It means the costs are so great and the potential rewards are too. Gamble.
It means that it is hard to succeed in the fashion world plus, if you do succeed, the rewards can be huge financially and in the 'A' list crowd!
Stake here is used in a sense of "the amount of risk and reward involved", so where the stakes are high, there is alot of reward to be had and alot of risk to overcome.
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