Madonna’s perfume on its way?

After 20 years of flirtation, is the beauty industry finally ready for a Madonna fragrance? Reports of a $120 million deal between the superstar and Live Nation, might make Madonna’s beauty products a reality. Live Nation would be gaining the right to license the singer's name for merchandising projects, which could include fragrance.

Sources estimate that Madonna's mega powerful name could power a $60 million to $80 million fragrance brand, and at least $200 million in sales globally. Sources expect that Madonna would push the fragrance envelope to the seams with a bold, avant-garde concept, should she introduce a signature scent.

At least a decade ago, Madonna first expressed an interest in the fragrance business and, at the time, shopped around a concept called Holy Water to several fragrance houses. She seems to have rekindled her curiosity for the business, according to one fragrance executive, who said the singer has met with Firmenich within the last year.

Whether Madonna does a fragrance or not, one thing is clear: the celebrity fragrance business is here to stay, at least in the short term. "Celebrities have all of the elements which you look for in a successful launch — a recognizable brand and an established consumer base, in particular. You still have to execute [the products] flawlessly, but the appeal is definitely there," he said.

Is the world finally ready for the material girl fragance??