The most common and most likely answer to this crossword clue is the 5 letter word SLEEK
I've seen this crossword clue in The Times
S
L
E
E
K
More clues leading to the result SLEEK
Buddy explains!

The straight part
We know that "Elegant" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case elegant = sleek.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 SLEEK mean?
SLEEK noun- That which makes smooth; varnish.
- To make smooth or glossy; to polish or cause to be attractive.
- Having an even, smooth surface; smooth
- Glossy
- Not rough or harsh.
- Slim and streamlined; not plump, thick, or stocky.
- With ease and dexterity.