The Irish Times has made an investment in a new women's magazine publishing group, Gloss Publications, which has been set up by the former managing director of Image Publications, Jane McDonnell.

The company is planning to publish a new title, Gloss, within a few months, aimed at the top end of the women's magazine market.

The monthly magazine is expected to sell for €4 and to have an initial print run of 30,000 - 35,000 copies.

The new company was established last year by sisters Jane and Sarah McDonnell, following their departure from Image magazine.

According to Jane McDonnell, managing director of the new title, Gloss will aim to offer "an exciting visual and literary alternative to the generic sameness of most women's magazines".

The new magazine has been designed by Spanish designer Fernando Gutierrez of Pentagram. Tracy Ormiston, also formerly at Image, has joined the team as advertising director.

Maeve Donovan, managing director of The Irish Times, said: "Jane McDonnell has an extremely successful track record as a magazine publisher. She has brought together a talented team to realise her vision of an imaginative and stylish new product for the Irish market. We are very pleased to be involved in this exciting new venture."

The magazine sector is currently enjoying strong fortunes after some high-profile closures a few years ago.

Data produced by the Periodical Publishers' Association of Ireland shows that almost €180 million is spent each year by Irish advertisers in various titles. This represents 12 per cent of the total advertising spend in the Republic.