Most watches have a story to tell, but some have multiple narratives intertwined. The Leica ZM 1 and ZM 2 (formerly called L1 and L2) are, when taken out of context, beautiful and interesting creations; Add history and its appeal multiplies. Its appeal goes beyond design or mechanics and is based on Leica's technical heritage, unexpected historical connections to watchmaking and a carefully assembled team of experienced watchmaking specialists. To properly understand these watches, one must follow the threads that led to their creation, and this is where we begin.
The background
Everyone knows Leica, the famous camera manufacturer, even those who have never owned or used one of its cameras. But Leica watches? Yes, they exist (in addition to the ZM 1 and ZM 2, there are also the ZM 11 and ZM 12 with Swiss automatic movements from Chronode), and if you think about it, the connection is anything but far-fetched. Long before the Leica name appeared on a watch face, Jaeger-LeCoultre produced ultra-compact 35mm compass cameras in the 1930s. An analog camera is, at its core, a precise timekeeping instrument: shutter speeds are measured in seconds and fractions of them up to 1/1000. Mechanically, the parallels are obvious: gears, bridges, springs and carefully regulated energy work together to ensure accuracy and repeatability.
Ernst Leitz (1843-1920), founder of Leica
And Leica's roots strengthen the connection to watches even further. In 1858, 20-year-old Ernst Leitz I traveled to Switzerland to train as a watchmaker. He reportedly learned his skills from the respected watchmaker and inventor Matthäus Hipp in Neuchâtel. This experience proved to be formative: Equipped with the discipline of Swiss precision engineering, Leitz founded his own company, Ernst Leitz Wetzlar, in 1869, initially to produce microscopes and later known worldwide as Leica.
The rather unknown Leica Classic Collection Chronograph Automatic – Image from cwwatchshop.com
Much closer to our time, Leica's interest in watchmaking “resurfaced”. In the 1980s and 1990s, the brand offered a range of watches powered by the ETA 7750 chronograph movement. The Classic Collection Chronograph Automatic bore the inscription “Made in Germany” and had a 39 mm stainless steel case with sapphire crystal and a display back. Some copies were sold together with selected Leica cameras. Was this an early sign that the brand already saw watches as an extension of its photographic universe?
The Valbray EL1 Chronograph Leica Limited Edition
In 2014, Leica worked with Valbray to develop the EL1 Chronograph Leica Limited Edition (EL stands for Ernst Leitz). This 46mm watch featured Valbray's Oculus system, a shutter-like membrane with 16 ultra-thin fins that can be opened or closed by rotating the bezel. Like camera shutters, the Oculus revealed or concealed the chronograph registers underneath, with the hours, minutes and stopwatch function readable when the shutters were closed. Production was limited to 100 pieces, 50 in sandblasted titanium and 50 in black DLC. Valbray would quietly disappear after 2016, but Leica's ambitions only grew.
The Leica watches were introduced in 2018 and were then called L1 and L2
In 2018, Leica introduced the L1 and L2 prototypes, which were later refined and renamed ZM 1 and ZM 2 (ZM for timepiece). Before we pick up these watches, it's worth paying tribute to the man who made this development possible: Andreas Kaufmann. Through his family holding company, ACM Projektentwicklung GmbH, Kaufmann stepped in during Leica's difficult times and stabilized the company when it was facing bankruptcy in 2004-2005. Like Kodak, Leica initially missed the digital photography revolution and was operating at a loss at the time, with shareholders including Hermès (which bought a 36% stake in the German camera maker in 2000) considering an exit.
Two decades later, the picture looks dramatically different. Under Kaufmann's leadership and with family members involved in the management, Leica diversified intelligently while maintaining its identity. For the 2024/25 financial year, Leica Camera AG reported record sales of 596 million euros and is now valued at around 1 billion euros. Reports in early 2026 suggested that Blackstone and ACM may consider selling their stakes (approximately 45% and 55%, respectively), but Kaufmann's continued involvement would likely ensure strategic continuity. Ernst Leitz Werkstätten GmbH, the watch and accessories arm of Leica, appears well-positioned for growth, led by Henrik Ekdahl since 2024 and strengthened by the appointment of former 20-year IWC chief designer Gerd Plange in 2025.
And now, with that high point, we come to the latest Leica ZM 1 and ZM 2. Unlike Vabray's obviously camera-inspired EL1s, the Zeitmeisters are far more reserved in this sense. They are original watches, designed and developed from the ground up in Germany by a team at the forefront of modern watchmaking who have been given the time to do things right.
