Dior would have celebrated his 100th birthday in 2005, it's possible that Morrissey read about his life in that context. His interest in designer fashion was at its peak around that time as well and the subject matter fits in well with his other reference points from that period. Plus, the name simply has a great sound when sung.
Of course the Dior part is only a vehicle for his reflexions about his own life.
To me it's really a continuation of The Never-Played Symphonies.
Some great lines here
And drawn to what scares me
And scared of what bores me
...can be interpreted in intriguing ways, but it's also a nice couplet on its own.
Design (if you can)
The way
To just
...be a man
...takes up the theme of questioning definitions of masculinity and thus anticipates I'm Not A Man.
I'm also very fond of the "a-woosh"s.
A great song, one of the best from the Ringleader era. If only it sounded a bit less... hollow and flat, production-wise.
Edit: The melody also reminds me a lot of Mexico (the Quarry b-side, not the country). Just me?