Virgin shows skills, overtaking old record company (7)
I believe the answer is:
artemis
'virgin' is the definition.
(virgin goddess in Greek mythology)
'skills overtaking old record company' is the wordplay.
'skills' becomes 'arts' (art can mean a skill or talent).
'overtaking' is an insertion indicator (a word 'takes over' another set of letters).
'old record company' becomes 'EMI' (record company broken up in 2012).
'arts' going around 'emi' is 'ARTEMIS'.
'shows' acts as a link.
(Other definitions for artemis that I've seen before include "Apollo's twin sister" , "Greek goddess of hunting" , "Mythical Greek huntress" , "Olympian figure" , "Greek huntress goddess" .)