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Though awfully good and stylish, it's criminal (6)

Ross

I believe the answer is:

piracy

I'm a little stuck... Click here to teach me more about this clue!

'criminal' is the definition.
Although both the answer and definition are singular nouns, I cannot understand how one could define the other.

'though awfully good and stylish' is the wordplay.
I cannot quite understand how this works, but
'good' could be 'pi' (old-fashioned term for pious) and 'pi' is found within the answer.
The remaining letters 'racy' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...

'it's' is the link.

Can you help me to learn more?

(Other definitions for piracy that I've seen before include "theft" , "Robbery on the high seas" , "Illegal copying" , "Act of plagiarism" , "Robbery at sea or of copyright" .)

I've seen this clue in the Evening Standard.
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