Green’s Dictionary of Slang

1. (US gay) a lesbian urban professional, i.e. a lesbian yuppie n.

1992		L.A. Times 15 Mar. n.p.: Sandy and Robin are of a type of lipstick lesbian sometimes known in the community as ‘car-phone lesbians’ or ‘luppies’: successful, glamorous and unapologetically middle-class.
1998		‘Letters to Auntie Teck’ 15 Feb. 🌐 Thanks for the advice. I think I still have a lot to learn about being a Luppie.

2. (US) a Latino/Latina urban professional, i.e. Hispanic yuppie n.

1999

‘On the Newsstand’ N.Y. Post 21 June n.p.: There’s nothing surprising about Hayek occupying Latina’s cover—every issue is devoted to the Latin community. But, then again, there’s nothing surprising in any part of their July issue. They’re going after the ‘luppies,’ but apparently these ladies don’t want to read anything risque.