This is a big year for Leica. For one, the German camera maker is marking a hundred years since the introduction of its first milestone product, the Leica I; it’s also just opened a new store in Singapore, at South Beach Quarter.
On the business side of things, the company is coming off an all-time-high revenue of EUR554 million ($830 million) for FY2024, up 14% from the year prior; this follows three consecutive years of record-breaking topline figures.
With all this in mind, there’s no doubt expectations for Leica are high in 2025.
CEO Matthias Harsch, who joined Leica in 2017, is among those positive about the company’s prospects for the year and beyond. In an interview with Options, he says Leica’s growth in recent years and its bumper takings for FY2024 can be chalked up to a “typical case of excellence in performance and processes”.
“First of all, I think we’ve built up good operational excellence over the years, with our R&D, supply chain and marketing all getting better and better.”
Leica’s products have also fared well on the market, he adds. In particular, the compact full-frame Leica Q3 has been a major revenue driver, alongside the Leica M11-P, which comes with a “Content Credentials” function to authenticate how images have been created or edited.
“I think we have made very good progress in developing new products, especially our cameras,” says Harsch. He explains that, when it comes to R&D, Leica strikes a balance between listening to market demand and pushing the envelope of what can be done. “We have really gotten the outside in through market research. We know what they want, but [at the same time] we present them with new technologies.”
Widening its niche
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Speaking of the market, Harsch points out that there is growing demand among consumers for products with high quality and craftsmanship, and this has benefited Leica. He notes that the company has cultivated “an appreciation of the brand”, with even the prices of its products on the secondhand market at “nearly 100%” of retail prices.
Harsch adds that Leica’s products, being at a higher price point than most, sit in a niche within the market. Still, the company has started expanding into other categories, with releases in recent years including home entertainment devices and even timepieces.
“In order to stay exclusive, as a company, you can’t be everywhere,” says Harsch. “But I think the value of the brand can be easily transferred to other products … I believe every company has to look for new kinds of markets.”
Leica has also grown its presence in the world of mobile photography, such as with the launch of the Leica LUX app for iPhone in 2024.
“When I started seven, eight years ago, everybody said mobile would take away our business, because people would not buy cameras anymore,” Harsch recalls. Choosing to view this as an opportunity rather than a death knell, he worked on delivering partnerships with brands such as Huawei and Xiaomi.
Even as the threat of mobile photography on the camera industry loomed over the past two decades, Harsch notes that Leica’s position in the market meant it was less affected than others with products at low- to mid-range price points.
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Still, embracing mobile photography has helped Leica introduce itself to a new generation of photographers, amateurs and professionals alike. “This is where young people are getting in contact with [Leica] first.”
Regional expansion
Harsch was in town to mark the opening of Leica’s new store in the South Beach Quarter. The flagship joins the brand’s other Singapore locations in ION Orchard and Marina Bay Sands; another store, in the Raffles Hotel, closed late last year.
In addition to showcasing its products, the new store also includes Café Leitz for those craving a cup of joe while mulling over which lens is best. There’s also a gallery area, which currently houses a selection of works by Emanuele Scorcelletti. The Luxembourg-born photographer’s Elegia Fantastica will be on display until April 30, after which an exhibition by Singapore-based Laxmi Kaul will be held in the space.
“With this new destination store, we want to emotionally inspire and deliver unique experiences to build a sense of belonging to the Leica family,” says Sunil Kaul, managing director of Leica Camera Asia Pacific.
He points out that expanding beyond pure product displays makes the place more accessible to a wider audience: “This store is not only for customers interested in the complete range of Leica products but anyone interested in visual art.”
Coinciding with the store’s opening was the launch of the Leica King Nerd Singapore Limited Edition, a duo of cameras comprising a silver model with an orchid motif and a black model with a dragon design. Just 10 pieces of each have been created in this collaboration with British designer John Dowell, better known in the art world as King Nerd.
Harsch says the new Singapore flagship is part of Leica’s wider strategy to expand its presence in the Asia Pacific. “This region is a really dynamic one,” he says. “I see a lot of very educated young people going into photography, so I see this as one of the big growth areas.”
Looking ahead, Harsch says Leica is set to expand its projection business with more portable models. He also sees the sports optics scene transforming significantly in the years ahead, teasing a probable 2027 release for a pair of “digital binoculars”.