By  on September 22, 2006

NEW YORK — Coach has a brand new bag — a deal with the Estée Lauder Cos. to enter the beauty business.

The American leather goods firm has inked a deal with Lauder's BeautyBank division, which will involve the two companies jointly developing a fragrance and other beauty products. The first — a women's fragrance — is due to launch exclusively in Coach stores and on its Web site in the spring.

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