To be of high class, good looking and have swagger. Only used to described males.
Loonghis are a middle eastern piece of clothing only used by upper class males. The term 'Loonghi Boy' was derived from this.
Fiona: hey its fiona, are you with raj?
Raj's friend: what are you his girlfriend?
Raj's friend: no way you could be dating that loonghi boy.
Girl 1: oh man i had just had wild sex with this hottie last night
Girl 2: was he really that hot?
Girl 1: he may as well be a loonghi boy
Guy 1: Man i wish i was loonghi boy material
Guy 2: Me too guy 1, me too.