Foundation: 1938
Headquarters: Suwon, South Korea
Co-CEOs: Kyung Kye-Hyun and Han Jong-Hee
Executive Summary: Samsung’s history begins in 1938 when Lee Byung-Chul founded Samsung Sanghoe in Daegu, South Korea, as a trading company dealing in groceries, dried-fish, and noodles. The name “Samsung” translates from Korean as “three stars,” symbolizing something big, numerous, and powerful. Initially, Samsung grew by diversifying into various sectors, including food processing, textiles, insurance, and securities. However, the company’s direction would pivot significantly towards electronics and technology.
In 1969, Samsung entered the electronics industry by acquiring a small electronics company, thus beginning its journey into what would become its most famous sector. The 1970s saw Samsung making black-and-white televisions and home appliances, but it was the 1980s that marked a turning point with the establishment of Samsung Semiconductor & Telecommunications Co., Ltd. in 1983. This move was pivotal, leading to the production of the first Samsung-branded product, a 64K DRAM chip, which set the stage for Samsung’s dominance in the memory chip market.
By the late 1980s and 1990s, Samsung expanded globally, with major steps including the opening of its first overseas production facility in Portugal and the launch of the Anycall line of mobile phones in 1994. The company aggressively pursued innovation, achieving significant milestones like becoming the world’s largest producer of memory chips in 1992.
The 2000s were transformative for Samsung, particularly with the introduction of the Galaxy series in 2009, which redefined the smartphone market. The Galaxy S series quickly gained a reputation for rivaling Apple’s iPhone in both technology and market share. Samsung’s commitment to R&D also led to breakthroughs in OLED display technology, which became integral to their smartphones, TVs, and other consumer electronics.
Samsung’s growth continued into the 2010s, with the company branching into new areas like semiconductors for AI, 5G technology, and quantum computing. However, this period wasn’t without challenges; the Galaxy Note 7’s battery issues in 2016 were a significant setback, prompting rigorous quality control enhancements.
Currently, under the leadership of co-CEOs Kyung Kye-Hyun and Han Jong-Hee, Samsung Electronics has continued to innovate. They’ve expanded into foldable smartphones, advanced chip manufacturing, and have significant investments in AI, IoT, and health tech. Despite global economic fluctuations and trade tensions, Samsung maintains its position as a tech behemoth, with revenues reaching around $220 billion in 2024, showcasing its resilience and adaptability in a rapidly evolving tech landscape.
Today, Samsung is not just a tech company but a symbol of South Korea’s economic success, influencing global technology trends and maintaining a vast array of products from semiconductors to home appliances, all while navigating the complexities of modern consumer demands and international competition. Its annual revenues are in the range of US$220 billion.