Luxury fashion company Hugo Boss expects sales in Asia to almost triple by 2015, enabling the German business to increase its long-term revenue and earnings targets.

The company now expects sales in 2015 to reach EUR3bn (US$4.1bn) and EBITDA to hit EUR750m – up from previous forecasts of EUR2.5bn and EUR500m respectively.

Hugo Boss is basing its projections on four strategic pillars: expanding its retail business, strengthening its brands, exploiting growth potential in Asia and the Americas, and improving operational processes.

The company also predicts that its own retail business will account for 55% of revenues by 2015, thanks to organic growth and the opening of about 50 new stores each year.

It will also pursue opportunities with franchise partners and wholesale activities.

Among the company’s brands, Hugo Boss is forecasting annual sales of EUR100m for its luxury Boss Selection label, supported by strong growth in Asia. “Substantial” growth is also predicted for women’s wear, as well as footwear and accessories.

The company believes the near-tripling of sales in Asia by 2015 will be led by sharp increases in China, and that “considerable growth” will also be secured in the Americas.

“Hugo Boss has turned in a dynamic performance in the past two years,” said company CEO Claus-Dietrich Lahrs. “I firmly believe that we will continue to out-perform our competitors in terms of future growth.”