It’s hats off to renowned Irish milliner Philip Treacy as accounts show his fashion firm recorded profits of £110,585 (€128,066) last year.
The designer has achieved worldwide recognition and has a client base which includes Lady Gaga, Sarah Jessica Parker, Grace Jones, and the Beckhams.
Accounts filed by 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 Jun 30, 2012, reducing the accumulated losses from £210,009 to £99,151.
During the period, the firm’s cash increased from £192,753 to £229,477.
The profit secured last year allowed the firm to swing from a shareholders’ deficit of £59,909 to shareholder funds of £50,949.
The profitable performance last year followed a loss-making one in 2011 when accumulated losses increased from £111,317 to £210,009
The abridged accounts do not provide a revenue figure or salaries paid out during the two years.
Treacy’s profile was further enhanced during 2011 when he provided headwear to 36 of the wedding party to the wedding of Kate Middleton and Britain’s Prince William.
One of the hats included Princess Beatrice’s Pink Satin Bow which drew much criticism as well as praise.
In a radio interview with RTÉ last month, Treacy said the hat “was one of the best hats 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 Treacy’s best known creations was a telephone shaped headpiece with a removable handset worn by Lady Gaga in 2010.
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 said: “I’m representative of 21st century Irish design so I promote Irishness all over the world, where ever I go, I am very proud to be Irish.”
Offering advice to budding designers, Treacy said “to dare and don’t hold back” and “to aim high and work hard”.
The Galway man made his first hat in the National College of Art and Design (NCAD) from a straw hat and he sold it to his tutor.
The 45-year-old then won a place at the Royal College of Art and became its first millinery student in its 165-year history.
In the RTÉ interview, Treacy recalled as a young boy going to the local church to see weddings.
A spokeswoman for Philip Treacy Ltd said yesterday that the company did not wish to comment on its business.
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