It's official! Katrina Kaif won't renew her contract as L'Oreal Paris ambassador

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.