Since Diddy has all the men smelling like royalty with his fragrance I Am King, it's only right that he gives the ladies something to smell queenly by.

The rap mogul is launching a new perfume next month called Empress, the female version of his successful men's cologne. "I created Empress for the woman who is powerful beyond all others," said Diddy via a statement. "With its crisp, fruity, floral notes, this perfume will make you feel regal indeed!"

The fragrance will cost between $50-74 and will be sold exclusive at Macy's stores in August.

Meanwhile, in other Diddy news, the U.K. press is reporting that the Diddster is hanging up the mic and chilling behind the scenes as a CEO. "[Right now] it's about supporting Dawn and Kaleena [of Dirty Money] on their solo projects and the rest of the Bad Boy projects," he says.

However, Dawn doesn't believe her boss will be "chilling" from making new music. "Puff said he's chilling which is a first for me -- he ain't going to be chilling," she says.

And we have to agree. Diddy doesn't do "chilling." It won't be long before the multi-talented entrepreneur gets tired of sitting behind the desk and we see him in front of the cameras doing what he always does best -- entertain.

Watch the Diddy-Dirty Money 'Loving You No More' Video Feat. Drake