Monday 23 October 2017

Hats off to celebrity designer Treacy as profits jump

Philip Treacy with model Sarah Morrissey wearing one of his creations
Philip Treacy with model Sarah Morrissey wearing one of his creations

Gordon Deegan

Galway-born hat designer Philip Treacy's new accounts show that accumulated profits at his fashion firm totalled £335,082 (€386,487).

Treacy has achieved worldwide recognition with his designs and has a client base that includes Lady Gaga, Madonna, Beyonce, David and Victoria Beckham, Grace Jones and Sarah Jessica Parker.

New accounts filed by London-based Philip Treacy Ltd show the firm's profits increased from £300,820 to £335,082 in the 12 months to the end of June 30 last.

The figures lodged with Companies House in the UK show that the cash pile at Treacy's firm increased from £293,608 to £301,000.

The increase in profit followed a number of years of strong growth at the firm. In 2015 accumulated profits increased by £48,558 while profits soared in 2014 by £238,604.

The profits recorded in 2014 were more than double the £112,812 profit recorded in 2013 and the profits of £110,585 in 2012.

The abridged accounts do not provide a revenue figure or salaries paid out during the two years.

The 2016 accounts, signed off yesterday by Mr Treacy, show that the firm's shareholder funds last year totalled £450,920 that included share capital of £150,100.

The firm's business includes the operation of the Philip Treacy boutique at Belgravia in London.

Lady Gaga - who made famous one of Treacy's best known creations, a telephone-shaped headpiece with a removable handset - has previously declared at a London Fashion Week event that Treacy "is the greatest milliner in the world".

He also designed pieces for the Harry Potter films and a number of the British royal family who attended the wedding of Prince William and Kate in 2011.

Reflecting on his career in a previous interview, Mr Treacy said: "I am lucky that I have such an interesting job because it makes for an interesting life." A native of Ahascragh, Co Galway, Treacy made his first creations in the National College of Art and Design.

Irish Independent

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