NEW YORK — There are highs and lows in every career, but few designers can balance them on a single runway like Isaac Mizrahi.

Mizrahi is planning his first fashion show in six years, a June 14 spectacle at Cipriani 42nd Street here that will combine looks from his ultra-luxe custom collection and his all-access Isaac Mizrahi for Target line. It’s a pioneering concept of pairing $20,000 ballgowns with $20 T-shirts, one the designer believes will demonstrate that the worlds of rarified luxury and mass retail are not as mutually exclusive as they have been in the past.

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