One Direction are set to conquer the world of merchandise when they launch their signature scent next year.

According to The Irish Daily Star, the five-piece are set to put their moniker to a fragrance, following their music industry contemporaries Lady Gaga, Beyonce, Britney Spears and Rihanna.

The paper reports that the scent will be available in July of next year, coinciding with the band's worldwide tour. The boys will tour the UK and Ireland next spring before spending the summer touring North America, followed by Australia and New Zealand in the Autumn.

Fellow X Factor contestant Cher Lloyd beats the boys to it this year by releasing her signature fragrance, while judge Tulisa Contostavlos and former judge Dannii Minogue have delved into the perfume market.

The band could also add to their awards collection after winning the coveted best UK and Ireland act going forward for the MTV Europe Music Awards taking place in Frankfurt on November 11th.