While I'd agree there's no market for a Vogue, I have never understood why there's not an Irish Elle, because the country could easily sustain one, given the economy, the confidence, the range of stores in many of the cities (from high-end Brown Thomas to niche boutiques), the heritage of creativity, the thriving artistic community, the ever-ready pool of home-grown talent, the calendar of events in the country (there are always fashion shows and related events going on) and the proximity to London (it's not very far for anyone to travel to Dublin and back).
A quarterly Elle Ireland could thrive, given a good enough cover and original content. There are innumerable local publications - Image, Tatler - which come nowhere near the production values of an Elle publication, so I think Elle Ireland could knock 'em dead. Easily, with the right editor.