Gap bets big on beauty

Gap Inc. is aggressively targeting the beauty and accessories market, calling it “a new frontier for growth.” The operator of brands Gap, Banana Republic, Old Navy and Athleta says it will first launch a curated assortment of beauty and personal care products in 150 Old Navy stores this fall, with with some stores offering dedicated shop-in-shops and beauty associates. The company will scale its Old Navy beauty business and launch into its other brands next year. McKinsey & Co. notes that the global beauty market is expected to grow 6% annually through 2028 to $590 billion.