Young lady and woven lace fiasco (7)
I believe the answer is:
debacle
'fiasco' is the definition.
(synonyms)
'young lady and woven lace' is the wordplay.
'young lady' becomes 'deb' (short for debutante).
'and' means one lot of letters go next to another.
'woven' is an anagram indicator.
'lace' with letters rearranged gives 'acle'.
'deb'+'acle'='DEBACLE'
(Other definitions for debacle that I've seen before include "Pasting" , "Utter failure" , "A complete collapse or messy failure" , "Rout; disaster" , "Lace bed (anag)" .)