Guess Executives Buy Top Los Angeles Retailer Wally’s Wine & Spirits

Winespectator.com 18 June 2013
Co-owner Christian Navarro and Marciano brothers buy store from founder Steve Wallace; sources say possible national expansion in the works.
Wally’s Wine & Spirits, arguably one of Los Angeles’ top wine stores, is being sold by founder Steve Wallace to a group that includes store co-owner Christian Navarro and Maurice, Paul and Armand Marciano, founders and executives at global fashion firm Guess. Navarro told Wine Spectator he expects the deal to close within days, pending approval by California’s Department of Alcoholic Beverage Control. Maurice and Paul Marciano are the chief investors; Navarro will take over as president and COO of the company and Armand Marciano will be CEO. The buyers would not disclose the purchase price, nor would they confirm reports from industry sources that they may expand into new markets.
Founded by Wallace in 1968, Wally’s is known for its large wine and spirits selection and a star clientele, including Tom Cruise, Jack Nicholson, Diane Keaton, Danny DeVito and Kareem Abdul Jabbar. Navarro, who has worked at the store for 20 years, has expanded that reputation, serving as informal wine adviser for celebrities and supplying wines for movie studios to use as props during filming.
Navarro’s clients include the Marciano brothers, who are passionate wine collectors. Knowing that Wallace was planning to retire, Navarro said he and the Marcianos began discussing the idea of buying Wally’s several months ago. The idea quickly gained steam. “They are very intelligent and are brilliant, creative marketers, which is what we need,” said Navarro of the Marcianos. “They have extreme retail knowledge—global retail knowledge.”
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