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Samsung | The success story of one of the top companies in the world

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Samsung is a South Korean multinational corporation founded by Lee Byung-chul in 1938. Initially, it was founded as a trading company. In the next three decades, the group diversified into several areas such as food, electronics, retail, textiles, etc. Today, Samsung is one of the top conglomerates in the world with the 8th highest global brand value. In the late 1960s, the company entered the electronics industry, and currently, Samsung Electronics is the largest information technology company. Here’s its success story.

The early days

In 1938, Lee Byung-chul founded Samsung as a trading company. It dealt in dried fish, groceries, and noodles. Due to the Korean War, he had to forcefully leave Seoul. Later, he moved to Busan and started a sugar refinery. Later, he also founded the largest woolen mill in the country. Samsung soon diversified into other areas of business such as insurance, security, and retail. In the 1960s, they entered the electronics industry. Its first product was a black-and-white television set. In 1980, they started manufacturing switchboards and later moved into the telephone and fax manufacturing industry. During that time, they had already became a major manufacturer in Korea and owned almost 50% in the semiconductors industry.

After Lee Byung-chul‘s death, the Group split into five business groups. Today, all the groups are independent and not connected. Later, the Group started to perform research and development which helped the company become the top in the electronics industry. They quickly broadened into semiconductors, electronics, telecommunications, aerospace, and more. In the next few years, they opened up plants in cities such as Portugal, New York, Tokyo, and more. Since the 1990s, mobiles, and semiconductors have become the top source of income for Samsung Electronics. In the 2000s, the Samsung Galaxy mobile was birthed. The phones quickly became the best-selling smartphones in the world. Since 2006, the company is the best-selling manufacturer of television. In 2012, they became the world’s largest mobile phone manufacturer. 

Present-day Samsung

Today, Samsung is one of the top companies in the world. The company has a powerful influence on South Korea’s politics, media, economic development, and more. Their success story is very inspiring. In 2012, Samsung Electronics became the top cellphone manufacturer. Every second person in the world has a Samsung device in their hand. In addition, its construction company constructed the Burj Khalifa. Samsung also employs more than 370,000 employees all around the world. 17% of Samsung’s Gross Domestic Product is owned by Samsung. 

From a grocery store to becoming one of the top companies in the world, the company’s success story of truly inspiring. In 2018, the company made a profit of $41 billion. However, the company also faced several setbacks and challenges. They were the center of several corporate scandals including patent-infringement suits and bribery cases. But, they pushed through all the hurdles and overtook the electronics industry. Samsung’s subsidiaries include Heavy Industries, Samsung Engineering, C&T Cooperation, Life Insurance, and many more. 

Also read: Robert Pattinson | The success story of the ‘The Batman’ star

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