METZINGEN, Germany — German fashion label Hugo Boss AG said sales next year will miss a long-term target of high single-digit growth as demand continues to slump in the U.S. and China.

Boss, which cut its revenue forecast in October, gave the outlook at a meeting Tuesday with investors at its headquarters in Metzingen, Germany. The company, known for its angular menswear and Jason Wu designed womenswear, also said it would keep investing in sales through its Web site and stores.

The company said in its presentation that hitting its 2020 Ebitda margin target of 25 percent of sales "has become increasingly dependent on overall market recovery." The shares were down 4.6 percent to 81.48 euros at 11:41 a.m. in Frankfurt amid a decline in European stocks after Turkey said it shot down a Russian warplane near the border with Syria.

Last month, Boss joined European fashion labels including Burberry Group Plc in citing weaker demand in China. Slower spending by tourists led to a "negative development" of sales in the U.S. The company cut its sales forecast for this year to 3 percent to 5 percent, having previously guided to a mid-single- digit gain.

By Aaron Ricadela; editors: Kenneth Wong, Thomas Mulier, Paul Jarvis.