By Jessica Yun
Go-To Skincare founder Zoe Foster Blake has regained ownership of her beauty business after buying back the 50.1 per cent stake for $21.8 million along with co-founder Paul Bates.
Collapsed beauty company BWX, which bought the stake in August 2021 for $89 million, has been seeking a buyer for it for months after sliding into administration in April.
Zoe Foster Blake has regained total control of her Go-To skincare business.Credit: Kristoffer Paulsen
Blake said she was excited to “gallop” into the skincare brand’s tenth year of operations.
“This is an incredible brand and business, with a deeply passionate team and an incredibly loyal and supportive customer. It is my joy and privilege to give both my full focus and attention.”
Although BWX has collapsed, partially due to the steep price of the stake’s initial purchase, Go-To Skincare has traded normally as it is operated independent of BWX.
KPMG was appointed by BWX to handle its collapse.
“This transaction returns control of the company to its founder whose deep and intimate understanding of Go-To will be of significant value to the brand’s future direction,” said KPMG Australia restructuring partner Gayle Dickerson.
Foster Blake launched Go-To in 2014 after several years as a beauty editor and wanting to build a simple, effective skincare line from the knowledge of skincare ingredients she had accumulated.
“I’ve earned my stripes today,” she said after closing the $89 million deal with BWX for half the business.
“Yes, I am an entrepreneur.”
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