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Whatever you think of Leica, they are obviously doing a lot of things right. They have reported that they have had the best financial results in their history. They claim they have seen growth in every region.
Leica was on the brink of bankruptcy in 2004, and were saved by Andreas Kaufmann and his private equity firm ACM Projektentwicklung GmbH. The last 20 years have been a slow and steady rise for the company.
The biggest driver on the camera side of things is the hugely successful Q series of cameras, and they will likely sell a lot more of them now with the Leica Q3 43mm. The original Leica Q3 is perpetually out of stock at most retailers. They’ve hit a niche part of the camera market quite well. Some people just want a well built, fixed lens full-frame camera with great image quality. I have owned every Q series camera over the course of the series, and they’re all great. However, they’re not for everyone.
I have owned the Leica SL series of cameras and lenses as well. As great as the Vario-Elmarit-SL 24-90mm f/2.8-4 ASPH & APO-Vario-Elmarit-SL 90-280mm f/2.8-4f are, the cameras still have a lot to be desired in regards to autofocus performance, even the latest SL3 is very sluggish. Leica makes no mention of how well this series is doing. The rebadged Sigma lenses are also a bit disappointing to see.
It was a sad day when I traded those two lenses in because I disliked the camera so much.
I’m not much into the M system anymore, it just costs too much for what it gives in this day and age. I still have a Canadian made M4, but it rarely gets used in favour of my Mamiya 6 MF.
It would be nice to see what they can do with the upcoming mirrorless S system. The lenses are amazing, but the cameras were way overpriced for their performance. A rethink was definitely needed.
Leica has also done well with their partnership with Xiaomi, who have sold the third most smartphones in Q3 2024 behind Apple and Samsung. I owned a Xiaomi phone for the “best” Leica camera, in the end it was still a smartphone camera and didn’t really move the needle for me. However, a company that moves 40 million smartphones in a quarter, is probably a worthwhile partnership. Though not ever Xiaomi is equipped with a Leica branded camera system.
Leica has also moved into other segments such as short throw projectors, which are pretty amazing when I saw the demostration of one.
Leica has found their luxury niche in our space, and it’s obviously working.
If you’re ever in Frankfurt, head to Wetzlar, which is about an hour away. It’s easily the best headquarters of any of the Camera brand and showcases amazing photography as well as the history of the company that invented 35mm.
Press Release
The Leica Camera Group registers another new revenue record for the fiscal year 2023/2024. With a renewed increase in revenue of 14% to MEUR 554 against the previous year’s figure of MEUR 485, the premium-segment manufacturer of optical products was able to further build on the successful course pursued in the previous fiscal year and successfully sustain the growth of its operating earnings. Once again, the most significant driver of this was the core product segment Photography, which benefited significantly not only from an innovative product pipeline but also from the continuous expansion of the group’s own global sales network. In addition, a particularly dynamic increase in revenue was also observed in the Mobile Imaging segment (Smartphones).
The best fiscal year so far in the almost 100-year history of Leica Camera confirms the successful strategic alignment of the Leica Camera Group with its focus on the development of new business segments and the expansion of the sales network.
Matthias Harsch, CEO of Leica Camera AG: ‘Our products “Made in Germany” satisfy the market’s growing demands for a premium and sustainable premium brand experience. In the current fiscal year, we will continue to pursue innovative approaches that enable us to further strengthen the Leica brand and address new target groups. Alongside the rapidly growing Home Cinema segment based on highly innovative laser and imaging technologies, we have also launched our new Leica LUX app for professional mobile photography with the iPhone. This app expands our digital ecosystem and opens up an important business sector in the mobile segment that smooths the path for entering the world of the Leica experience.’
Growth in all regions
The Leica Camera Group recorded revenue growth in all regions in fiscal year 2023/2024. The most significant growth was observed in the Asian region with an increase of 25%, followed by the European region (without Germany) with an increase of over 10%. With the opening of Leica Stores in the major cities Paris, Mexico City, Amsterdam and New York and four further locations in Germany – including Heidelberg and stores in Hamburg, Berlin and Munich through the takeover of an established photographic dealer – the past fiscal year has seen a further strengthening of the concern’s position in strategically important markets. Today, Leica has an overall global network of 120 monobrand stores, 12 of which are located in Germany.
Success drivers and innovative new products
The most significant revenue driver was the Leica Q3, a compact full-frame camera that impresses with exceptional performance, a simple handling concept and premium finishing. One of the innovative new products of the past fiscal year is the Leica M11-P, the world’s first camera with ‘Content Credentials’, which guarantee the authenticity of digital images. Another addition to the Leica M-System, which has fascinated and delighted photographers around the globe with iconic products for 70 years, was the Leica M11 Monochrom (with a black-and-white camera sensor).
Expansion of the business segments and the product portfolio
The Leica Camera Group is continuously expanding its business segments in the current fiscal year 2024/2025. The recent takeover of Norwegian company Fjorden Electra AS, a developer of smartphone apps and accessories, and the joint development of the Leica LUX photo app further strengthen the Mobile Business segment. Together with the Xiaomi partnership and the current Xiaomi 15 Series with Leica optics, the photo app is an important pillar of the strategic development programme.
Celebrating 100 years of the Leica I
2025 marks the 100th anniversary of the appearance of the Leica I on the market. Presented to the general public for the first time in 1925, the camera stands as a milestone in the history of innovative Leica products. As the first Leica 35 mm camera to be produced in series, it rang in the advent of 35 mm photography and revolutionised the world of photography for all time. The Leica Camera Group will be celebrating this anniversary with a varied programme of activities promoting the art of photography in both the worldwide network of around 30 Leica Galleries and at the company headquarters in Wetzlar.
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