Has possession of topless flowing garments (4)

I believe the answer is:

owns

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'has possession' is the definition.
(I've seen this before)

'of topless flowing garments' is the wordplay.
'of' becomes 'o''.
'topless flowing garments' becomes 'wns' (I can't explain this - if you can you should believe this answer much more).
'o'+'wns'='OWNS'

Can you help me to learn more?

(Other definitions for owns that I've seen before include "Belongs to" , "Confesses" , "Possesses" , "Admits possession" , "Has possession of by right" .)

I've seen this clue in The Everyman puzzle in The Observer.

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