Indian princess managed extremes of elegance (5)
I believe the answer is:
ranee
'indian princess' is the definition.
(I've seen this before)
'managed extremes of elegance' is the wordplay.
'managed' becomes 'ran' (I've seen this before).
'extremes of' says to hollow out the word (remove centre letters).
'elegance' with its centre taken out is 'ee'.
'ran'+'ee'='RANEE'
(Other definitions for ranee that I've seen before include "Indian princess" , "Royal female" , "One of the royals" , "Indian queen" .)