Zoe Foster-Blake suffers a $30MILLION blow as the value of the businesswoman’s ‘no bull’ skin-care range is written down
- Foster-Blake sold 50.1 per cent of her company to ASX-listed company BWX
- She was expected to sell the remaining stocks, but value dropped by $30million
- Beauty retailer delayed financial accounts and banned from stock exchange
Entrepreneur Zoe Foster-Blake has suffered a $30million blow as the value of her share of Go-To – the skincare range she founded – is written down.
The beauty mogul, 42, sold 50.1 per cent of her business to ASX-listed company BWX for $89million in August last year. Foster-Blake was expected to sell her remaining 49.9 stake for roughly the same amount.
However, financial reports released on Monday show Ms Foster-Blake’s remaining holdings are now worth substantially less – meaning she would be paid out $30million fewer should she sell.
Skincare entrepreneur Zoe Foster-Blake has suffered a $30million blow as the value of her holdings in Go-To are written down
Furthermore, the value of the BWX-owned majority share in Go-To has plunged by $43million, the Sydney Morning Herald reported.
BWX, which boasts a portfolio popular beauty brands including Sukin and Mineral Fusion, recently lost its chief financial officer and sought fresh funding to restructure the business.
The lengthy delay saw the beauty retailer temporarily banned from the Australian Stock Exchange, the Herald reported.
Financial weaknesses spread across the company resulted in Go-To being valued worth $73million less than anticipated.
Former beauty journalist Ms Foster-Blake has built a skincare empire promising ‘no faux-science or bullsh**’
A hydrating sunscreen sold by Go-To
That’s $100million less than what Foster-Blake’s brand was valued at in 2021 when it was first acquired.
Foster-Blake, the former beauty journalist wife of comedian and radio presenter Hamish Blake, founded Go-To after reviewing ‘bazillions’ of products, her website says.
The brand follows promises ‘no faux-science or bullsh**’ products and claims to be ‘uncomplicated skincare that actually works’.
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