Zoë Foster Blake’s $21.8 million Go-To deal is the latest BWX skincare buy-back

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.

Source: Facebook/Go-To Skincare

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.