New latches for bag (7)
I believe the answer is:
satchel
'for bag' is the definition.
(satchel is a type of bag)
'new latches' is the wordplay.
'new' indicates anagramming the letters.
'latches' with letters rearranged gives 'SATCHEL'.
(Other definitions for satchel that I've seen before include "Bag with a flap and strap" , "What's carried by pupils" , "Shoulder bag as for schoolbooks" , "Schoolchild's carrier" , "Get school item" .)