Terms of the transaction were not disclosed.
Founded in 2002, Baron & Leeds operates four retail stores, two of which are Rolex boutiques. One of those boutiques is located in Costa Mesa, Calif., and opened last May; the other is in Honolulu, and just opened in February. It also owns two Baron & Leeds stores in Hawaii, in Lahaina and Kihei.
In a statement, Tourneau CEO Ira Melnitsky said the acquisition “represents an important step forward in the continued growth of Tourneau.”
That seems to imply that the two stores may be changing their name to Tourneau. A company spokesperson says that a “determination on this topic will be made in the near future.”
However, the Baron & Leeds stores seem like more traditional jewelry stores, unlike the watch-focused Tourneau. Its site boasts that they carry large “selection of GIA-certified diamonds.”
The spokesperson adds that “there’s no news to share” regarding whether Tourneau stores will be changing their name to Bucherer—a move the new parent said it was exploring. A Bucherer spokesperson could not be reached for comment.
Baron & Leeds was founded in 2002 by Dave Baron and Terry Weiner. Weiner is also the president and CEO of Leeds & Son Fine Jewelers in Palm Desert, Calif.
All store associates are continuing with the company, the spokesperson says.
Bucherer purchased Tourneau in January from Green Equity Investors, an affiliate of Leonard Green & Partners, which bought it in 2006. The New York City–based watch retailer now numbers 24 stores across 10 states, after not renewing leases on two locations this year.
Bucherer, based in Lucerne, Switzerland, has 33 stores in Europe: 15 retail locations in Switzerland, 11 in Germany, four in London, and single stores in Vienna, Paris, and Copenhagen, Denmark. It also manufactures watches and jewelry under the Bucherer brand.
(Top image via: Yelp)