Fabric new, only wrinkled (5)
I believe the answer is:
nylon
'fabric' is the definition.
(nylon is a kind of fabric)
'new only wrinkled' is the wordplay.
I cannot really understand how this works, but
'new' could be 'n' (common abbreviation eg NT for New Testament) and 'n' is found in the answer.
an anagram of 'only' is 'ylon' which is located in the answer.
This accounts for all the letters.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for nylon that I've seen before include "Hosiery material" , "Strong, resilient, synthetic fibre" , "Fibrous material" , "Synthetic cloth" , "may be damaged by running" .)