Jessops was set up by Frank Jessop in 1935, with the original Jessop store opening in Leicester.
The business grew to have 187 branches, but they were all closed when the company entered administration in January 2013.
Dragons' Den star Peter Jones bought the brand and has since overseen the reopening of 52 stores - with a 53rd in Highcross opening on Friday, which was also World Photo Day.
Jones, Jessops chairman, said: "Restoring this iconic brand and bringing it back to its hometown was always one of our goals and we are delighted with the warm welcome from customers old and new in Leicester.
"In just three years since I acquired the business we have doubled our number of stores proving there is still plenty of potential for growth and job creation on the high street.
"The next 12 months will continue to be an exciting time for Jessops as we plan to open new stores in key locations.
"Leicester is on the global map now, thanks to its Premier League title success - and Jessops is proud to be opening here once again."
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