The design management firm founded by one of Ireland’s best known designers, the late Paul Costelloe, last year recorded post tax profits of €241,639.
Mr Costelloe died in November of last year and new accounts for the 12 months to the end of August 2025 show that Paul Costelloe Design Management Ltd had accumulated profits of €2.67m at year end.
The profits of €241,639 last year are a 31% decrease on the post tax profits of €350,502 in the prior year.
The internationally renowned designer died at the age of 80 in London after a short illness and at his funeral mass last December, one of Mr Costelloe’s six sons, Justin, in his eulogy spoke of his father’s “extraordinary talent that we were all extremely proud of”.
The new accounts show that Mr Costelloe’s business continued to be vibrant as he entered his 81st year in June of last year.
The firm’s cash funds and liquid investments increased by €405,662 from €2.6m to €3.01m last year and the accounts state that the company’s turnover “is derived primarily from the design and licensing of fashions under the Paul Costelloe labels”.
The accounts show that two of Mr Costelloe’s children, William and Jessica, were appointed as directors on October 10 last year – only five weeks or before their father’s death on November 21.
The annual return lists William’s occupation as designer and Jessica’s as a singer. Mr Costelloe’s wife, Anne, was already a director of the company.
Directors William Costelloe and Gerald Mescal signed off on the 2025 accounts on August 26. The numbers employed remained at seven made up of four in design and promotion and three in management.
Staff costs, including directors’ pay, increased from €598,044 to €716,776 that included pension payments of €63,767. Directors’ pay last year increased from €322,799 to €369,876.
The accounts show that €137,625 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.
Paul Costelloe had been a feature on the Irish design landscape for decades and his career highs included 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.
Before he established himself as a world renowned designer, Costelloe was selling Bibles in Northern Ireland at the age of 15.
Reporting by Gordon Deegan
