Green’s Dictionary of Slang

one considered to have risen ‘above their station’, a ‘counter-jumper’.

1909

J. Ware Passing Eng. of the Victorian Era 61/1: Calicot (French). Originally a trade phrase for a linen-draperman both in France and England – used to describe a ‘snob’ or cad. ‘What a calicot he is!’ [...] Derived from linen-drapers’ young men dressing expensively, but not purchasing good manners.