The most common and most likely answer to this crossword clue is the 8 letter word CONTESSA
I've seen this crossword clue in Financial Times
C
O
N
T
E
S
S
A
More clues leading to the result CONTESSA
- Foreign lady in trick, valuable person going the wrong way
- Noble Italian crook returned item of value
- She memorably lacked footwear – scan toes wriggling
- Noble sting, something of value lifted
- Italian aristocrat to swindle woman
- She was barefoot on screen – see stories with special appeal
- High-ranking Italian with Spanish help going west
- The lady’s not for turning, as posited
- Study tragic female, a lady in Italy
- Felon needing strength to lift lady
Buddy explains!

The straight part
We know that "High-ranking Italian" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case high-ranking italian = contessa.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 CONTESSA mean?
CONTESSA noun- A countess, often specifically an Italian countess