High demand in Asia for German fashion brand Hugo Boss pushed its profits up by 34 per cent in 2011.

Hugo Boss, which has 179 stores in Asia-Pacific as at September, expects Asia to account more than 20 per cent of its total sales by 2015. It plans to open as much as 20 stores across China every year.

“We’re quite confident that this trend of up to 20 new openings on an annual basis will continue in China for the near future,” CFO Mark Langer said.

Meanwhile, its outlook for European markets remains positive despite economic downturn. Langer said there are no plans to close any stores in Europe.

Global sales soared 19 per cent to 2.06 billion euros (US$2.73 billion) – higher than the forecasted sales growth of 15-17 per cent. Core profit increased 34 per cent to 469 million euros (US$620.96 million).

Hugo Boss, which has cut its borrowings by about 75 per cent since 2008, has said it may clear its debt in 2013 or 2014 and won’t need major refinancing.

Controlled by buyout firm Permira Advisers, Hugo Boss predicts revenue of 3 billion euros (US$3.97 billion) by 2015.

GB