Hats off to Philip Treacy's profits
It's hats off to renowned Irish milliner Philip Treacy as new accounts show that the Galway man's fashion firm recorded profits of £110,585 (€128,066) last year.
The designer has achieved worldwide recognition with his original hat designs, and has a client base that includes Lady Gaga, Sarah Jessica Parker, Grace Jones and Posh and Becks.
New accounts filed by Mr Treacy's London-based Philip Treacy Ltd to Companies House in the UK show the firm recorded a post-tax profit of £110,585 in the 12 months to the end of last June, reducing the firm's accumulated losses from £210,009 to £99,151.
During the same period, the firm's cash increased from £192,753 to £229,477.
Mr Treacy's profile was further enhanced during 2011 when he provided headwear to 36 of the wedding party to the royal wedding of Prince William and the Duchess of Cambridge Kate Middleton. One of the hats included Princess Beatrice's pink satin bow.
In a radio interview with RTE last month, the multi-award-winning Mr Treacy said that the hat "was one of the best I ever made and one of the most technically accomplished".
"That hat has become the pop culture symbol of the wedding. It raised $130,000 for charity and turned princess Beatrice into an international star."
Another of Mr Treacy's best known creations was a telephone-shaped headpiece with a removable handset worn by Lady Gaga in 2010.
Mr Treacy – who received an honorary OBE for services to British Fashion in 2007 – has also designed hats for collections by the world's top fashion designers: Valentino, Karl Lagerfeld, Ralph Lauren and Donna Karan.
Mr Treacy, who is creative director of the G hotel in Galway, said: "The fashion business is really about hard work, it is not about luck ... You have to deliver the goods.
"I'm representative of 21st century Irish design, so I promote Irishness all over the world wherever I go. I am very proud to be Irish."
Offering advice to budding designers, Mr Treacy (45) said "to dare and don't hold back" and "to aim high and work hard".