Buyout group Blackstone has tasked Morgan Stanley with finding a buyer for its 45 percent stake in German iconic camera maker Leica, people close to the matter said on Monday.

Blackstone hopes get valuation similar to that of luxury goods makers and sports optics peers, some of which trade at 12-14 times their expected core earnings, a premium to mass market camera makers such as Canon which trade at roughly half that.

Leica is expected to report earnings before interest, tax, depreciation and amortization of roughly 70 million euros ($84 million) this year. If valued in line with luxury groups it could fetch an enterprise value of 840-980 million euros ($1 to $1.17 billion).

Brand for rich must be premium, yep.