NEW YORK — Procter & Gamble is reportedly close to signing a fragrance licensing agreement with Ferragamo, the Florence, Italy-based apparel and accessories firm.

If a deal is completed, P&G would manufacture and distribute the fragrance, which would represent the first time the Ferragamo name is licensed.

Although executives at the two companies could not be reached for comment late Friday, a source close to the proceedings said an agreement could be announced as early as today.

In an interview in WWD last August, Ferruccio Ferragamo, chief executive officer of his family’s company, said, “It’s the right time for us to do a scent, but you need someone who speaks the right language, who has real confidence in you and is prepared to invest a lot of money.”

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