Victory during escapade of French islands (4,5)
I believe the answer is:
cape verde
'islands' is the definition.
(island nation)
'victory during escapade of french' is the wordplay.
'victory' becomes 'VE' (VE is short for Victory in Europe).
'during' is an insertion indicator.
'escapade' becomes 'caper' (I've seen this before).
'of french' becomes 'de' ('of' in French).
've' inserted within 'caper' is 'capever'.
'capever'+'de'='CAPE VERDE'
(Other definitions for cape verde that I've seen before include "island republic" , "African headland and offshore islands of the same name" , "westernmost Africa" .)