What may be worn by Iron Lady (6)

I believe the answer is:

fedora

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'what may be worn' is the definition.
I can't tell whether this defines the answer.

'by iron lady' is the wordplay.
'by' means one lot of letters go next to another.
'iron' becomes 'Fe' (Fe is the chemical symbol for iron).
'lady' becomes 'dora' ().
'fe'+'dora' is 'FEDORA'.

Can you help me to learn more?

(Other definitions for fedora that I've seen before include "Soft felt hat with a curled brim" , "Headwear" , "Type of hat" , "Hat for RAF doe" , "top fashion" .)

I've seen this clue in The Independent.

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