Monica was born and raised in Manhattan. After graduation from Colorado College, where she focused on Fine Arts, she returned to New York to work as a fashion stylist. She ultimately worked on such accounts as Gucci, Clinique and Lancome.
In 1989, Monica moved to Europe, where she continued her fashion styling career. She worked with a wide array of high-end accounts, including Volvo, Porsche, and Hennes and Mauritz (H&M).Over the next six years, she pursued her career as a fashion stylist based in New York and worked on magazine editorials, as well as advertising campaigns.
In 1996 Monica moved into interior design, as head of interiors for the renowned New York architect Annabelle Selldorf of Selldorf Architects. In this environment Monica honed her eye for refined elegance. There she also learned to use the unexpected combination of materials "luxurious and utilitarian" to create a new look. This technique is now part of the MZ Wallace philosophy.
Lucy was born and raised in Manhattan. She began her career in fashion as a teenager with the French clothing company agnes b. At 19, Lucy joined master shoe designer Manolo Blahnik in New York, where she worked with the press and as store manager. In 1989, she moved to the editorial side of fashion, to the start-up magazine Mirabella as an Assistant Fashion Editor. When she left four years later to join Harper's Bazaar she was Senior Associate Accessories Editor.
At Harper's Bazaar, under the tutelage of legendary editor, Liz Tilberis, Lucy was named Senior Accessories Editor, responsible for coverage of the accessory and shoe market. She was later appointed Accessories Director at Elle in 1994.
Lucy then turned to design, joining Schwartz and Benjamin in product development. She spent half the year in Italy, working on the Anne Klein footwear lines with designers Manolo Blahnik and Patrick Cox. She later moved to Patrick Cox Company as Vice President of North American operations.