Shrink back, but ultimately accept blue cotton fabric (10)

I believe the answer is:

winceyette

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'fabric' is the definition.
(winceyette is a kind of fabric)

'shrink back but ultimately accept blue cotton' is the wordplay.
'shrink back' becomes 'wince' (I've seen this in another clue).
'but' becomes 'yet' (synonyms).
'ultimately' says to take the final letters.
'blue cotton' becomes 'e' (I can't explain this - if you can you should give a lot more credence to this answer).
The final letter of 'accept' is 't'.
'wince'+'yet'+'t'+'e'='WINCEYETTE'

Can you help me to learn more?

(Another definition for winceyette that I've seen is " Fabric".)

I've seen this clue in The Times.

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