Coty has announced an agreement to acquire the long-term global licensing rights for Burberry Beauty luxury fragrances, cosmetics and skincare.

As part of the agreement Coty will take over the global development, manufacture, and distribution of the full range of Burberry Beauty products.

Camillo Pane, CEO of Coty, said, “We are proud to welcome Burberry as a strategic partner of Coty. We look forward to growing further Burberry’s luxury beauty products using Coty’s world-class expertise in developing and bringing to market beauty brands.”

With the deal expected to close in Q4 2017, Coty will manage the Burberry license as part of its Luxury division, and will sell the products in luxury global retailers and Burberry stores. Coty will also purchase £50million of inventory at the close of the deal, which is subject to regulatory approval.