This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
褾 combines the clothing radical 衤 with 票, which likely contributes a phonetic element. The exact historical development is uncertain.
The clothing radical 衤 beside 票 suggests something related to garments, but the exact meaning is unclear.
For ヒョウ, imagine a label (票) on a piece of clothing (衤) that says 'hyou' (ヒョウ) as a brand name.