Zoë Foster Blake has broken her silence on buying back her stake in her skincare brand Go-To after beauty company BWX went bankrupt.
The Australian author, 43, sold her 51.5 percent stake in her beauty brand to the ASX-listed beauty conglomerate for $89 million for the first time in 2021.
But just two years later, Zoë and Go-To co-founder Paul Bates bought back their controlling stake in the company for a fraction of the $21.8 million price, after BWX went into administration in April 2023.
Looking back on the turbulent time, Zoë admitted she felt ‘way out of her depth’ with the deal, as there is no ‘handbook’ for finding the perfect business partner and investor.
“How did you know when it was the right time? How did you know they were the right partner? Because there is no manual,” she told the newspaper Financial Overview. ‘
Zoë Foster Blake has broken her silence on buying back her stake in her skincare brand Go-To after beauty company BWX went bankrupt
The wife of comedian Hamish Blake said she felt “motherly” towards Go-To and did everything she could to save the company after the BWX deal unraveled.
‘There’s nothing like seeing your baby in trouble to get you started. I thought, ‘I’m here, I’m going to protect my baby at all costs.’ I felt very motherly, nothing has strengthened me as much as this,” she said.
“The thought that I might be leaving the company next year (under the original BWX deal) is now unfathomable, I’m getting right back into it,” she added.
Zoe also discussed her blossoming career as a businesswoman and admitted that she was never a child with big business ambitions and that she is the advertisement for learning as she discussed how to overcome recent hurdles.
She said she put everything into her decision to buy back her shares to ensure she was doing the right thing for her brand, admitting: ‘I couldn’t live with myself if I messed up.’
In December, Zoë bought back her stake in Go-To Skincare for $21.8 million, after selling it to BWX for $89 million. Since then, she has been celebrating her brand’s 10th anniversary with a party (photo)
Despite the turbulent times, Zoë is celebrating Go-To’s tenth anniversary this year and organized a party last weekend to commemorate the incredible achievement.
In an Instagram post, Zoë spoke about her brand’s “brilliant team” as she celebrated ten years of her “thriving” business with a low-key at-home party.
‘It is a real pleasure and a privilege to take care of your skin. I love this company, this community and this adventure. Here’s cheers to ten years,” she wrote.
For the drinks reception, which she hosted at her home, she cut a glamorous figure in a beautiful peach satin dress as she pulled out all the stops for the party.
Last year, Zoë bought back her stake in Go-To Skincare for $21.8 million, after selling it to BWX for $89 million two years earlier.
She admits she felt ‘way out of her depth’ with the original BWX deal and says she felt a ‘motherly’ need to save her business
Zoë founded Go-To Skincare in 2014 and has now fully returned to running her business and has now entered its 10th year of business with a huge achievement
“This is an incredible brand and company, with a very passionate team and an incredibly loyal and supportive customer,” she said The Australian Financial Review at the time it buys back its shares.
“It is my joy and privilege to give both my full focus and attention (to Go-To).”
Zoë, who founded the brand in 2014, continued as Chief Creative Officer and Director of Go-To after initially selling her shares to BWX, and is now back at full speed running her business.
BWX suffered a $335 million loss in the 2021-2022 financial year, with mining magnate Andrew Forrest stepping in to save the company.
The business owner hosted a get-together at her home last weekend to commemorate the incredible achievement
She cut a glamorous figure in a stunning peach satin dress at the party, where she was joined by her friends including designer Nikki Parkinson.
Go-To had distanced itself from BWX, saying it is operationally independent, despite BWX owning 51 percent of the shares.
BWX revealed in February 2023 that it had lost another $100 million in the first half of the fiscal year when the company’s CEO Rory Gration resigned.
In April, BWX was admitted voluntarily. KPMG was appointed to deal with its collapse.
