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Who doesn't know about Samsung? The Samsung Group is a South Korean multinational conglomerate which is headquartered in Samsung Town of Seoul, South Korea. It consists of numerous affiliated businesses, most of them united under the Samsung brand, and is the largest South Korean business conglomerate.
Samsung foundation was laid by Lee Byung-chul in 1938. Initially Samsung was a trading company but over the next three decades, the group upgraded its portfolio and ventured into areas like food processing, textiles, insurance, securities, and retail. Samsung's entry into the electronics industry happened in the late 1960s and into the construction and shipbuilding industries in the mid-1970s. These areas resulted in its further subsequent growth. After Lee's death in 1987, Samsung was separated into five business groups i.e. Samsung Group, Shinsegae Group, CJ Group, Hansol Group, and Joongang Group. After the 1990s, Samsung has increasingly globalised its activities especially in the field of electronics. Samsung's mobile phones and semiconductors have become its most important source of income. As per latest data of 2020, Samsung has the 8th highest global brand value.
Some of the notable or worth mentioning Samsung industrial affiliates include Samsung Electronics which is the world's largest information technology company, consumer electronics maker and chipmaker measured as per 2017 revenues, Samsung Heavy Industries which is the world's 2nd largest shipbuilder measured as per 2010 revenues, and Samsung Engineering and Samsung C&T Corporation both of them respectively are the world's 13th and 36th largest construction companies. Other notable subsidiaries consist of Samsung Life Insurance which is the world's 14th largest life insurance company, Samsung Everland which is the operator of Everland Resort, the oldest theme park in South Korea and Cheil Worldwide which is the world's 15th largest advertising agency, as per the 2012 revenues reports.
Samsung also has a powerful influence on South Korea's economic development, politics, media and culture. Samsung's affiliate companies produce around a fifth of South Korea's total exports and Samsung's revenue was equal to 17% of South Korea's $1,082 billion GDP as per the reports available.
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