The story
Phono-semantic matching of Japanese ロリータファッション (rorīta fasshon), itself a wasei eigo (和製英語; pseudo-anglicism) derived from Lolita + fashion.
Etymology from Wiktionary, CC BY-SA 4.0.
lolita fashion
Today it means: A fashion style originating in Japan, based on Victorian and Edwardian clothing styles, and having a cute aesthetic. Full definition →