Noble Oscar shed clothes (5)
I believe the answer is:
baron
'noble' is the definition.
(baron is a kind of noble)
'oscar shed clothes' is the wordplay.
'oscar' becomes 'o' (phonetic alphabet: alpha, bravo, charlie etc.).
'shed' becomes 'barn' (I have seen 'Large shed ' mean 'barn' so perhaps 'shed' could also mean 'barn'**).
'clothes' indicates putting letters inside.
'o' put into 'barn' is 'BARON'.
(Other definitions for baron that I've seen before include "Member of the nobility" , "powerful man owning lots of dailies?" , "Title of rank" , "Born a (anagram) - powerful man of business" , "Husband" .)