Etymology

Phono-semantic compound (形聲) : semantic 糸 ‎(“rope”) + phonetic 只 ‎(OC *klje, *kljeʔ)

It is also somewhat to be a Japanese shinjitai simplification from the character 織 (戠 → 只), but generally not acceptable. In Singapore, this character was once used for simplified character of 織 officially.