Samsung is a global company based in Samsung Town, Seoul, South Korea. It is the largest South Korean chaebol, with multiple connected businesses, the majority of which are grouped under the Samsung name (business conglomerate).
Lee Byung-chul launched Samsung as a commercial firm in 1938. The company expanded into food processing, textiles, insurance, securities, and retail during the following three decades. In the late 1960s, Samsung joined the electronics business, and in the mid-1970s, it joined the construction and shipbuilding sectors; these businesses would fuel the company’s following expansion. Samsung was divided into five corporate organizations after Lee’s death in 1987: Samsung Group, Shinsegae Group, CJ Group and Hansol Group, and Joongang Group. Samsung’s activities and electronics have been more globalised since 1990, with mobile phones and semiconductors being its most important source of revenue. Samsung has the eighth greatest worldwide brand value as of 2020.
Samsung Electronics (the world’s largest information technology company, consumer electronics maker, and chipmaker based on 2017 revenues), Samsung Heavy Industries (the world’s second largest shipbuilder based on 2010 revenues), and Samsung Engineering and Samsung C&T Corporation (the world’s 13th and 36th largest construction companies, respectively) are notable Samsung industrial affiliates. Samsung Life Insurance (the world’s 14th biggest life insurance firm), Samsung Everland (the operator of Everland Resort, South Korea’s oldest theme park), and Cheil Worldwide (the world’s 15th biggest advertising agency, based on 2012 sales) are among the business’s other significant subsidiaries.
Samsung had a significant impact on South Korea’s economic development, politics, media, and culture, and was a key driver behind the Han River Miracle. Its subsidiaries account for over a quarter of South Korea’s total exports. Samsung’s earnings accounted for 17% of South Korea’s $1,082 billion GDP.
During the Japanese occupation of Korea, Lee Byung-chul (1910–1987), a member of a prominent landowning family from Uiryeong county, relocated to nearby Daegu city in 1938 and created Mitsuboshi Trading Company ( (Kabushiki gaisha Mitsuboshi Shkai)), or Samsung Sanghoe ( ). Samsung began as a tiny trade enterprise in Su-dong, with forty employees (now Ingyo-dong). It sold dried fish, foods grown locally, and noodles. Lee’s firm grew and flourished, and in 1947, the firm relocated its headquarters to Seoul. He was compelled to flee Seoul when the Korean War broke out. In Busan, he founded Cheil Jedang, a sugar refinery. Lee launched Cheil Mojik in 1954 and established the factory in Chimsan-dong, Daegu. It was the country’s largest woollen mill at the time.
Samsung has expanded into a variety of fields. Lee aimed to create Samsung as a global leader in a variety of fields. Samsung expanded into new industries, including insurance, securities, and retail.
Cho Hong-jai, the founder of the Hyosung group, and Lee Byung-chull, the founder of Samsung, jointly invested in a new firm called Samsung Mulsan Gongsa, or the Samsung Trading Corporation, in 1947. The trading enterprise expanded into the Samsung C&T Corporation of today. Cho and Lee split up after a few years owing to differing management styles. Cho desired a 30 percent stake in the company. Samsung Group was split into two companies: Samsung Group and Hyosung Group, as well as Hankook Tire and other companies.
Samsung Group began the electronics business in the late 1960s. It established a factory in Suwon and established many electronics-related subsidiaries, including Samsung Electronics Devices, Samsung Electro-Mechanics, Samsung Corning, and Samsung Semiconductor & Telecommunications. A black-and-white television set was the company’s first product.
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