Wine Spectator: Fashion Executives Buy Los Angeles Retailer Wally’sJune 18, 2013
Guess Inc. founders team up with Wally’s co-owner Christian Navarro to acquire leading LA wine store; 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. Click here for the full story on www.winespectator.com.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.