Green’s Dictionary of Slang

ragged down (heavy) adj.

(US black) (very) well-dressed.

1965		B. Jackson Get Your Ass in the Water (1974) 168: This Monkey went to the party and knocked on the door, / he said, ‘Yes, I’m rugged, I’m ragged, I’m ’round here, / I know goddam well I wasn’t invited but I’m down here.’.
1980		E. Folb Runnin’ Down Some Lines 27: I’m ragged down heavy in my Soul suit, my nigger fronts, out to catch me a fine young lady! [Ibid.] 111: There is even a larger vocabulary that refers to being well dressed (tabbed, suited down, decked out, ragged out, pressed).

In phrases

ragged to the bone (adj.) [bone n.¹ ]

(US black) exceptionally well dressed.

1980		E. Folb Runnin’ Down Some Lines 111: Expressions reserved for being extraordinarily well dressed ([...] clean/fonky/mod/ragged/tabbed/sharp to the bone, sharp as a mosquiter’s peter).
1992		R.C. Cruz Straight Outta Compton 18: Flip [...] pointing to the threads he had on as if he was clean/fonky/mod/ragged/sharp/silked and tabbed to the bone.