Taylor Swift Smells Sweet Success

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NEW YORK - OCTOBER 27:  Singer Taylor Swift performs live for JetBlue Airways at JFK Airport on October 27, 2010 in New York City.

The Grammy winning artist teams with Elizabeth Arden for fragrance line.

Know what success smells like? You will, when a new fragrance from Taylor Swift – who has the No. 1 album in the country at the moment – bows in fall 2011.

Cosmetics company Elizabeth Arden announced this week that it has signed an exclusive global license agreement with the singer to develop and market her own line of fragrance products.

"[Swift's] rise to superstardom has been meteoric, and her multiple awards and incredible record sales are a testament to her extraordinary talent," said Ronald Rolleston, exec vp at Elizabeth Arden. "Equally important to us is what Taylor represents as an artist: a role model who inspires her global fan base every day. We look forward to launching a new fragrance brand that reflects every facet of this extremely talented young artist."

Swift's newest album, "Speak Now," sold more than 1 million copies in its first week to become one of 16 albums to achieve that milestone in its initial frame.

"I have always loved how fragrance can shape a memory the way certain scents remind you of events and people that are imprinted in your thoughts," Swift said. "Lately I've been having fun experimenting with combining some of my favorite scents, so I'm really excited about working with Elizabeth Arden to develop my own unique fragrance."

Swift is the latest celebrity to announce a perfume line. She joins tween heartthrob Justin Bieber ­– who's making one specifically for his female fans – and Katy Perry, whose fragrance Purr is available at Nordstrom.

The fragrance business has proven to be lucrative for celebrities and their corresponding backers. Britney Spears' fragrance Curious — released by Elizabeth Arden in September 2004 — reportedly netted the pop star $52 million for the endorsement. It was the No. 1 department store fragrance that year and has sold more than 700 million units. Her follow-up scent, Fantasy came out the following year, and grossed more than $30 million in its first three weeks.