MARCIANOS BUY: Maurice, Paul and Armand Marciano, brothers and cofounders of denim lifestyle brand Guess, have acquired Wally’s Wine & Spirits from its founder Steve Wallace for an undisclosed amount, according to Philippe Faraut, managing director at Intrepid Investment Bankers.
Intrepid represented Wallace in the deal. Wally’s first opened in 1968 and is the largest retailer of wines and spirits in Los Angeles. Wine personality Christian Navarro is a partner with the Marciano brothers in the acquisition, and will continue with the company.
This story first appeared in the June 19, 2013 issue of WWD. Subscribe Today.
The Marciano brothers are no strangers to Wally’s, having been customers for 20 years. Paul and Maurice are wine connoisseurs, with a passion for wines from Bordeaux and Napa Valley. In addition, Maurice recently acquired a boutique winery in Napa Valley where he produces a Bordeaux-style red wine. His first release will be a 2012 vintage that is expected to make its debut in 2014.
Faraut said the Marcianos, “who are brand marketers, can take the Wally’s brand and develop it into a major retail brand.” He added that Armand will become the new chief executive officer of Wally’s.