Formal garment initially receiving award (4)
I believe the answer is:
robe
'formal garment' is the definition.
(item worn for ceremonial occasions)
'initially receiving award' is the wordplay.
'initially' suggests taking the first letters.
'award' becomes 'obe' (Order of the British Empire).
The initial letter of 'receiving' is 'r'.
'r'+'obe'='ROBE'
(Other definitions for robe that I've seen before include "Clerical garment" , "Formal gown" , "Formal vestment" , "habit" , "Loose garment for Boer" .)