Is It Bad That Leica is Chinese? The Hasselblad Case Proves Otherwise
The Evolution of Leica
In the early 2000s, Leica, the most iconic name in photography, found itself bordering on bankruptcy. This esteemed company has always operated from Wetzlar, Hesse, known for its artisanal philosophy and traditional rangefinder cameras. However, the digital wave nearly proved fatal for the brand. Nowadays, mirrorless cameras, with advanced interfaces and technology, dominate the market, leaving Leica’s figures considerably lower than they were in 2010.
The turning point came in 2004 when Austrian businessman Andreas Kaufmann, along with his family investment firm ACM Projektentwicklung, acquired 27.4% of Leica. Today, Kaufmann’s stake has risen to 55%, with Blackstone holding the remaining share. This shift enabled Leica to venture into the digital realm with its M line and newer models like the SL series and the compact Q range. The result? For the fiscal year 2024-2025, Leica achieved record sales of €596 million, a 7.6% increase from the previous year.
The Future: Potential Acquisition by Chinese Investors
In 2026, Bloomberg reported that Blackstone was considering selling its stake in Leica. The Kaufmann family might also join the process, with two prominent contenders emerging: the Chinese firm HSG and Swedish fund Altor Equity Partners. HSG, initially the Asian arm of Sequoia, has established itself as a strong favorite in this bidding war.
HSG manages assets totaling over €60 billion and could solve Leica’s primary challenge: competing in software engineering against industry giants like Sony, Canon, and Nikon. Leica’s autofocus systems currently lag behind competitors, an issue crucial for professional photographers who demand reliability and performance.
Concerns Over Heritage and Legacy
Critics argue that a takeover by a Chinese investment firm could compromise Leica’s heritage and soul. However, the case of Hasselblad demonstrates that this concern may be unfounded. Chinese drone giant DJI acquired a minority stake in Hasselblad in 2015, gradually increasing its ownership to become the majority stakeholder by 2017.
Positive Outcomes for Hasselblad
The transition has been fruitful for Hasselblad. The brand maintains control over its stunning industrial design while also benefiting from DJI’s technological resources. Hasselblad’s latest model, the X2D C 100II, sets the standard in medium-format digital photography. Reviews have praised its autofocus system and lens quality, with revenues reaching €160 million in 2024—an impressive 73% increase from 2023.
A Partnership Model: Chinese Capital and European Talent
This model, combining Chinese capital with European expertise, allows original teams to focus on what they do best—design and user experience—while leveraging advanced software development resources. Buyers of Hasselblad and Leica seek prestige and history, and the potential for technological advancement without losing the inherent qualities they cherish in these brands.
Conclusion
The potential acquisition of Leica by a Chinese firm may spark controversy, but historical precedents like Hasselblad’s transformation following DJI’s investment indicate that preserving legacy while enhancing technology is not only possible but can lead to substantial growth. By embracing this model, Leica could strengthen its position in the market while continuing to honor its rich heritage.