Logitech

Logitech survived 40+ years in computer peripherals—one of tech's most commoditized categories—by mastering ecological succession: riding technology waves, harvesting mature categories, abandoning declining ones. Founded 1981 in Lausanne, the company generated $4.55 billion revenue in fiscal 2025 (+6% year-over-year) across multiple product cycles: mechanical mice (1980s), optical mice (1990s), wireless peripherals (2000s), webcams and streaming gear (2010s-2020s), now AI-enhanced video collaboration tools. Each cycle brought new competitors with lower prices, yet Logitech maintained profitability through strategic migration across niches. Gaming peripherals hit $1.2 billion (FY2024), driven by Streamlabs acquisition and esports growth. Webcams—surging 10x during pandemic remote work—now face secular decline (down to ~7% of revenue) as laptops integrate cameras. Video collaboration revenue grew 12% to $700 million in FY2024, targeting hybrid work. This pattern—invest in emerging categories, harvest mature ones, exit declining before collapse—explains how a Swiss company outlasted dozens of Asian competitors in PC accessories. Logitech doesn't win through technological moats; it wins through phenotypic plasticity: adapting product portfolios faster than competitors can copy individual products. The company's strategic radiation into adjacent niches (keyboards to streaming to conferencing) demonstrates adaptive radiation—exploiting new ecological opportunities as computing environments evolve. Fiscal 2025's 6% revenue growth and maintained margins prove that in commodity hardware, survival requires continuous succession management: recognizing which technology waves are cresting, which are breaking, and which haven't formed yet.