Maurice and Paul Marciano
Guess Founders Add Wine to the Business Formula
They've got the women and the wine. Now all they need is the song.
Paul and Maurice Marciano, co-founders of the LA-based Guess denim lifestyle brand, like their wine. Recently Maurice purchased a boutique winery in Napa Valley where he makes Bordeaux-style red wine that will debut next year. And the pair have been buying their favorite selections of wine for years from Wally's Wine & Spirits in Westwood.
So when the wine store came up for sale, they snapped it up from Steve Wallace, who founded the business in 1968. They purchased it with Christian Navarro, a partner with Steve in the wine store. Wallace had contacted Intrepid Investment Bankers in LA looking for an investor.
"When we heard that Steve was thinking of retiring, we immediately contacted him and expressed our interest in purchasing the business," Maurice said.
Navarro will become president of the company. And Armand Marciano, brother to Paul and Maurice, will become chief executive. For years, Armand has been part-owner of ABS by Allen Schwartz after forming a strategic partnership with the designer in 2003.
Rumor has it that the Marcianos want to expand the top-of-the-line wine store to other cities such as San Francisco, New York, Dallas and Chicago. Maybe they'll start stocking wine in their clothing stores.
