The industry had set out plans to reach a combined turnover of £846 million by 2020 but yesterday revealed it had already broken that barrier by recording £950m across 2012.
As a result, it is now aiming for a figure of between £1.2 billion and £1.5bn by the end of the decade.
Targets for exports are also being revised upwards after it was revealed the sector achieved £350m last year. It is hoped more than £500m of goods made here could be heading abroad by 2020.
Cathy Black, head of textiles at Scottish Enterprise, said: "The success of Scotland's textiles sector is testament to its ambitious and innovative companies, which have a strong appetite for growth.
"In 2013 alone, we have supported more than 40 companies to participate in leading international events, such as CHIC in China, Decorex in London and, in November, six rail interior companies will visit Cologne to exhibit at the Railway Interior Expo."
Investment on research and development has also exceeded expectations with the most recent figure of £2.02m around double that expected by 2020. The new target is for £3.5m to be spent on R&D.
The Scottish Textiles and Leather Association has also just been awarded £120,000 by Skills Development Scotland to help improve the workforce in the industry in the coming months. That will involve growing the number of apprenticeships and graduate placements as well as providing leadership and management training to those already working in the sector.
There are further plans to introduce a certificate of work readiness for people aged between 16 and 22 who are entering their first job in textiles. David Martin, key sector manager for creative industries at Skills Development Scotland, said: "This funding will ensure there's an increase in opportunities for young people and new entrants looking to join the industry.
There are more than 600 Scottish textiles companies and the sector employs around 9000 people.
Alongside fashion companies working with materials from Harris Tweed to cashmere, there are a number of technical textiles companies, such as Low & Bonar and Scottish Leather Group.