Go-To Skincare co-founder Zoë Foster Blake, who sold a majority stake in the cult-favourite brand for $89 million just two years ago, has reclaimed ownership in a deal worth $21.8 million.
In one of the more remarkable corporate trajectories in recent memory, Foster Blake, who sold a 50.1% stake in Go-To Skincare to BWX in 2021, has agreed to a share buy-back valued at $8 million.
The Australian Financial Review, which broke the news, reports further funding will help extricate Go-To Skincare from BWX, which collapsed into administration this April.
Millions of dollars will go towards undoing a commitment BWX made to purchase the remaining 49.9% stake from Foster Blake in September 2024 for at least $59 million.
Separately, Go-To co-founder Paul Bates chipped $500,000 into the share buy-back deal.
The cumulative $21.8 million total will reportedly help BWX pay down its obligations to secured creditor Commonwealth Bank.
The deal puts Foster Blake, who remained in the Go-To ranks as a chief creative officer and a board director, back in charge of the brand.
In a statement to the AFR, Foster Blake said she will give her “full focus and attention” to the business she founded in 2014.
SmartCompany has contacted Go-To Skincare for comment.
The deal has confirmed long-running speculation that Foster Blake was well-placed to buy back the brand at a considerable discount, considering parent company BWX’s broader corporate woes.
In doing so, she has also joined Flora & Fauna founder Julie Mathers in an exclusive club: beauty and skincare entrepreneurs to have sold their venture to BWX, only to buy it back.
Mathers, who sold the brand to BWX in 2021 for $30 million, this year teamed up with New Zealand-based HealthPost to retain control of the brand.
The Mathers-HealthPost connection also secured Nourished Life, a retailer of ethical beauty, haircare, and wellness products, from BWX.
The process of offloading other well-known brands in the BWX portfolio, including its most valuable brand Sukin, is ongoing.
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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