Another way of doing this, which I found easier than using the Free Transform, is to use the Puppet Warp tool. Use the clipping path to create a selection of the safety pin and put it on its own layer. Convert to Smart obect. Invoke Puppet Warp. Play around with the number and location of pins you use (the fewer the better on the "belly" side, I used one at the sharp end, one in the middle, and one at the bottom). Include anchor pins on the top and bottom so it stays upright. Slide the middle pin to get the desired shape and the top pin to move the sharp end in. Since it is a Smart Object you can go back and adjust the pins as needed.
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