The ASX-listed owners of Zoe Foster-Blake’s skincare range have slashed the value of the entrepreneur’s brand as part of a wider review of the business.
The ASX-listed owners of Zoe Foster-Blake’s skincare range have slashed the value of the entrepreneur’s brand as part of a wider review of the business that has led to it posting $335 million loss for the 2022 financial year.will slash $30 million from the $89.
The weakness across the business has forced BWX to revalue its brands, with the company slashing $73 million from the overall value of Foster Blake’s business, a more than $100 million hit from the price BWX put on the business when it acquired it in 2021.That value reduction included a $43 million impairment on its value of the 51.
BWX, which has high debt levels, has vowed to cut its inventory, slash costs and divest brands to bring its balance sheet under control. It has also lowered its guidance for 2023, from expected revenue of $260 million to $270 million to $210 million to $230 million. Expected underlying earnings target for the period of between $45 million and $49 million has been revised down to between $25 million and $30 million.
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