Burberry is going out on their own!
The British fashion house has decided to buy the rights of their fragrance and beauty licenses from Inter Parfums SA for a mere $222.6 million.
Burberry said of their not so cheap purchase:
"To maintain flexibility in pursuing its objective to develop fully this business in the future, Burberry has served notice of its intention to terminate the license agreement with effect from December 31, 2012."
However, according to Inter Parfums, they're still hammering out the details of the deal:
"Although an agreement has been reached on certain main terms and conditions, important points remain to be finalized. The two parties are continuing their discussions on these important points in an effort to reach a new comprehensive agreement."
The two have been in business together through a licensing agreement since 1993, with Burberry Body being the most recent release in September 2011.
[Image via Andres Otero/WENN.]