Zoe Foster Blake caught up in huge $337 million loss

The value of Zoe Blake Foster’s skincare range has been hammered after its Forrest-family backed owner posted a massive 2022 loss.

Zoe Foster Blake has suffered a $30 million hit after the value of her skincare range was slashed.

The ASX-listed owners of her Go-To brand posted a $337 million annual loss after a suite of departures from its board.

The loss has forced BWX to revalue its brands, with $73 million wiped from Foster Blake’s brand.

Foster Blake sold 50.1 per cent of her Go-To business to ASX-listed company BWX in August last year for $89 million.

She was expected to sell the remaining stake for about the same amount.

But BWX’s revaluation of the skincare brand will slash $30 million from the payment she was expected to receive from selling the remainder.

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Hamish Blake and Zoe Foster Blake. Foster Blake has been caught up in a $337m BWX loss. Picture: Brendon Thorne

BWX - backed significantly by mining magnate Andrew ‘Twiggy’ Forrest and his wife Nicola – also host the brands Sukin, Andalou and Mineral Fusion.

However, the outfit has yet to trade since August, when shares traded at 63 cents, after it was suspended from the stock exchange due to delayed results.

The company’s managing director, Rory Gration, said the company was working on righting the ship.

“As a business, we are facing into the challenges by stopping historical unsustainable sale practices, recalibrating our cost base, and committing BWX to return to a stronger, more focused and disciplined organisation with a consistent revenue and earnings profile,” he said.

“FY22 was a disappointing year for financial performance.”

Andrew ‘Twiggy’ Forrest and wife Nicola own significant shares in BWX. Picture: Keryn Stevens

The BWX board will be headed by Reject Shop chair Steven Fisher, whose appointment was announced on Monday, in place of departing chairman Ian Campbell.

Foster Blake launched her skincare range Go-To in 2014, and a men’s range – Bro-To – in 2016 after over a decade working for fashion and beauty publications including Cosmopolitan and Harper’s Bazaar.