Style is something flashy, reportedly (5)
I believe the answer is:
flair
'style' is the definition.
(synonyms)
'something flashy reportedly' is the wordplay.
'something flashy' becomes 'flare' (a flare flashes).
'reportedly' shows a homophone (sound like).
'flare' sounds like 'FLAIR'.
'is' is the link.
(Other definitions for flair that I've seen before include "Bent" , "Stylishness; talent" , "Taste" , "Stylish talent" , "Natural ability to do something well (5)" .)