I am definitely 100% on the side that copycat designs are a way for the average consumer to stay current and wear runway styles without breaking the bank. I mean hello! What are people who are on a budget supposed to wear? Should they only be confined to wear shapeless scrubs? I think not.
I also don't think that it is exactly "copying." Haute Couture designers set the mold for fashion and trends. It is actually an important part of the fashion economy that additional designers and clothing manufacturers replicate and produce the same styles at an affordable price.
And, do they really need to make any more money? They're doing just fine, I believe.
I think that it would be detrimental to the fashion industry. It would greatly affect economics. Inspiration is everywhere. You can tell when something is fake and says "DNKY" and not "DKNY." Fabrics and materials differ in quality and there is no way that someone can think that "FRADA" is the same as "PRADA." Not everyone can pay $1000 for a stylish pair of heels! I'm sorry. Tom Ford, the lead designer at Gucci said, "We found that after much research that the counterfeit customer is not our customer." If designers weren't able to mimic trends, then we wouldn't have a global trend available to us.
Now that I think of it - nothing! Nothing I own is a knock off and nothing I own is a haute couture brand. I stick to department store labels, Target brands, and quality clothing from mall stores.