Kate Moss has announced that she is set to launch her own fragrance with cosmetics brand Coty. This extremely lucrative contract is reportedly worth five million pounds.

A spokesperson for Coty, the world's largest fragrance company, said they chose the supermodel because she is "a one-of-a-kind modern beauty icon...This has made her a leading beauty face of the new millennium."

Kate is reportedly thrilled with the deal: " I've been delighted to work with Coty over the years and am pleased to collaborate with them on my first fragrance," she said. Moss already has a history with Coty; she is the spokesperson for the company's makeup line Rimmel London.

With the fragrance set to hit stores in the fall, there is definite cause for Moss and her boyfriend, Babyshambles frontman, Pete Doherty to celebrate.

On a recent shopping trip, they both seemed in high spirits - Doherty even pulled a prank on waiting photographers by spraying them with his drink. The couple then drove off in Kate's classic blue MG convertible.