Pleated trimming on an historic gown (8)

I believe the answer is:

furbelow

(Other definitions for furbelow that I've seen before include "Old-fashioned border of a skirt or petticoat" , "Flounce, frill" , "decoration for skirt, one gathered" , "Ornamental trimming" , "Ornamental trim" .)

I've seen this clue in the Sydney Morning Herald.

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