In recent years, financial reports from major camera manufacturers haven`t typically made for overly positive news stories; however, Leica Camera AG is bucking this trend with the announcement of its results for the 2016/2017 financial year ending March 31st. Apparently, the German camera maker has been able to grow revenue by 6 percent, despite the global camera market declining by around 10 percent over the same period.
Leica cites systematic realignment of the company over recent years as the main driver of the positive development.
At the heart of this realignment lies the establishment of an in-house retail distribution division that now controls a network of 90 monobrand stores around the globe. The company says this move has been vital in promoting the brand, and the retail network is set to expand even further in the near future. China is currently Leica`s number one growth market, and 20 to 30 new stores are planned in the country alone.
Other important initiatives include the Leica Akademie brand-which aims to increase brand awareness among younger target groups-and the company`s collaboration with Chinese smartphone maker Huawei on the cameras in their latest high-end devices.
The upward trend has reportedly continued into the 2017/2018 financial year, leading CEO of Leica Camera AG, Matthias Harsch, to predict record-breaking growth for this coming year.
Its important to note, however, that at least part of Leica`s future growth will have nothing to do with photography. In 2017, the company entered into the eyewear segment under the Leica Eyecare brand, which Leica says will `systematically tap into this global market in conjunction with its technology partner Novacel.`
Press Release
Leica Camera AG Records Strong Revenue Growth for the 2016/2017 Financial Year and Bucks the Downward Trend in the Camera Market
The Leica Camera Group achieved revenue of almost 400 million euros in the past financial year 2016/2017 (31 March 201 ...
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