Unlike fellow Teutonic lens-makers Zeiss, Leica has only made lenses for one smartphone: Panasonic's photography-oriented CM1. The company has also slapped its own brand on Panasonic's mirrorless cameras and jacked up the price in the process. Leica CEO Oliver Kaltner said the company would bring its "comprehensive expertise in optical engineering to the long-term partnership with Huawei in order to achieve the best possible imaging results in the field of smartphone photography -- and to take it to the next level of quality." However, it's not clear if Leica will supply lenses for Huawei or help them design its smartphone cameras.

If Huawei devices start carrying the Leica red dot, it would certainly give them an immediate name-brand appeal, especially in its prime market of Asia. And in turn, Huawei, as the number three smartphone brand in the world, could open up vast new avenues to Leica. Both companies said they'll share more details "as the partnership continues."