Hide reportedly expensive fleece (8)
I believe the answer is:
deerskin
'hide' is the definition.
(I've seen this before)
'reportedly expensive fleece' is the wordplay.
'reportedly' indicates a 'sounds like' (homophone) clue.
'expensive' becomes 'dear' (similar in meaning).
'fleece' becomes 'skin' (I've seen this in another clue).
'dear' sounds like 'deer'.
'deer'+'skin'='DEERSKIN'
(Other definitions for deerskin that I've seen before include "Hide" , "Type of leather" , "Bambi's pelt?" , "Kind of leather" .)