means A fine, exceptionally soft type of cashmere wool, or a shawl or scarf woven from it, made from the downy undercoat of certain Himalayan goats.

from From the Persian 'pashm,' meaning wool — specifically the soft underfleece, and ultimately the kind of word that traveled the trade routes of Kashmir and Central Asia. The Persian root refers to the fine inner coat of mountain goats, the down they grow against the brutal cold of high altitudes, which makes the modern luxury slightly funny: we pay dearly for a goat's winter underwear.