Summary
The inception of the Samsung Group traces back to the establishment of the Samsung Trading Company in Daegu by Lee Byung-chul in March 1938. Initially focused on processing and selling agricultural products in the Yeongnam region, the company later expanded its reach by exporting specialty goods, such as crab apples and dried fish, to China, Japan, and Southeast Asia. The pivotal move to the Seoul metropolitan area in 1948 marked the beginning of Samsung C&T, founded by Lee Byung-chul in Jongno 2-ga, Jongno-gu, Seoul.
Under Lee Byung-chul’s leadership, Samsung Trading Company evolved into Korea’s leading trading company by 1950. In January 1951, it rebranded as Samsung C&T Corporation, reflecting its commitment to enhancing its trading activities. Building upon the foundation of Samsung C&T Corporation, Lee Byung-chul aimed to diversify into various industries centered on the domestic market. This led to the establishment of Cheil Jedang in August 1953, Cheil Industries in September 1954, and further expansion into the insurance industry in February 1958 through the acquisition of Ankook Fire Insurance, later renamed Samsung Fire Insurance in December 1993.
The 1960s witnessed significant growth and diversification for Samsung Group, marked by acquisitions such as Donghwa Department Store, Dongbang Life (later renamed Samsung Life), Korea Fertilizer, Tongyang Broadcasting Company, JoongAng Ilbo, and Saehan Paper. Despite this expansion, challenges arose, notably the 1966 saccharin smuggling incident, leading to the donation of Korea Fertilizer to the nation. In 1968, Lee Byung-chul returned to management, establishing Samsung Electronics Co. in Suwon. The subsequent years saw the formation of Samsung SANYO Electric, later merged with Samsung Electronics in 1977.
The 1970s witnessed the establishment of numerous affiliated companies, including Samsung NEC, Cheil Synthetic Fiber, Cheil Worldwide, Imperial (predecessor of Hotel Shilla), Samsung Sanyo Parts (later Samsung Electronics Parts), and Samsung Corning. This decade also marked Samsung C&T Corporation’s designation as the first comprehensive trading company in Korea in 1975, centralizing the export business of Samsung Group and its affiliates.
The 1980s saw further expansion into diverse sectors, with the establishment of Samsung Engineering & Construction, Samsung Shipbuilding (merged into Samsung Heavy Industries), Samsung Precision (renamed Samsung Aerospace), Korea Engineering (renamed Samsung Engineering), and other ventures in telecommunications, sports, arts, and technology.
In the 1990s, Samsung Group underwent restructuring, with the separation of affiliates like Jeonju Paper, Shinsegae Department Store, Cheil Jedang, and Cheil Refrigeration. Lee Kun-hee’s “New Management” system in 1993 marked a shift toward a global management approach. Despite challenges in the automotive sector with Samsung Motors, the success of Samsung Electronics solidified the company’s global standing.
Following Lee Kun-hee’s illness in 2014, Vice Chairman Lee Jae-yong assumed leadership, overseeing the sale of certain affiliates in 2014. The merger of Cheil Industries and Samsung C&T Corporation in 2015 resulted in the formation of the new Samsung C&T Corporation, functioning as a conglomerate spanning construction, commerce, fashion, resorts, food and beverage, and bio. Lee Jae-yong officially became the third chairman of Samsung Group in October 2022, succeeding his father, Lee Kun-hee.
Timeline
▲ March 1938 = Established as Samsung Trading Company.
▲ November 1948 = Launched Samsung C&T.
▲ January 1951 = Renamed Samsung C&T to Samsung C&T Corporation.
▲ August 1953 = Launched Cheil Jedang.
▲ September 1954 = Launched Cheil Industries.
▲ February 1958 = Acquired Ankook Fire Insurance.
▲ December 1993 = Renamed Ankook Fire Insurance to Samsung Fire Insurance.
▲ 1963 = Acquired Donghwa Department Store and Dongbang Life. Renamed Donghwa Department Store to Shinsegae Department Store upon acquisition.
▲ 1964 = Launched Korea Fertilizer and Tongyang Broadcasting Company.
▲ 1965 = Launched JoongAng Ilbo. Acquired Saehan Paper.
▲ September 1966 = Donated Korea Fertilizer to the nation. Lee Byung-chul stepped down from his leadership role.
▲ 1967 = Lee Byung-chul returned to management and bought lands to build semiconductor factories.
▲ 1968 = Renamed Saehan Paper to Jeonju Paper.
▲ January 1969 = Launched Samsung Electronics Corporation, Samsung SANYO Electric.
▲ 1970 = Launched Samsung NEC and renamed it to Samsung Electron Devices.
▲ 1972 = Launched Cheil Synthetic Fiber.
▲ 1973 = Launched Cheil Worldwide, Imperial, Samsung Sanyo Parts, Samsung Corning.
▲ 1974 = Launched Samsung Petrochemical and Samsung Heavy Industries. Acquired Korea Semiconductor.
▲ 1975 = Renamed Samsung SANYO Electric to Samsung Electro-Mechanics. Samsung Group became the first Korean company to openly recruit employees.
▲ 1977 = Merged Samsung Electro-Mechanics with Samsung Electronics. Renamed Samsung Sanyo Parts to Samsung Electronics Parts. Launched Samsung Engineering & Construction, Samsung Shipbuilding, Samsung Precision.
▲ 1978 = Renamed Korea Semiconductor to Samsung Semiconductor. Launched Korea Engineering.
▲ 1979 = Promoted Lee Kun-hee to vice chairman of Samsung C&T Corporation.
▲ 1980 = Acquired Korea Telecommunications.
▲ 1982 = Renamed Korea Telecommunications to Samsung Semiconductor & Telecommunications. Launched Samsung Lions.
▲ 1983 = Merged Samsung Shipbuilding with Samsung Heavy Industries. Launched Samsung Watch.
▲ 1985 = Opened Hoam Art Hall. Launched Samsung Data Systems.
▲ 1986 = Opened Samsung Economic Research Institute.
▲ 1987 = Renamed Samsung Precision to Samsung Aerospace. Lee Kun-hee took over as the second chairman of Samsung Group. Opened Samsung Advanced Institute of Technology.
▲ 1988 = Acquired KOCA Card. Launched Samsung BP Chemicals, Samsung Global Chemicals.
▲ 1991 = Renamed Korea Engineering to Samsung Engineering. Separted Jeonju Paper and Shinsegae Department Store from the group.
▲ 1993 = Renamed Samsung Engineering & Construction to Samsung Construction. Spun off Cheil Jedang and Cheil Refrigeration as a separate entity. Lee Kun-hee declared “Frankfurt Declaration”.
▲ 1995 = Merged Samsung Construction with Samsung C&T Corporation. Renamed KOCA Card to Samsung Card. Launched Samsung Motors.
▲ 1996 = Launched Samsung Commercial Vehicles.
▲ 1997 = Renamed Samsung Data Systems to Samsung SDS.
▲ 1999 = Filed Samsung Motors’ receivership.
▲ 2000 = Sold Samsung Motors to the Renault-Nissan Alliance.
▲ 2014 = Lee Jae-yong took over the leadership as Lee Kun-hee fell ill. Sold Samsung Petrochemical, Samsung Total, Samsung Techwin and Samsung Thales to Hanwha Group.
▲ 2015 = Merged Cheil Industries and Samsung C&T Corporation, and renamed the combined entity Samsung C&T Corporation. The former Samsung C&T Corporation became a defunct entity.
▲ 2022 = Lee Jae-yong took over as the third chairman of Samsung Group.
