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In the mid-1990s, Samsung was known as a low cost manufacturer of electronic products that imitated Sony''s models. Hit hard by the Asian financial crisis in 1997, the company implemented a turnaround under the leadership of its Chief Executive Officer, Jong Yong Yun. By 2005, Samsung had transformed itself from being a copycat to a manufacturer of high quality, cutting edge electronic products. In the process, it also overtook Sony as the world''s most valuable consumer electronics brand. This case study, while highlighting the turnaround strategies of Jong Yong Yun, the evolution of the Samsung brand and the diminishing power of Sony, offers scope to discuss Samsung''s ability to maintain its leadership in the global consumer electronics industry even without a Walkman-like iconic product in its stables. A structured assignment ''305-502-4'' is available to accompany this case.