Ladies' man returning, embracing initially everyone – ladies' man! (6)
I believe the answer is:
fellow
'man' is the definition.
(I know that fellow is a type of man)
'ladies' man returning embracing initially everyone ladies'' is the wordplay.
'ladies' man' becomes 'wolf' ().
'returning' shows that the letters should be reversed in order.
'embracing' means one lot of letters goes inside another.
'initially' indicates taking the first letters.
The first letters of 'everyone ladies' is 'el'.
'wolf' in reverse letter order is 'flow'.
'flow' enclosing 'el' is 'FELLOW'.
(Other definitions for fellow that I've seen before include "Kind of associate, may be a traveller with communism" , "Academic chap?" , "Colleague" , "Informally, a man, or the other of a pair" , "Senior member of a college or university" .)