Company Profile: Samsung

Company Profile: Samsung

Samsung is a South Korean multinational manufacturing conglomerate and one of the world's most recognizable and valuable brands. Headquartered in Seoul, the company is the largest chaebol (business conglomerate) in South Korea, with a vast network of affiliated businesses operating under the Samsung brand. While its name is most associated with electronics, the Samsung Group has a diversified portfolio spanning various industries, including construction, shipbuilding, biopharmaceuticals, and financial services.

History and Evolution

Founded in 1938 by Lee Byung-chul as a small trading company, Samsung initially focused on exporting goods such as dried fish, vegetables, and noodles. Over the next three decades, it expanded into a wide range of sectors, including food processing, textiles, insurance, and retail.

The late 1960s marked a pivotal shift when Samsung entered the electronics industry with the establishment of Samsung Electronics. This division, which is now the flagship company of the group, began by producing televisions, calculators, refrigerators, and other home appliances.

In the 1980s, Samsung strategically invested in the semiconductor business, a move that would prove crucial to its global success. It became a leader in the production of DRAM (Dynamic Random Access Memory) chips and solidified its reputation as a technological innovator. Following the death of the founder in 1987, the company underwent significant restructuring, with a renewed focus on high-quality, high-tech products under the leadership of his son, Lee Kun-hee. This "new management" philosophy shifted the company's focus from being a budget-brand manufacturer to a global leader in consumer electronics.