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                                                                    Exhibit 99.1

                                 PRESS RELEASE
                                 -------------

CONTACTS:
C. William Carey                              Mary Ellen Goodall
Little Switzerland, Inc.                      Walter Denby
340/776-2010                                  D.F. King & Co., Inc.
                                              212/269-5550

FOR IMMEDIATE RELEASE
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              LITTLE SWITZERLAND SETTLES POTENTIAL PROXY CONTEST;
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                          ANNUAL MEETING RESCHEDULED;
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                              NEW ACTING CEO NAMED
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     ST. THOMAS, U.S. VIRGIN ISLANDS, February 23, 1999 . . . Little
Switzerland, Inc. (NASDAQ:LSVI), announced today that it has reached a
comprehensive settlement agreement in connection with a potential proxy contest
with two of the Company's largest stockholders: Donald L. Sturm and ValueVest
Partners L.P.; and Jewelcor Management, Inc. and Seymour Holtzman, owners of
13.7% and 12.5% respectively, of the Company's common stock.

     The agreement provides that the composition of the Board of Directors will
be restructured and the annual meeting will be rescheduled for April 7, 1999.
Further, C. William Carey has announced his resignation as Acting CEO and
President and retirement from the Board, effective April 7, 1999.  Thereafter,
Mr. Carey will serve as a consultant to the Company. Kenneth W. Watson, a
continuing Director of the Company, will serve as Acting CEO and President until
a permanent successor is found.  These resignations and appointments are
contingent upon the election of the Board of Directors' candidates at the
Company's annual meeting.

     The settlement agreement provides that the Company's annual meeting of
stockholders, originally scheduled for February 25, 1999, will be held on
Wednesday, April 7, 1999, with a record date of February 24, 1999.  At the
annual meeting, stockholders will elect two Class I Directors, each with a term
expiring at the 2001 annual meeting and two Class III Directors, each with a
term expiring at the 2000 annual meeting.  All record stockholders, other than
those part 
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of the settlement agreement, may submit nominations to the Company for the
annual meeting by the close of business on March 2, 1999.

     The settlement agreement also provides that the Board of Directors will
nominate the following persons as its candidates for election at the annual
meeting:  Adriane J. Dudley and Seymour Holtzman for election as Class I
Directors; and Melanie Sturm and Richard C. Hunter for election as Class III
Directors.  Mr. Timothy B. Donaldson will also retire from the Board effective
as of the annual meeting.  To fill this vacancy, the Board has agreed, on April
7, 1999, to appoint Peter R. McMullin as a Class II Director to serve until the
1999 annual meeting.  In addition, the Company has been informed that Ms. Sturm
and Mr. Hunter currently intend to nominate Mr. Holtzman for the position of
Chairman of the Board of Directors, if all parties are elected at the annual
meeting.  Proxy materials for the annual meeting will be circulated in the near
future.

     In announcing these developments, C. William Carey issued the following
statement:  "I am proud of my nearly 20 year association with Little Switzerland
and will look back with pride on its growth and many achievements.  It is truly
a world-class franchise.  The time is right, however, for me to focus on my
other business interests.  I eagerly anticipate returning to the States and
spending more time with my family.  I also look forward to contributing to
Little Switzerland's future success as a consultant."

     Kenneth W. Watson commented on behalf of the Board of Directors:  "Bill
Carey's resignation was accepted with great personal and professional regret
given his significant contributions over the many years.  We face the future
with a renewed sense of commitment and we will be aided by our new Board members
as we seek to rebuild the Company's business."

     Little Switzerland, Inc. is a leading specialty retailer of brand name
watches, jewelry, crystal, china, fragrances and accessories, operating 21
stores on nine Caribbean islands, and two stores in Alaska cruise ship
destinations.  The Company's primary market consists of vacationing tourists
attracted by free-port pricing, duty-free allowances and a wide variety of high
quality merchandise.