Bonjour founder bankrupt as more family woes loom

Jane Cheung

The founder of local cosmetics chain Bonjour, Wilson Ip Chun-heng, has been declared bankrupt by the High Court, with a subsidiary company of the corporation ordered to wind up.

The 66-year-old Ip, who is understood to be over HK$20 million in debt, did not appear in court when High Court judge Peter Ng Kar-fai made the ruling.

In November last year, Fulling Ltd - a subsidiary under Wang On Group Ltd - applied for bankruptcy for Ip, his wife Chung Pui-wan and his son Tarzan Ip Wai-tung, who is the boyfriend of Cantopop singer Joey Wong Ho-yee.

The hearing for his wife and son has been scheduled for February 7.

Before the bankruptcy petition was heard, Fulling told the court that Ip would attend the hearing without legal representatives. But he did not show up.

In the absence of Ip's objection, or further proposals on settlement, Ng declared Ip bankrupt.

In an earlier hearing on the petition, Ng ordered the liquidation of Hop Fung Lung Ltd - formerly known as Bonjour Cosmetics Wholesale Center Ltd - with a debt of HK$3.9 million.

Three companies - For Lung Air-Condition Engineering Ltd, Daily View Investment Ltd and Stead On Investment Ltd - filed the winding-up petitions against Hop Fung Lung last year.

In a statement, Bonjour Holdings Ltd said Ip and Chung as of February 2020 are no longer key shareholders of the group and that they stepped down from their duties in June 2021.

"The lawsuits involving the three people from the Ip's family are unrelated with Bonjour. Neither do they affect our business," the statement said, adding it bears no responsibility to cover Hop Fung Lung's debts.

Bonjour Holdings was established in 1991, targeting parallel traders for French cosmetic products.

In 1996, the company introduced Japanese makeup and skin-care products, triggering a wave of "discount wars" while becoming a major competitor to local cosmetics giant Sa Sa.

At the peak of its business in 2011, Bonjour had an estimated market value of HK$4.9 billion, with up to 47 branches across Hong Kong, Macau and Guangzhou.

But the company's sales took a turn for the worse from 2012.

With the Covid surge in 2020, Bonjour's 2021 financial report recorded a net deficit of HK$208 million.

Only three Hong Kong shops - in Tsuen Wan, Tsim Sha Tsui and Causeway Bay - are still open.

Last year, the Ip family sold a house at Kau to Shan for HK$41 million to Tang Wai-man, the daughter of Wang On chairman Tang Ching-ho, shortly before Ip's HK$54 million loan from Fulling expired.

The 2,378-square-foot house, bought for HK$14 million in 2003, comes with three bedrooms, including a private pool and a theater.

Additionally, the Ip family had owned 11 horses, with all having retired from the club, according to the Hong Kong Jockey Club.

Tarzan Ip, a car lover, owned a fleet of Ferraris and Porsches.

His girlfriend, 34-year-old singer Wong, known as JW, had commented publicly on their relationship. "I don't think we're very far from getting married," she said.

jane.cheung@singtaonewscorp.com