Azabache is a poetic word for the color jet-black. It's also the name for 'jet', a deep black gemstone, which is why the word evokes a sense of preciousness and deep, shiny blackness.
In the song, ROSALÍA uses this beautiful descriptor for her companion's hair: "Tu pelo azabache" (Your jet-black hair). It's a much more evocative and unique way to describe a color than the common word 'negro', and it adds to the song's luxurious and stylish atmosphere.
This song is a total celebration of friendship, high fashion, and having a wild night out. ROSALÍA and Tokischa are "Juntas por la noche / Puestas pa'l derroche" (Together at night / Ready to splurge), and their main focus is looking amazing in their matching Versace outfits, or "La combi versace". It's all about luxury and confidence. ROSALÍA shouts out the brand's founder, Gianni Versace, and imagines arriving at the Met Gala on a pony, a truly extra image of fame and style.
Tokischa's verse brings a different flavor, mixing high fashion with her Dominican roots. She talks about modeling custom Dior "en el colmadón" (at the corner store) and wearing a Gucci thong while riding on the back of a motorcycle taxi. She even jokes that if her clothes are fake, it's only because she's "la más real" (the most real). The whole track is a powerful and fun statement about women enjoying their success, their money, and each other's company, whether they're in a fancy club or just on the street.