Hong Kong-based fine wine merchant L’Imperatrice has formally parted ways with its founder Julien Froger and has completed its management transition, the wine company has announced.
Michael Kwong, an entrepreneur specializing in property investment and manufacturing in mainland China, is now heading the company as its Chairman. The news would also confirm that Kwong has now purchased remaining shares from Froger and become the sole shareholder of the company.
L’Imperatrice was at the center of rumors when its former founder and CEO abrupted departed the company and later set up a rival firm, with much of what seems to be duplicating brands.
In a press release, the company states, “As the constant rumors regarding to Julien’s departure, we’d like to emphasize that the company has completed the business transformation with healthy operating and business model, L’Imperatrice will continue to thrive with expansion to new areas.”
The company previously floated the idea of going public, but it’s unknown at this stage if that plan is still on the table.
The fine wine merchant has also hired Hervé Pennequin as its Head of Business Development. Pennequin amassed years of experience working in the US and later Michelin-starred restaurants in France before moving to Hong Kong.
He worked as Head Sommelier at the Hong Kong Jockey Club for five years and later with Omtis Fine Wines in Hong Kong. “Hervé has joined L’Imperatrice to bring a new boost and establish a strong message of dedication to service the estates and client partners’ needs,” the company commented.
It’s worthy to note that the Hong Kong-based company has no ties to Beijing Muyi though the Chinese name is the same.
Muyi was running as the subsidiary company under L’Imperatrice before 2016 as the major operation is located in Hong Kong. When Kwong purchased the major share of the company, the two companies were legally separated, the company explains.