On Monday the 3rd of April, BWX, a parent company of popular beauty brands like Sukin and beloved Go-To skincare went into voluntary administration. The collapse comes after the business reported a 100-million-dollar loss within the first half of the financial year. Following the CEO Rory Gration’s resignation, the company faced significant debt with a further decline in sales, leaving BWX with no alternative decision.
One of the most significant implications of the BWX's collapse, is the future of Go-To Skincare. The skincare brand with a cult following was founded by beauty entrepreneur Zoe Foster Blake. The brand, which prides itself on its natural and effective products, has been a success story since its launch in 2014. Go-To Skincare quickly gained a loyal following and became a staple in the beauty routines of many Australian women, with Foster Blake becoming one of the most successful beauty entrepreneurs in the country.
With BWX's collapse, many have wondered about the fate of Go-To Skincare, which was bought by the parent company. However, Foster Blake has announced that the brand will continue to operate independently. In a statement, she said, "Go-To Skincare has always been a separate and autonomous company to BWX, and we will continue to operate as such. Our focus remains on providing effective, affordable, and fun skincare for everyone."
However, Go-To Skincare has announced that it is currently looking for a new potential buyer for the 50.1% controlling stake. This decision comes after Zoe Foster Blake sold the company in 2021, in the hopes to take a step back from its day-to-day running.
While the future of Go-To Skincare may not be directly tied to BWX, the collapse of the parent company may have a significant impact. BWX's financial troubles may mean a decline in resources and support for Go-To Skincare, and this will mean a significant impact to the overall running and marketing of the brand.
Despite the uncertainty, fans of Go-To Skincare can take comfort in the brand's continued commitment to providing natural and effective products. As Foster Blake noted in her statement, "We remain as committed as ever to our mission of delivering the best possible skincare experience to our customers."
BWX are now looking at restructuring the company to ensure progress and longevity, until then directors say they will continue business as usual.