Coty Inc have signed a deal to create and distribute fragrances for jeweller, Tiffany.

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Tiffany entered the fragrance market in 1987 with a collaboration with Chanel's now defunct Fragrances Exclusive division.

“Tiffany is among the world's most important houses of luxury, and fragrances are an important expression of the brand,” said Frédéric Cumenal, chief executive officer of Tiffany & Co. “We are pleased to work with Coty, an industry leader in the prestige fragrance category, on the development of a more meaningful fragrance portfolio through this licensing agreement.”

“Tiffany's luxury heritage lends itself perfectly to Coty's prestige fragrance portfolio,” said Bart Becht, chairman and interim chief executive officer, Coty. “We look forward to bringing Coty's unique expertise to Tiffany by establishing a strong fragrance business for the brand.”