The radical 纟 (the simplified form of 糸 'silk thread') signals 'thread / textile' — same family as 织 'weave', 编 'braid', 绣 'embroider', 线 'thread'. The phonetic 方 fāng gives the sound.
usage
Rarely seen alone today; usually appears in compounds: 纺织 (fǎngzhī) 'textiles', 纺线 'spin thread', 纺纱 'spin yarn', 纺锤 (fǎngchuí) 'spindle'. As a noun ('fine silk fabric') it appears in product names like 杭纺 (Hangzhou silk).