Made new fashion navy instead, oddly (10)

I believe the answer is:

modernised

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'made new fashion navy instead oddly' is the definition.
I can't tell whether this definition defines the answer.

'fashion navy instead oddly' is the wordplay.
'fashion' becomes 'mode' (synonyms).
'navy' becomes 'RN' (abbreviation for Royal Navy).
'oddly' indicates alternate letters (letters in odd-numbered positions).
The alternating letters of 'instead' are 'ised'.
'mode'+'rn'+'ised'='MODERNISED'

Can you help me to learn more?

(Another definition for modernised that I've seen is " being up to date".)

I've seen this clue in The Times.

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