Tailor only new material (5)
I believe the answer is:
nylon
'material' is the definition.
(nylon is a kind of material)
'tailor only new' is the wordplay.
'tailor' is an anagram indicator (I've seen this in other clues).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'only' with letters rearranged gives 'nylo'.
'nylo'+'n'='NYLON'
(Other definitions for nylon that I've seen before include "Artificial material" , "Unaccompanied part song" , "Strong, resilient, synthetic fibre" , "Artificial cloth" , "Man-made fibre" .)