Shoemaker's latest model (4)

I believe the answer is:

last

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'model' is the definition.
(model used by a shoemaker)

I don't understand how the remainder of the clue works.

(Other definitions for last that I've seen before include "Shoemaker's shape" , "part of Oxford's restoration with this?" , "Survive; after all others" , "Cargo to stay fresh" , "It's final for the cobbler" .)

I've seen this clue in the Evening Standard.

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