Post-tax profits at Paul Costelloe firm double

The design management firm owned by one of Ireland’s best known designers, Paul Costelloe, last year enjoyed a bumper year as post-tax profits more than doubled to €511,410, according to Paul Costelloe Design Management Ltd’s latest accounts.

At the end of August last the firm had accumulated profits of €2.23 million. The firm’s cash funds totalled €1.59 million, while it had a further €834,343 invested in quoted funds.

The profits last year are the strongest profits recorded at the firm in recent years, and follow profits of €113,498 in 2020, €184,354 in 2019, €182,173 in 2018, €458,033 in 2017 and €236,649 in 2016.

Pay to directors last year declined from €374,841 to €330,558.

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The numbers employed remained static at seven, made up of four in design and promotion and three in management. Staff costs, including directors’ pay, decreased from €567,626 to €457,815.

The accounts show that €146,200 was payable to one of the company’s directors, Gerald Mescal, in respect of financial consultancy, accounting, management and office services provided by his firm.

Mr Costelloe has also benefited from his link up with Irish-owned retail giant Dunnes Stores with his Paul Costelloe Living Studio range.

The surge in profits last year came ahead of Costelloe staging his first Irish runway show in 10 years last December where he showcased his Spring 2023 collection at the Shelbourne hotel in Dublin.

Mr Costelloe has been a feature on the Irish design landscape for decades, and his career highs include designing a uniform for British Airways staff in 1992 that remained in service for a record 12 years; designing the Irish Olympic team uniform for the 2004 Athens Olympics; and designing the uniforms for the wives of the European Ryder Cup team from 2006 to 2011.

The Dublin-born couturier, who first left Ireland at the age of 19 to “live off tins of ravioli” in Paris, soon became a royal favourite and designed many of Princess Diana’s outfits.

At the Shelbourne hotel event last December, Mr Costelloe said: “I dressed Princess Diana. I was quite close to her. I dressed her a number of times. I did all her tailoring, particularly earlier on in her relationship with Charles before Dolce and Gabbana got involved and she went more risqué and I kind of stood back.”