n.
a small round hole in leather or cloth for threading a lace, string, or rope through.
▸a metal ring used to reinforce such a hole.
▸a small hole with stitching around its edge, used as a form of decoration in embroidery.
v.
(eyelets, eyeleting, eyeleted)
make eyelets in (fabric).
Etymology
ME oilet, from OFr. oillet, dimin. of oil ‘eye’, from L. oculus.