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New form of lace — it’s stretchy (7)

Ross

I believe the answer is:

elastic

'stretchy' is the definition.
('elastic' can be similar in meaning to 'stretchy')

'new form of lace it's' is the wordplay.
'new form of' indicates anagramming the letters.
'lace'+'its'='laceits'
'laceits' anagrammed gives 'ELASTIC'.

(Other definitions for elastic that I've seen before include "Flexible rubbery strip" , "Something stretchy" , "Pliable" , "Able to give a bit" , "capable of adapting to change?" .)

I've seen this clue in The Times.
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