Loved one gasps ... "Elegant to excess!" (5,5)

I believe the answer is:

fancy pants

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'elegant to excess' is the definition.
I know nothing about this answer so I can't judge whether it can be defined by this definition.

'loved one gasps' is the wordplay.
'loved one' becomes 'fancy' (I can't explain this - if you can you should believe this answer much more).
'gasps' becomes 'pants' ('pant' can be a synonym of 'gasp').
'fancy'+'pants'='FANCY PANTS'

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I've seen this clue in the Sydney Morning Herald.

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