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Bucherer USA, Parent Company of Tourneau, Announces Acquisition of Baron & Leeds

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Bucherer USA, the parent company of Tourneau, announced today that it
has acquired Baron & Leeds, a premier luxury retailer of fine watches
and jewelry in California and Hawaii. Terms of the transaction were not
disclosed.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180813005590/en/

Founded in 2002, Baron & Leeds is an internationally recognized shopping
destination for fine timepieces and jewelry. The Company operates two
Rolex boutiques located at South Coast Plaza in California and
International Market Place in Honolulu. The Company also owns and
operates two Baron & Leeds stores located in Maui at Whalers Village in
Lahaina and at The Shops at Wailea.

Ira Melnitsky, Chief Executive Officer of Tourneau, commented, "The
acquisition of one of the country's leading retailers of fine watches
and jewelry represents an important step forward in the continued growth
of Tourneau. We are proud to be able to expand our customer
relationships in both California and Hawaii. Baron & Leeds has always
shared our passion for exceptional products and unparalleled customer
service and we are excited to welcome all of their employees to our
team."

Guido Zumbühl, CEO of the Bucherer Group, said, "We take great pride in
partnering with companies who complement and align with our quest for
perfection, warm hospitality and constantly aspire to delight customers
with fascinating brands and products. Baron & Leeds meets all of these
criteria and we are excited to welcome them to the Bucherer family."

About Bucherer:

BUCHERER – A TRADITION-STEEPED SWISS FAMILY-OWNED ENTERPRISE

In 1888, businessman and entrepreneur Carl-Friedrich Bucherer and his
wife Luise opened their first watch and jewelry store in Lucerne at
placid Lake Lucerne and thereby laid the foundation for the successful
family-owned enterprise. Even at that time Switzerland was a popular
destination for guests from all over the world and enjoyed an
outstanding reputation for its art of watchmaking. Today, Bucherer is
the largest provider of watches and jewelry in Europe. Steeped in
tradition, the company has been fostering the art of making watches and
jewelry for decades, and is proud to be able to offer its international
clientele a broad range of luxury watch brands including what is
arguably one of the most comprehensive range of Rolex watches.
Bucherer's collaboration with Rolex began as early as the 1920s and is
one of the company's most important cornerstones to this day.

The Bucherer brand is present at 35 exclusive locations in Europe: It
has 15 stores in Switzerland, 11 branches in Germany, a flagship
boutique in Vienna, the world's largest watch and jewellery store in
Paris, a store in Copenhagen, Denmark and, since 2017, four boutiques in
London. In January 2018, Bucherer also announced its takeover of the US
luxury watch retailer Tourneau, which has 24 stores across the US. The
company employs over 1,750 staff and is currently managed by Jörg G.
Bucherer, meaning it has now been under the stewardship of the Bucherer
family for three generations. The Bucherer headquarters remain in
Lucerne to this day.

Bucherer is much more than a watch retailer today. In addition to retail
stores, Bucherer sets itself apart with its Carl F. Bucherer watch
manufacturing brand and a separate jewelry line under the brand name
Bucherer Fine Jewellery. The rich tradition and world-class quality of
each of these lines speak for themselves and the competency of the Swiss
house.

In fine Swiss watches, the Carl F. Bucherer name has been synonymous
with quality, innovation and passion since 1888. Founded in Lucerne, it
has become an internationally renowned global brand characterized by its
founder's pioneering spirit and the cosmopolitan esprit of its home.
Carl F. Bucherer is one of the few remaining family-owned Swiss watch
manufacturers.

Timepieces and movements are developed and produced in the brand's own
workshops in Switzerland. Milestones are the manufacturer's own movement
families, which are partly driven by an external rotor – an innovation
that Carl F. Bucherer was the first to put into series production. With
its exclusive watch creations, Carl F. Bucherer epitomizes high-quality
Swiss craftsmanship, unmistakable style and detailed sophistication.

At the same time, Bucherer has established an exclusive reputation over
the past 130 years for first-class jewelry offered under the brand name
Bucherer Fine Jewellery. Collections are designed and produced in the
company's own ateliers, and the company's expertise is second to none in
diamonds and unique gemstones. These unique elements are the core
components of the Bucherer Fine Jewellery range. For more information,
please visit www.bucherer.com

We are gladly available at your disposal for further information.

CONTACT

Bucherer AG
Jörg Baumann – Director of Marketing & Business
Development
joerg.baumann@bucherer.com
Phone
+41 41 369 70 00

About Tourneau:

Tourneau, established in 1900, is the largest luxury watch retailer in
the United States with 24 retail locations across 10 states, welcoming
more than four million visitors every year. Renowned for its
unparalleled customer service, extensive selection of new and Certified
Pre-Owned watches as well as expert service and repair facilities,
Tourneau offers more than 8,000 unique styles from 80 world-famous
brands. In 2018, Tourneau was acquired by Bucherer and continues to
operate as an independent subsidiary of Bucherer. For more information,
please visit www.tourneau.com

About Baron & Leeds:

Founded in 2002, Baron & Leeds is an internationally recognized shopping
destination for fine timepieces and jewelry, specializing in GIA
Certified diamonds and an extensive collection of certified pre-owned
watches. The Company operates two Rolex boutique stores located at South
Coast Plaza in California and International Market Place in Honolulu.
The Company also owns and operates two Baron & Leeds stores located in
Maui at Whalers Village in Lahaina and at The Shops at Wailea.

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