The most common and most likely answer to this crossword clue is the 5 letter word DAMES
D
A
M
E
S
More clues leading to the result DAMES
Buddy explains!

The straight part
We know that "women" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case women = dames.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DAMES mean?
DAMES noun- Usually capitalized as Dame: a title equivalent to Sir for a female knight.
- A matron at a school, especially Eton College.
- In traditional pantomime: a melodramatic female often played by a man in drag.
- (slightly derogatory) A woman.
- A lady, a woman.