The case
Both watches have the same stainless steel case measuring 41mm in diameter and 14.5mm thick. These are not small dimensions and do not correspond to the trend towards smaller sizes, but the proportions are cleverly solved. A heavily curved sapphire crystal, a recessed case back and rounded, downward-sloping lugs ensure that the watch sits lower and can be worn more compactly than expected. From the side, the silhouette is deliberately reminiscent of the cover plate of a Leica M camera. The overall design of the watch was suggested by Achim Heine, Professor of Product Design at the Berlin University of the Arts, who has designed numerous Leica products in the past, and the watches reflect the very special, tactile and sensual relationship one normally has with a Leica camera.
The case construction is screw-fastened from both sides, including a top-mounted slim bezel, and finished with a mix of sandblasting, brushing and polished accents. The knurled crowns are reminiscent of the controls on the Leica camera and each offers clear tactile feedback. A pusher at 2 o'clock ensures quick date adjustment, which aims to resolve Andreas Kaufmann's long-standing frustration with slow, crown-operated date mechanisms. The ZM 2 features a crown at 4 o'clock to operate its second time zone function. Water resistance is 50m, which is realistic and honest considering the number of moving components.
The dial
The dials are calm, easy to read and very Leica-typical, with matt surfaces, applied indices and typography derived from the camera (Leica M6). There is no luminous material on the diamond-cut, rhodium-plated baton hands and indices, perhaps to differentiate the watch from the tool watch look and to prioritize clarity. Both models display central hours and minutes, a small red seconds hand at 6 o'clock and a discreet date at 3 o'clock. The patented power reserve indicator at 9 o'clock opens and closes simultaneously from both sides like a camera shutter. Also note the motion status indicator near the center: white when running, red when stopping.
The second time zone of the ZM 2 is controlled via an internal 12-hour ring, paired with a barely perceptible day/night display. It's not the most conventional GMT solution, but it's intuitive, tactile and completely in character.
The movement and innovations
What both watches have in common is Leica's patented push crown system, which was developed under Reinhard Meis, the former development manager at A. Lange & Söhne. A single press stops the movement, resets the seconds to zero and causes the status indicator to glow red. A second press restarts the clock. Mechanically, this is achieved via a limited slip differential and a column wheel, which is closer to chronograph technology than to conventional setting systems. The print crown is decorated with a red ceramic inlay dot, another “element” of the Leica camera, and the latest design is visually different from the L1 and L2 watches introduced in 2018 (with a ruby cabochon). Now it's a monopusher chrono style, which wasn't the case before.
The ZM 1 is powered by the hand-wound caliber LH-10; the ZM 2 through the LH-20 with integrated GMT. Both were conceived by Meis, refined with Andreas Strehler and manufactured by Lehmann Präzision, with only a few elements derived from an Eterna movement that never came to market. Lehmann also produces the cases and dials (and makes its own watches within the Lehmann watch division, with a focus on producing manufacturing equipment and precision parts for various industries). Both calibers offer a power reserve of 60 hours, operate at 28,800 vibrations per hour and are regulated in five positions. The decoration is deliberately industrial, similar to Leica camera components and not like classic haute horlogerie.
The details
The watches come on diamond-embossed calfskin straps with steel pin buckles. Steel mesh bracelets are available in Leica stores. Production is limited to around 20-50 pieces per month. Except for the sapphire crystals and leather bracelets, everything is made in Germany. Prices start at 9,950 euros or 10,305 CHF for the ZM 1 and 13,750 euros or 13,950 CHF for the ZM 2, including VAT.
Taken together, the Leica ZM 1 and ZM 2 are among the most compelling new additions to modern watchmaking that are not watch brands. Restrained yet imaginative, calm and confident rather than demonstrative, they are intended to reward closer inspection rather than demand attention. They are unmistakably Leica, unmistakably German and serious. Not for everyone, not just because of the price but because of the concept. You can buy an excellent camera for less money. And yet people are drawn to Leica. For those who understand this appeal, a Leica watch becomes a natural extension of a life filled with thoughtful decisions.
For a final thought, something different, a suggestion. Take the time to read about Matthäus Hipp, Ernst Leitz's mentor, and Noel Pemberton Billing, who commissioned the Jaeger-LeCoultre Compass camera. Discover the history of the Leica Freedom Train, a humanitarian effort led by Ernst Leitz II and his daughter Elsie Kühn-Leitz. Take a look at the relationship between Leica and Hermès through Jean-Louis Dumas, then chairman of Hermès and avid Leica user, which resulted in collaborative objects such as the leather-clad Leica M9. Read Reinhard Meis' book about A. Lange & Söhne, “The Significant Century”. If business interests you, study how Andreas Kaufmann, originally a literary scholar, turned a failing manufacturer into a thriving one. And if that sounds too serious, take a look at the 2005 de Grisogono Occhio Ripetizione Minuti, a minute repeater with a twelve-leaf clasp that releases the movement when chimed. Whatever you choose, you will be rewarded.
Further information can be found at www.leica-camera.com.