Wine connoisseurs and denim lifestyle brand GUESS co-founders Maurice and Paul Marciano, along with wine personality Christian Navarro, have purchased Los Angeles-based wine and spirit merchant Wally’s Wine & Spirits from founder Steve Wallace.
Opened in 1968 on Westwood Boulevard in West Los Angeles, the store is a retailer of wines, beers and spirits. Its products can also be purchased online at www.wallywine.com.
Under the deal, Navarro has been appointed as president of Wally's, which would operate under the same name.
Maurice said he and his brother Paul have been buying wines from Wally's for 20 years, dealing extensively with Steve and Christian.
"When we heard that Steve was thinking of retiring, we immediately contacted him and expressed our interest in purchasing the business, but only on the condition that Christian would remain in a leadership role," Maurice added.
Paul said Steve built Wally's into the institution it is today through his commitment to customer service and an absolute belief in product.
"That focus on offering the best product with the best knowledge has garnered him the trust of thousands of discerning customers around the world and is something my brother Maurice, Christian, and I are absolutely committed to protecting and building upon into the future," Paul added.
Wally's is the second wine business purchased by the brothers, who are passionate about wines from Bordeaux and Napa Valley.
Earlier, Maurice purchased a winery in Napa Valley, where he produces Bordeaux-style red wine, a 2012 vintage, which is expected to debut in 2014.
