Fancy coats and neckwear (5)
I believe the answer is:
ascot
'neckwear' is the definition.
(ascot is a kind of neckwear)
'fancy coats' is the wordplay.
'fancy' indicates anagramming the letters.
'coats' is an anagram of 'ASCOT'.
'and' is the link.
(Other definitions for ascot that I've seen before include "Tosca (anag) - racecourse" , "Berkshire race course" , "Royal racing venue" , "Tie round the neck" , "Place for meeting" .)