Artist and daughter wearing relative's fashion label (5)
I believe the answer is:
prada
'fashion label' is the definition.
(Italian fashion house)
'artist and daughter wearing relative's' is the wordplay.
'artist' becomes 'RA' (Royal Academician, member of Royal Academy of Arts).
'and' is a charade indicator (letters next to each other).
'daughter' becomes 'd' (genealogical abbreviation).
'wearing' is an insertion indicator.
'relative' becomes 'pa' (pa is a kind of relative).
'ra'+'d'='rad'
'rad' put inside 'pa' is 'PRADA'.
(Other definitions for prada that I've seen before include "Design house" , "Milan outfit" .)