Why Leica is taking the long view on India’s high-end camera market

Founded in 1914, Leica, headquartered in Wetzlar, Germany, is among the most storied names in photography. The high-end camera-maker, which has legions of (mostly wealthy) fans, is known for its precision-engineered cameras that have shaped photojournalism and art, from Henri Cartier-Bresson’s decisive moments to Sebastião Salgado’s socially conscious imagery. Still handcrafted in Germany, Leica cameras are as much prized tools as they are cult objects, with enthusiasts drawn to their minimalist design and mechanical purity. The company, which registered sales revenues of 554 million euros in 2023-2024, sells a range of digital and film cameras, including its flagship M and SL systems. Prices in India start around ₹3 lakh for certified pre-owned models and go well above ₹8 lakh for new ones.

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Leica’s India journey began modestly seven years ago with its first store in Delhi. Last month, the company, which operates through distributor-partners in the country, opened its second outlet here, this time in Mumbai. In this interview, Sunil Kaul, managing director for Leica Asia-Pacific, speaks about India’s evolving camera market, why Leica isn’t chasing volume, and how watches and smartphones fit into its legacy.

Leica opened its second store in India after a seven-year gap. What took you so long?

Two of the biggest issues in India are import duties and the cost of doing retail. That’s a big part of why it took us seven years. But also, we wanted to build a community of people who love Leica. And that takes time. It gave us the courage to then look at Mumbai. Of course, Mumbai, Bangalore, Chennai, Hyderabad—these cities have always been on our minds. But to sustain something long-term, you need that community. Also, our portfolio has grown a lot in these years. The target audience is wider. We even do pre-owned now. If you can’t buy a Q3 for ₹6 lakh, you can buy one for ₹3 lakh, certified. So timing was key. We could’ve done Mumbai earlier—we did the usual thing, looking at malls and all—but again, retail is not fully developed yet in India.

Asia led Leica’s record revenues in 2023-24. Can you tell us where India stands in that story, especially compared to markets like China or Japan?

At the moment, I would say India’s not even in the top five in terms of revenue. And I can’t even talk about margins. With 18 per cent GST on a regular camera, and camera bodies or lenses having 10 to 15 per cent duty, and accessories going up to 25 per cent, it’s really not a margin market for us right now. It’s more of a strategically important market. China and Japan are very, very large, developed markets, and there’s strong acceptance of handcrafted tools there. The knowledge is there, too. In India, it’s a very different stage of evolution. Our professional photography base here is small. But most of those professionals do own a Leica. They may not use it for their daily work, but for their soul photography, their artistic work, they always turn to Leica. India is like a dum biryani. You have to keep it on a low flame and let it simmer. Maybe with new WTO rules and more favourable duties and taxes, and with easier entry rules for wholly foreign-owned companies, things will open up.

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You’ve often spoken about not chasing volume, not going after the wedding photography market. How do you sustain that approach in a market like India, where scale often drives success?

There are two components to this. One is, we make a few for a few. And everything is mostly handcrafted, handmade in Germany. So I’m always running behind supply, because demand is higher than supply. And when people acquire a Leica, or invest in a Leica, they’re also ready to wait. This is not something you need tomorrow morning or else your world ends. I’ve been in the company for 18 years. I’ve never cancelled a single order. That just shows me we don’t need to push things out. Because we’re not in the commodity business. We’re in the business of people enjoying this tool.

You’ve partnered with the likes of Xiaomi for smartphone imaging. Does that dilute Leica’s premium camera equity?

Everybody is into photography now. It’s a large pyramid. And maybe many people are at the base. Some have graduated in the middle. And they realise very quickly that there is only that much you can do with a phone camera. And if you want to really become a top photographer, you have to get a camera. Once people realise that, they start moving upwards in that pyramid, and there’s only one company which is on the top of the hill, and that’s us. Leica brings its expertise in optical engineering, design, imaging software and consumer experience related to the art of photography to the partnership with Xiaomi. It offers us an excellent opportunity to further extend our proven imaging expertise into the smartphone segment. Smartphones make a very important contribution to the world of photography and, for us, it opens doors to new target groups.

Your move into watches, about three years ago, was quite unexpected. How is that auxiliary business doing and what was the thinking behind it?

Leica’s founder Ernst Leitz was a trained mechanical watchmaker before he specialised in precision optics. And all these years, everything we made was essentially a mechanical engineering product, right up until around 15 to 18 years ago, when digital technology started evolving. Until then, we were only doing film cameras. Even the automatic DSLRs that existed then — that was all in collaboration with Minolta and others. So if anyone has a legitimate claim to making the best mechanical film cameras, with 1,500 to 1,600 parts coming together, then yes, we have the knowledge and experience to put together 280 parts for a watch. We work with an OEM partner to make the ZM series because we’re still developing. We have some in-house movements, some patents. This is not Leica making perfume or leather belts. We’re making something that ties back to who we are. The same goes for projection systems. They require lenses. That’s part of our history too. Our first projector came out in 1926. So this thinking is consistent. We’ll always make things that are true to the DNA of the brand. About 85 per cent of the business today still comes from our core products — cameras, lenses, binoculars, and sport optics. The remaining 15 per cent is everything else.