Katrina Kaif and beauty brand L'Oréal Paris have mutually agreed not to renew their present contract, to avoid any conflict of interest with her new beauty retail venture.

"I have a great relationship with L'Oréal Paris and will continue to be with the brand until the end of the year. We have mutually agreed not to renew the contract since working in beauty retail will entail working with multiple brands," Katrina said in a statement issued on Friday by her publicists.

The actress, who was last seen in 'Baar Baar Dekho', was appointed as one of the faces of L'Oréal Paris in 2013. She had even represented the brand at the Cannes Film Festival in 2015. Aishwarya Rai Bachchan and Sonam Kapoor are other Indian ambassadors of the brand.

Shalini Raghavan, Chief Marketing Officer, Consumer Products Division, L'Oréal India said: "Katrina shared with us her vision for a beauty retail venture and her passion for this new opportunity was obvious. She is a great spokesperson for beauty and has been a wonderful brand ambassador for L'Oréal Paris since 2013. We wish her every success, and look forward to working with her in her new avatar as a retail partner."

The motivation for entering the beauty retail space, Katrina says, is because she is constantly approached by fans for beauty tips and advice and the demand has only grown since she has been on social media.