Fancy doctor exfoliates and moisturises initially (5)
I believe the answer is:
dream
'fancy' is the definition.
(both can mean a fantasy)
'doctor exfoliates and moisturises initially' is the wordplay.
'doctor' becomes 'dr' (abbreviation).
'initially' suggests taking the first letters.
The first letters of 'exfoliates and moisturises' is 'eam'.
'dr'+'eam'='DREAM'
(Other definitions for dream that I've seen before include "Sleeping experience" , "Aspiration" , "Fantasy; ideal" , "King had one" , "It's experienced during sleep" .)