Hat might lose colour or become misshapen (6)
I believe the answer is:
fedora
'hat' is the definition.
(I know that fedora is a type of hat)
'might lose colour or become misshapen' is the wordplay.
I cannot really understand how this works, but
'or' is within the answer.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for fedora that I've seen before include "Felt hat with a creased crown" , "O, Fred, a hat becomes you" , "Soft hat with band" , "Felt hat dented lengthways" , "Felt hat dented sideways" .)