Paul Costelloe Design Management Ltd, owned by the renowned Irish designer Paul Costelloe, has reported a profit of €511,410 for the 12 months to the end of August 2021. This figure is more than double the profit of €232,159 for the prior year. The firm’s accumulated profits at the end of August last year were €2.23m. The company’s cash funds totalled €1.59m, while a further €834,343 was invested in quoted funds.
Last year’s profits were the strongest recorded by the firm in recent years, following 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 declined from €374,841 to €330,558. The number of employees remained static at seven, with four in design and promotion and three in management. Staff costs, including directors’ pay, decreased from €567,626 to €457,815.
According to the accounts, €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. Costelloe’s link-up with Irish-owned retail giant Dunnes Stores and his ‘Paul Costelloe Living Studio’ range have also contributed to his success.
The surge in profits last year came ahead of Costelloe staging his first Irish runway show in ten years in December 2021. The event showcased his Spring 2023 collection at the Shelbourne hotel in Dublin.
Costelloe has been a fixture on the Irish design scene for decades, with career highs that include designing a uniform for British Airways staff in 1992 that remained in service for a record 12 years. He also designed the Irish Olympic team uniform for the 2004 Athens Olympics and the uniforms for the wives of the European Ryder Cup team from 2006 to 2011.
The Dublin-born couturier’s career began in Northern Ireland at the age of 15 when he sold Bibles. He left for Paris at 19 and soon became a royal favourite, designing many of Princess Diana’s outfits. Speaking at the Shelbourne hotel event in December 2021, 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.”