Madonna has announced plans to launch her very own fashion and lifestyle brand now that "the timing is right". 

The icon teamed up with her daughter Lourdes last year to create Material Girl, but she wants to branch out now that she has significant experience under her belt and revealed that she wants to set up a global business that will incorporate fasion, fragrance, handbags and lingerie. 

The proposed company will be called Truth or Dare, after Madonna's 1991 documentary film, and she explained to Women's Wear Daily: "Over the past several decades, I have been approached countless times to create my own brand. The timing is right."

She also intends to aim the new range at an older demographic as Material Girl targets a teen audience, and added that it “will be designed to showcase the duality of her image, a power icon intertwined with feminine beauty.”

No date has been confirmed for the launch of Truth or Dare, but it is expected to hit stores in 2012. Watch Madonna and Lourdes talk about the new Material Girl campaign below: