The most common and most likely answer to this crossword clue is the 2 plus 5 letter word IN STYLE
I've seen this crossword clue in The Daily Telegraph
I
N
S
T
Y
L
E
More clues leading to the result IN STYLE
- Isn’t Ely laid out impressively
- Grandly taking over diocese at end of this month
- This month, see about showing some panache
- Yeltsin getting drunk with no expense spared
- Fashionable pen in outline
- Trendy person of faith has rejected cathedral impressively
- Enlist round about end of May, showing panache
- I, the new Le Pen, entering with panache
- Pen: scribble line round with it
- Harry silently leaves first lecture as it’s happening
Buddy explains!

The straight part
We know that "showing panache" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case showing panache = in style.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.