Founded by wealthy Italian businessman Luca Bassani in 1994, Wally started out primarily as a sail boat design firm and have more recently branched out into designing cutting edge motor yachts, one of the most noteworthy to date of these power boats is the 118 WallyPower. Wally's sailboats and motor yachts range from the recently introduced Nano 11-metre day sailer/racer through the 24-metre range, and often exceed 30 to 60 metres inlength.
Wally is considered to be one of the premier yacht builders, noted for its unique blend of stylish, sleek, minimalist design, power and comfort. Celebrities owning a Wally includeGianni Agnelli, Juan Carlos I of Spain, Marco Tronchetti Provera, and Lindsay Owen-Jones.
In March 2008, Wally unveiled its new luxury megayacht WallyIsland.
In 2009 Wally & Hermes joined to create WHY-YACHTS (Wally-Hermès Yachts) which is dedicated to a new lifestyle of living on the sea.