Zoë Foster Blake scores a big bargain when she buys back her stake in Go-To Skincare for $21.8 million… two years after selling it for $89 million
Beauty guru Zoë Foster Blake has bought back her stake in Go-To Skincare for a fraction of the price she sold it for two years ago.
Comedian Hamish Blake’s wife sold her 51.5% stake in the beauty brand to BWX Group – an ASX-listed beauty conglomerate that filed for bankruptcy in April – for $89 million in 2021.
According to documents lodged with ASIC, Foster Blake and Go-To co-founder Paul Bates have bought back their controlling stake in the company for just $21.8 million.
“This is an incredible brand and company, with a very passionate team and an incredibly loyal and supportive customer,” Foster Blake said The Australian Financial Review after the sale.
“It is my joy and privilege to give both my full focus and attention [to Go-To]she added.
Beauty guru Zoë Foster Blake (left, with husband Hamish Blake) has bought back her stake in Go-To Skincare for a fraction of the price she sold it for two years ago.
Go-To Skincare is now preparing for its 10th year of existence.
Foster Blake started Go-To in 2014 and sold her 51.5% stake in the company to BWX for $89 million in 2021.
After the sale, she continued as Chief Creative Officer and director of Go To Skincare.
According to documents lodged with ASIC, Foster Blake and Go-To co-founder Paul Bates have bought back their controlling stake in the company for just $21.8 million.
“This is an incredible brand and company, with a very passionate team and an incredibly loyal and supportive customer,” Foster Blake told The Australian Financial Review after the sale.
Unfortunately, BWX suffered a $335 million loss in the 2021-2022 financial year, with mining magnate Andrew Forrest stepping in to save the company.
Go-To had distanced itself from BWX, saying it is operationally independent, despite BWX owning 51 percent of the shares.
BWX announced in February that it had lost a further $100 million in the first half of the financial year when the company’s CEO, Rory Gration, resigned.
In April, BWX was admitted voluntarily. KPMG was appointed to deal with its collapse.
Foster Blake started Go-To in 2014 and sold her 51.5% stake in the company to BWX for $89 million in 2021