1 - a decorative covering for a horse or for the tack or harness of a horse; trappings
2 - rich and sumptuous clothing or equipment
3 - to cover with a caparison
4 - to dress richly; deck
Origin 1590 from Middle French caparasson. Also from Old Spanish caparazon and capa (cape).
Also a Japan-based manufacturer of custom electric guitars.
Picture courtesy of Conservapedia