Ring lost in bar or beauty parlour (5)
I believe the answer is:
Here is my best explanation:
'beauty parlour' is the definition.
('salon' can be a synonym of 'beauty parlour')
'ring lost in bar' is the subsidiary indication.
'ring' becomes 'o'.
'lost in' is a deletion indicator.
'bar' becomes 'saloon' ('saloon' can be a synonym of 'bar').
'saloon' with 'o' taken away is 'salon'.
'or' is the link.
(Other definitions for salon that I've seen before include "Reception room in grand house", "Strange loans for a hairdresser, perhaps", "Drawing-room", "Drawing room", "Parisian art exhibition", "Hairdresser's premises", "Loans (anag.)", "Elegant reception room", "Literary gathering" and "Elegant room is great house for entertaining".)