Fashion trends are recycled, so why not fashion designers?

Isaac Mizrahi, the bandana-wearing darling designer of the early ’90s, who last made headlines with a 2006 breast grope of a starlet during a red carpet schmooze-fest for E!, is planning a return to high fashion.

He is in the process of stitching together a patchwork of licensing agreements to finance a new lifestyle empire.

New handbag and shoe license lines will launch this spring – and the number of licenses will double next year, said Marisa Gardini, president and CEO of Isaac Mizrahi Ltd.

Stand-alone Mizrahi shops in New York, Chicago, L.A. and Miami in the next few years are also planned, Gardini said. “Our dream is to have stores where $5 T-shirts can mix with $5,000 semi-couture skirts,” Gardini said.

“Doing extremely expensive and inexpensive clothes is the only modern way,” Mizrahi told The Post.

Candice Corlett, co-partner of WSL Strategic Retail, believes Mizrahi’s new strategy is working. Still, she warned, he should be cautious: “Many designers fail with licensing because they lose quality control.”

At his peak in the 1990s, Mizrahi is estimated to have rung up sales of about $10 million a year – but never turned a profit, so his backers pulled the plug on the 10-year business in 1998.

Mizrahi then blazed a trail by taking his designer name to the masses and creating a line of clothes for Target. Last year alone, Mizrahi’s cheap stuff – $39.99 little black dresses, for example – generated around $200 million in sales.

Showing tremendous agility, Mizrahi is also posting impressive sales of his fledgling semi-couture men’s line at Bergdorf’s.