IRISH-BORN designer Paul Costelloe yesterday confirmed that a new backer has been found for his womenswear label.

Portuguese company Calvelex, will operate the womenswear licence with immediate effect according to a statement released yesterday.

Calvelex, based in Northern Portugal, has for 21 years specialised in the manufacture and distribution of high-quality garments to the European and US markets. Owner and director of Calvelex, Cesar Araujo , will now be based in London in order to handle the retail side of the Paul Costelloe womenswear operation.

Costelloe opened London Fashion Week for the fifth time yesterday with a womenswear collection incorporating wools from Co Tipperary and Harris Tweed from Scotland.

The announcement of a new backer will come as some relief to the brand which is stocked in 61 stores across Ireland and the UK.

The former Paul Costelloe womenswear backer, Signature Brands International, went into receivership last month.