For the sake of definition, a "papaloy" is a young, wealthy, Mexican male who is stereotypically very good looking and studly and whose daily wardrobe always features very exclusive, high-end European or American brands. This here is the most important and identifying feature of a real "papaloy". Needless to say, 'knock-offs' of an exclusive brand (shoes, belts, sunglasses, jackets, shirts) would NEVER be worn by a "papaloy".
In addition to this, a so called "papaloy" is frequently seen in fashionable night clubs, exclusive restaurants, fashion malls and other high class social sites in the wealthy areas of Mexico city such as Polanco, Santa Fe or Bosques.
"Papaloys" are also known to have sky-high self esteems and to be potentially cocky and arrogant towards "non-papaloy" people. Furthermore, they are usually paired up or highly "sought after"by high-class, wealthy and beautiful females for their wealth and good looks.
Strictly speaking, there isn't a feminine version of "papaloy", however the technical feminine equivalent of a "papaloy" in Mexico would be called a "niña bien" (in English: "good girl" or "well girl" as in 'well-off'...)