Coty gets a diva in new fragrance deal

NEW YORK Coty has inked an exclusive fragrance deal with artist and performer Beyonce that will yield the first signature fragrance line for the celebrity.

The new line is slated to launch in early 2010 in North and South America with subsequent plans to launch in Europe and in key markets throughout the world later that year. The fragrance has yet to be named.

Marketing plans for the fragrance are currently in development and Coty stated that it will announce additional information closer to the launch. Financial terms of deal were not disclosed.

"We welcome Beyonce as a well-respected and esteemed partner of the Coty family. She is a star who brings a combination of power and femininity that will only further inspire the creative process as she works with Coty," stated Bernd Beetz, CEO of Coty Inc.

Beyonce has sold more than 100 million records and celebrated many awards, including 10 Grammys, as well as starring in three box office hits during the course of her career.