As emerging economies transform the consumer base for high-end goods, luxury is moving out of range of all but the very richest. The fashion industry is rushing to fill the gap, as the notion of aspiration is remodelled to appeal to a diverse range of consumers – and budgets.

With the launch of Gucci’s long awaited make-up collection in October 2014, a new shift is gripping the make-up market. Designer associations with beauty are challenging the dominance of celebrity, and offering new growth for luxury brands.

Beautiful craftsmanship and fine fabrics aren't cheap, especially given the 800% markup between factory and shop floor. But now that US start-up Everlane is cutting the middle man to make ethical premium clothing affordable, its ‘radical transparency’ could really shake things up.

Why are luxury brands losing their logos and going under the radar? How did the wealthy learn to share? Is a new luxury elite pricing everyone else out? And why has high fashion gone pop?