Popular Aussie personal care brand, Sukin, saved after collapse

A popular Australian skincare brand has been saved after being snapped up by a company owned by its former CEO for a staggering $70 million.

Well-known Aussie personal care brand Sukin has been bought by a company owned by its former CEO.

The future of Sukin was under a cloud after its former owner, the Australian Securities Exchange (ASX)-listed BWX, collapsed into administration in April 2023, owing the Commonwealth Bank around $105 million.

Sukin, along with other brands owned by BWX, were put up for sale by BWX’s receivers, KPMG.

In a statement KPMG confirmed that PNB Consolidated, which is majority-owned by former BWX CEO John Humble, has bought Sukin and its Melbourne manufacturing facility.

It is understood the sale price was just over $70 million.

Sukin has been bought by a company owned by its former CEO, John Humble.

KPMG Australia’s restructuring services partner David Hardy said: “We are delighted to announce the sale of the Sukin brand.

“Importantly, we have been able to reach an outcome that keeps both this wonderful brand and high-end manufacturing operations together.”

It’s not the first time Mr Humble has tried to gain control of Sukin.

In 2018, he launched a $860 million management buyout of BWX, backed by Bain Capital.

After the bid failed, Mr Humble left the company.

Sukin products are sold in Coles, Woolworths and pharmacies across Australia.

Sukin was launched in 2007 and its products include a range of hair, face and body washes and moisturisers, which are widely sold in Australian pharmacies, as well as supermarket giants Coles and Woolworths.

The brand is popular with consumers due to their natural ingredients and low price point compared to other natural skincare brands.

Sale documents said Sukin is “perfectly positioned to leverage global consumer trends towards green beauty, underpinned by clean formulations, sustainability and ethics”.

BWX also owned a stake in Zoe Foster Blake’s Go-To Skincare business, which the beauty entrepreneur recently repurchased, along with other beauty brands such as Edward Beale Hair Care.

Originally published as Popular Aussie personal care brand, Sukin, saved after collapse