Burberry is reviewing its 20-plus-year licence with France's Inter Parfums which makes all its fragrance and beauty products.
The luxury goods company could buy back the current licence which runs to 2017, extend it or even bid to take over Inter Parfums.
Sales of Burberry fragrances were €210m (£176m) last year and are growing with the recent launch of Burberry Body.
In recent years, Burberry has bought out many licences taking direct control of its interests.
Inter Parfums also makes and distributes perfumes for Van Cleef & Arpels, Jimmy Choo, Paul Smith and Montblanc.