dispensing from pack of cards", "Brogue or loafer, perhaps", "Foot-covering", "Where a dealer stashes a pack", "Maybe casual" and "9 maybe".)