Lustrous, silky fabric (7)
I believe the answer is:
taffeta
'lustrous silky fabric' is the definition.
(I've seen this before)
This is all the clue.
(Other definitions for taffeta that I've seen before include "Stiff shiny material" , "silky stuff" , "Thin glossy silk fabric" , "Fabric -- a fat eft (anag)" , "Shiny silk fabric" .)