Celebrity fragrances made $353.6 million in sales last year, but one major star didn’t get a slice of that pie: Madonna. She’s just about to ink a $120 million deal with Live Nation, and they’ll have the right to license the singer’s name for all kinds of merchandising projects, including fragrance, reports WWD. Apparently, Madonna has shopped herself around the fragrance industry for more than a decade. But this could be the right time, and the right deal. And industry insiders say that If Madonna does associate herself with a scent, it could be huge. “A Madonna scent would make sense,” said Art Spiro, president of Liz Claiborne Cosmetics (which just released the Usher fragrance). “She is an internationally known celebrity who has appeal to a wide cross-section of demographic and cultural markets. It could be an interesting opportunity for someone.”