Of Dior Homme
That's "Dior Homme", not "Dior, homie"
“The Lyor Cohen of Dior Homme” is a new, smoother (though less-catchy) version of Kanye’s nickname “The Louis Vuitton Don”
“Dior Homme” is the men’s division of high-end clothing label Christian Dior (homme = man in french)
A non-French speaker would probably read ‘homme’ as ‘homie’, so Kanye gives us a quick pronunciation lesson as an excuse to explain the joke in his previous line (we’ll forgive you this one time because it’s a pretty clever line)
Kanye has come a long way in his fashion game (and as a whole) since he “couldn’t even pronounce nothin” referring to his “Ver-say-see” watch in All Falls Down
Now it’s Kanye doing the correcting and not the other way around.
To help improve the meaning of these lyrics, visit “Devil in a New Dress” by Kanye West (Ft. Rick Ross) Lyrics and leave a comment on the lyrics box