Shades of meaning between cachet and panache are often confused. Cachet is more about prestige and panache is more about style
Cachet is an indication of approved or superior status
Panache is distinctive and stylish elegance
Having high tea at Buckingham Palace can have a lot of cachet in your social circle, but the genteel (which means – characterized by exaggerated or affected politeness, refinement or respectability) way you sip your tea can have a lot of panache.
She played the role of hostess with great panache
His research in biodiversity gave him a certain cachet among other scientists.