P&G's fine fragrance business unit - has signed a contract to enter into a license agreement with Dolce & Gabbana. The existing fragrance portfolio will be marketed and distributed by P&G as of July 1 2006. Until June 2006, the existing fragrance licensee will be responsible for the marketing and distribution of the current fragrance line-up. P&G and Dolce & Gabbana intend to design and develop new beauty products to be launched globally as of July 1, 2006