Interparfums SA, Inter Parfums, Inc.’s Paris-based prestige fragrance subsidiary and exclusive worldwide licensee for Burberry fragrance products, and its licensor, global luxury company Burberry Group, are in discussions to establish a potential new operating structure for the Burberry fragrance and beauty business.

Interparfums and Burberry have worked together for nearly two decades and with excellent prospects in both the fragrance and beauty categories, the two companies are exploring ways to work more closely together to realize the brand’s potential, according to a press statement. Burberry has exercised its right to evaluate the purchase price for the unexpired term of the existing license. In this process, Burberry has until July 31, 2012 to determine whether it wishes to buy out the unexpired portion of the license or continue the existing contract which runs through December 31, 2017.