Returned skirt of silk with tailored pleats (5)
I believe the answer is:
tucks
'tailored pleats' is the definition.
'tucks' can be an answer for 'pleats' (both can mean folds in a garment). I am unsure of the 'tailored' bit.
'returned skirt of silk' is the wordplay.
'returned' becomes 'turned back' ('turn back' can be a synonym of 'return').
'skirt of' means to remove the middle letters (I've seen 'skirts' mean this (retain the edges)).
'silk' becomes 's' (this might be a standard abbreviation of which I'm unaware).
'turnedback' with its middle removed is 'tuck'.
'tuck'+'s'='TUCKS'
'with' acts as a link.
(Other definitions for tucks that I've seen before include "Folds" , "stitches" .)