'X-Factor' judge Cheryl Fernandez-Versini announced that she will be launching her own record label, helping young artists have a shot at the music scene.

According to sources, Fernandez-Versini will be lending a hand to young aspiring musicians by setting up her own record label that will rival that of Simon Cowell, the talent mogul who is also a judge on 'X Factor'.

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The 31-year old singer and 'X-Factor' mentor is said to be planning to give new artists a platform to start their careers as musicians.

Colleagues of Fernandez-Versini say that she is very much capable of setting up her own talent outfit with her expansive experience in judging. Additionally, they have stated that the singer has the capability to scout new talents for her label.

According to other sources, it is natural that the singer will be taking on setting up her own recording label after being a mentor in the show for years. It is said that Fernandez-Versini knows how to make it big in the industry based on her experiences as a singer, both as a solo artist and as a member of a group.  The 'X Factor' judge is a former member of the girl group Girls Aloud.

The same source also commended the singer for knowing what she is doing in the industry, adding that if ever she opens her own record label, Fernandez-Versini will not only attract pop artists but others who are inclined to every music genre.

The label which will be launched this coming year will be the judge's chance to turn her talent for coaching young talents into a business opportunity.

The singer is said to be excited about her new business venture and her goal is to help discover new talents.

Back in 2009, Fernandez-Versini expressed her wish to have her own record label.

"I would love to be on that side of it, I love hearing new artists, I love choosing songs and developing acts. So that's something I've got planned," she had said then.

TagsCheryl Fernandez-Versini