Zoe Foster Blake scores massive bargain buy

Beauty icon and entrepreneur Zoe Foster Blake has bought back her stake in Go-To Skincare for a fraction of the price she sold it for in 2021.

Beauty icon and entrepreneur Zoe Foster Blake has bought back her stake in Go-To Skincare for a fraction of the price she sold it for in 2021.

According to documents filed with the Australian Securities and Investments Commission, Ms Foster Blake began rebuilding her stake in the company in July this year.

Go-To Skincare, founded by Zoe Foster Blake, launched in Australia nine years ago.

She and fellow co-founder Paul Bates sold 50.1 per cent of Go-To to stock exchange listed-BWX Group for $89 million in 2021.

The pair now own 59.68 per cent of the business, having bought the stake for just $21.8 million.

BWX collapsed in April this year, owing creditors more than $100 million, however Go-To was not in administration or receivership and continued to trade while a buyer for the business was sought.

Despite the 2021 sale, Ms Foster Blake continued to work as chief creative officer at the brand, which is known for its affordable, mass market skincare with a luxury feel.

Ms Foster Blake founded the business in 2014 after years of working as a beauty editor.

Zoe Foster Blake is married to comedian Hamish Blake.

Speaking about the sale, Ms Foster Blake told The Australian Finance Review: “It is my joy and privilege to give both my full focus and attention [to Go-To].”

KPMG Australia’s turnaround and restructuring services partner Gayle Dickerson said: “We are pleased to have executed the sale of the BWX stake in Go-To Skincare.”

“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.”

Originally published as Zoe Foster Blake scores massive bargain buy