Material used in lovely cravats (5)
I believe the answer is:
lycra
'material' is the definition.
(I know that Lycra is a type of material)
'in lovely cravats' is the wordplay.
'in' indicates a hidden word.
'LYCRA' can be found hidden inside 'lovely cravats'.
'used' acts as a link.
(Other definitions for lycra that I've seen before include "Stretch fabric" , "Stretchy sports material" , "synthetic fibre" , "Spandex" , "Fabric used in tight-fitting cycling wear" .)