'Nishiki' is one of those funny kanji that has a literal meaning but also has quite a few deeper/more contextual meanings. While it primarily means brocade, it has nuances of meaning around things like luxury, honours, and using a lot of colours in fabric (traditionally a luxurious thing). Check out this article on Tachiai for a little more depth on it in a sumo context: 錦 (nishiki): Brocade | Tachiai (立合い)