You can shorten the edge of the pleat to draw it up/prevent drooping - run a thread along the fold and ease it shorter, press to ease out any wrinkles.
Wool fabric can be shaped and distorted to accommodate three dimensional curves - though I would leave the sewing thread in place to prevent future pressing lengthening the edge again.
Anne the Pleater
I presume to dictate to no man what he shall eat or drink or wherewithal he shall be clothed."
-- The Hon. Stuart Ruaidri Erskine, The Kilt & How to Wear It, 1901.