Taking off top the wrong way, hiding Dior pants (7)

'taking off' is the definition.
(take off can mean to parody)

'top the wrong way hiding dior pants' is the wordplay.
'top' becomes 'cap' (both can mean to beat or outdo).
'the wrong way' shows that the letters should be reversed in order.
'hiding' means one lot of letters goes inside another.
'pants' is an anagram indicator (UK informal term for 'nonsense' or 'rubbish').
'cap' written backwards gives 'pac'.
'dior' with letters rearranged gives 'rodi'.
'pac' going around 'rodi' is 'PARODIC'.