(PRNewsWire) - Maurice and Paul Marciano, brothers and co-founders of global denim lifestyle brand GUESS, together with renowned wine personality Christian Navarro,  announced their purchase of Wally's Wine & Spirits, the world-famous wine and spirit merchant in West Los Angeles from acclaimed founder, Steve Wallace. Opened in 1968, Wally's is the largest retailer of wines and spirits in Los Angeles and has become an institution for wine collectors around the globe.  

The partners purchased the business and its assets from retiring founder, Steve Wallace. Maurice Marciano explained, "My brother Paul and I have been buying wines from Wally's for twenty 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." As part of the acquisition, Christian Navarro has been appointed president. Wally's Wine and Spirits will maintain its well-known name and service.

"Steve built Wally's into the institution it is today through his commitment to customer service and an absolute belief in product," said Paul Marciano. "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."

Maurice and Paul Marciano are wine connoisseurs with a specific passion for wines from Bordeaux and Napa Valley.  Maurice Marciano recently purchased 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 debut in 2014.