In 2012, DORCO generated double-digit growth despite a global economic downturn. Up to this point, the company has been selling its innovative products in over 130 countries across the globe. In 2021, DORCO announced “1∙DORCO 330”, a renewed vision as the company embarks on its next global effort to solidify its position as the world’s leading razor manufacturer.
A Bumpy Ride: DORCO in the early 1990s
The early 1990s was a bumpy ride for DORCO. The Korean government’s tightened environmental regulations led to an influx of imported products in Korea. DORCO, however, found a breakthrough in the overseas markets. Thanks to its entrepreneurial spirit, the company successfully made inroads into markets in the US, Europe, and the Middle East. DORCO not only emerged unscathed from the market challenges in Korea but expanded its manufacturing plants due to an explosive increase in orders from the overseas markets. In 1992, the company received the *USD 10 Million Excellence in Exporting.
*Every year, the Korea International Trade Association (KITA) selects companies that have contributed to developing overseas markets and increasing exports. The Excellence in Exporting is awarded to companies on Trade Day, or on December 5, by KITA.
Paving New Paths to Growth: mid-1990’s ~ 2010
As exports expanded in the mid-1990s, DORCO began laying the foundations in becoming a global company. During this time, DORCO successfully entered the system razor market with the development of its triple-edge razor WIN 3 and XPEC 3. It expanded its presence in the global market by launching high-quality portable razors and double-sided razors with TG blades, one of DORCO’s key technology.
In 1995, DORCO AMERICA was established, the company’s first overseas subsidiary. In addition, the company launched a production plant in Tijuana, Mexico. In 2005, the company expanded its operations in China after opening a production site in Ningbo, China. At the Ningbo facility, DORCO began packaging its system razors. Since the opening of its plant in China, DORCO’s began a full-scale expansion overseas. In 2007, DORCO ramped up overseas production with the rollout of PACE 6, the world’s first six-blade razors. As sales in the overseas markets increased sharply, DORCO opened DORCO VINA, the company’s third overseas manufacturing site, in Hung Yen Province, Vietnam. The facility is now DORCO’s main production plant.
Despite a global economic downturn from 2003 to 2010, DORCO achieved an average annual growth rate of 16.8%. As a result, DORCO was awarded the USD 20 Million Excellence in Exporting in 2005, followed by the USD 30 Million Excellence in Exporting and the USD 50 Million Excellence in Exporting in 2006 and 2009, respectively.
‘Global DORCO, 1020’
In May 2011, “Global DORCO, 1020” was announced. Under the new vision, the company set to join the ranks of the world’s top 3 razor companies through “delivering joy to customers.” DORCO has been able to continue its growth by setting specific goals, securing global operational infrastructure, and advancing key technologies through research and development.
Trailblazing the Global Markets: 2010 ~ 2019
Between 2010 and 2011, DORCO grew rapidly. The company generated double-digit annual sales each year, and in 2012, global sales of razors increased in over 70 countries in North America, Europe, Africa, and the Middle East. In turn, the company was awarded the USD 70 Million Excellence in Exporting. In 2014, the company’s exports jumped 20% from the previous year. DORCO celebrated its success by winning the USD 100 Million Excellence in Exporting.
The USD 100 Million Excellence in Exporting is a meaningful achievement for several reasons. DORCO was able to generate 70% of sales through exports amid the European sovereign debt crisis of 2010-2012. It also competed for head on with dominant players in the global market. Furthermore, the award is a testament to DORCO’s growth rate. The USD 100 Million Excellence in Exporting comes after 22 years since 1992, when DORCO received the USD 10 Million Excellence in Exporting, and five years after being awarded the USD 50 Million Excellence in Exporting in 2009.
The Present and the Future: 2020 ~
In 1987, DORCO exported its products to 50 countries. Today, it exports to 130 countries across the globe. From 2013 to 2017, DORCO achieved an annual average growth rate of 12%, and the company’s growth rate continues to increase.
DORCO’s New Vision: 1∙DORCO 330
In December 2020, DORCO renewed its vision under the slogan “1∙DORCO 330” Based on the spirit of challenge, cooperation, and execution, we will achieve the No.1 position in advanced private brand (PB) products, a leading position as an emerging wholesaler and No.1 razor band in Korea. In addition, we aim to join the ranks of the global top 3 razor companies. We plan to expand our market dominance by actively exploring new markets and launch a range of market-leading products. Concurrently, we will seek to strengthen global manufacturing and organizational capacity to support our objectives. We will be relentless in finding new growth paths.