These are the stories making headlines in fashion on Friday.
CFDA Reveals 2026 Scholarship Fund Winners
The Council of Fashion Designers of America (CFDA) marked the 30th anniversary of its Scholarship Fund this year, drawing nearly 700 applications and awarding scholarships across seven programs (five of which are new this year). The 24 scholarship winners, selected by industry committees from 50 finalists, received between $10,000 and $50,000, along with mentorships and internships at partner brands including Carolina Herrera, Saint Laurent and Tiffany & Co. {CFDA}
Gap Inc. Sees Sales Decline Amid Old Navy Leadership Change
Gap Inc. reported a 2% sales decline in the second quarter to $3.65 billion, ending a 10-quarter growth streak, driven largely by seasonal misses at Old Navy, where sales fell by 4%. Old Navy will also welcome new leadership, with former Target and JCPenney executive Michael Francis set to become president and CEO on Nov. 2. Francis succeeds Haio Barbeito. {Gap Inc.}
Ulta Beauty Raises Full-Year Outlook as Sales Climb
Ulta Beauty raised its full-year sales guidance after reporting an 8.9% increase in second-quarter net sales to $3 billion, driven by new store openings, its Space NK acquisition and K-beauty categories. CEO Kecia Steelman said consumers remain price-conscious but engaged, crediting the results to the company’s “Ulta Beauty Unleashed” turnaround strategy launched in 2025. The company now expects fiscal-year sales growth of 6.7% to 7.2%, up from its prior forecast of 6% to 7%. {Ulta Beauty}
Luxury Eyes the Romantasy Boom
Romantasy, a romance-fantasy literary genre, has become a billion-dollar industry over the past decade, fueled by BookTok and highly anticipated releases from authors like Sarah J. Maas, Rebecca Yarros and Rachel Gillig. Despite the genre’s cultural reach, fashion brands have largely stayed on the sidelines. Tory Burch invited Maas to its Fall 2024 show, marking a rare example of overt engagement. However, romantasy-adjacent aesthetics — corsets, historical silhouettes and jewel-toned fabrics — are appearing on recent runways from designers like Dilara Findikoglu. {Vogue Business/paywalled}
Maed Expands Sephora Footprint
Lip-care brand Maed is expanding its Sephora presence by 36%, growing from 80 to 109 stores this month, as founder Denise Vasi continues to build the label without outside investment. The self-funded brand, which launched at Sephora in 2025, has outpaced its internal sales projections and now joins a small fraction of Sephora brands operating free of investor capital. Vasi attributes the momentum to disciplined spending and a measured entry strategy that prioritized proving demand online before scaling into retail. {Beauty Independent/paywalled}
