Singer and `The X Factor` judge Cheryl Fernandez-Versini will reportedly set up her own record label.

The 31-year-old star will launch her label later this year. Cole plans to "focus all her attention" on the venture, which aims to give young artists a helping hand into the business, reports mirror.co.uk.

`It's a natural next step for Cheryl, having coached contestants for years on 'The X Factor',` a music industry source said.

`She knows what it takes to succeed in the industry from her experience as a performer - both as a solo artist and as a group, from her years in Girls Aloud. She loves music and is really excited about being able to springboard new talent,` the source added.