Showy and fashionable piece of silk found in the box (8)
I believe the answer is:
tinselly
'showy' is the definition.
(I've seen this before)
'fashionable piece of silk found in the box' is the wordplay.
'fashionable' becomes 'in' ('in' can be similar in meaning to 'fashionable').
'piece of' suggests taking the first letters.
'found in' is an insertion indicator.
'the box' becomes 'telly' (I've seen this before**).
The first letter of 'silk' is 's'.
'in'+'s'='ins'
'ins' placed inside 'telly' is 'TINSELLY'.
'and' is the link.
(Other definitions for tinselly that I've seen before include "Like gaudy present" , "Showily presented" , "just for show?" , "like glitzy decorations" , "Showy" .)