Clothing radical on the left - the side-form of 衣. It files 袍 in the garment family with 衫 shirt, 裤 trousers, 袖 sleeve. A 袍 is a long robe - full-length clothing - so the radical does the obvious semantic work, naming the category outright.
Right side 包 supplies the páo sound (shifted from bāo) and a strong semantic echo. A robe wraps the body the way 包 'wraps' something inside - the whole graph reads as 'clothing that envelops', exactly what a flowing long garment does. Same root: 抱 embrace, 饱 full.