


<PAGE>

<TABLE>

<S> <C>                                               <C>
To: (1)   Inter Parfums, S.A.                         (2)   Inter Parfums, Inc.
          4-6 Rond Point des Champs-Elysees                 551 Fifth Avenue
          75008 Paris                                       New York
          France                                            NY 10176-0198
          For the attention of Philippe Benacin             USA
                                                            For the attention of Jean Madar

    (3)   Philippe Benacin                            (4)   Jean Madar
          31 Avenue Kleber                                  1 Rue de Marechal Harispe
          75016 Paris                                       75007 Paris
          France                                            France

    (5)   Philippe Santi                              (6)   Daniel Piette
          (c/o Inter Parfums, S.A.)                         (c/o Inter Parfums, Inc.)

    (7)   Jean Cailliau                               (8)   LV Capital, USA, Inc.
          (c/o Inter Parfums, Inc.)                         Two Park Avenue
                                                            Suite 1830
                                                            New York
                                                            New York 10016
                                                            USA
</TABLE>


                                                                 8 February 2000

Dear Sirs

INTER PARFUMS, INC. / LVMH

1.   INTRODUCTION

1.1  We refer to:

     (a)  the investment by LV Capital USA, Inc. in Inter Parfums, Inc in
          November 1999;

     (b)  the Licence Agreement (as defined below); and

     (c)  the Extension Agreement (as defined below).

1.2  In consideration for Burberry entering into the Extension Agreement and for
     the waiver

<PAGE>

     by Burberry of its rights under Clauses 15.1(b), 16.1(i) and 17.6 of the
     Licence Agreement in relation to the investment referred to in Paragraph
     1.1(a) above, the addressees of this letter have agreed to its terms.

2.   DEFINITIONS

2.1  In this letter the following terms have the following meanings:

     "BURBERRY"               means Burberry Limited, a company incorporated in
                              England and Wales under No. 162636, whose
                              registered office is at 18/22 Haymarket, London
                              SW1Y 4DQ;

     "BURBERRY INFORMATION"   means any and all information (in any
                              form) relating to the business or affairs of
                              Burberry which is:

                              (1)     confidential or secret; or

                              (2)     information whose use or disclosure
                                      might detrimentally affect Burberry's
                                      business, goodwill or other legitimate
                                      interests

                              which shall include but not be limited to any
                              and all information concerning:

                              (i)     proposed, possible or intended openings
                                      or acquisitions of Burberry retail
                                      outlets (including departments,
                                      concessions, sections or corners in a
                                      retail store);

                              (ii)    proposals or intentions for Burberry to
                                      begin supplying any products to any
                                      person, firm or company;

                              (iii)   Burberry's business plans, intentions or
                                      objectives;

                              (iv)    proposed, contemplated or actual changes
                                      of Burberry personnel and/or officers;

                              (v)     product and/or geographic markets
                                      targeted or contemplated by Burberry;

                              (vi)    proposed or intended brand names of any
                                      Burberry product;

                              (vii)   product development by or on behalf of
                                      Burberry;

                                     2
<PAGE>

                              (viii)  the identity of any proposed or possible
                                      licensee of Burberry; and/or

                              (ix)    the trading performance of Burberry
                                      (other than in relation to Licensed
                                      Products)

                              but which shall not include:-

                              (a)     Permitted Information; or

                              (b)     information which can be demonstrated by
                                      IPSA to have been publicly available
                                      (i.e. in the public domain) as at the
                                      date of receipt by IPSA or to have
                                      become publicly available (i.e. entered
                                      the public domain) subsequently other
                                      than as a direct or indirect result of
                                      any infringement of the Licence
                                      Agreement or of this letter;

     "CONTROL"                means the power to direct the affairs of
                              another, whether by contract, the ownership of
                              shares, or otherwise; and "CONTROLS" and
                              "CONTROLLED" shall be construed accordingly;

     "EXTENSION AGREEMENT"    means the letter agreement entered into
                              contemporaneously with this Agreement between
                              Burberry, IPSA and IPInc to (among other things)
                              extend the term of the Licence Agreement to 31
                              December 2006;

     "IPINC"                  means Inter Parfums, Inc., a Delaware
                              corporation, whose principal place of business
                              is at 551 Fifth Avenue, New York, New York
                              10176, USA;

     "IPSA"                   means Inter Parfums, S.A., whose principal place
                              of business is at 4-6 Rond Point des
                              Champs-Elysees, 75008, Paris, France;

     "LICENCE AGREEMENT"      means the Licence Agreement dated 15 July 1993
                              between Burberry, IPSA and IPInc, as amended;

     "LV CAPITAL"             means LV Capital, USA, Inc, a Delaware
                              corporation;

     "LVMH"                   means LVMH Moet Hennessy Louis Vuitton S.A., a
                              French societe anonyme;

                                     3
<PAGE>

     "LVMH AFFILIATE"         means a corporation, entity or person which
                              directly or indirectly Controls or is Controlled
                              by or is under common Control with LVMH and/or
                              LV Capital;

     "LVMH REPRESENTATIVES"   means those directors of IPInc from time to time
                              who are Prohibited Persons or are nominated or
                              appointed by, or who represent, LVMH, LV Capital
                              and/or any LVMH Affiliate; the current LVMH
                              Representatives being Daniel Piette and Jean
                              Cailliau;

     "PERMITTED INFORMATION"  means:

                              (i)     any and all financial data relating to
                                      IPSA, including but not limited to all
                                      accounts; sales figures; Net Sales;
                                      Quarterly Accounts; Annual Accounts;
                                      cost of goods; development costs;
                                      marketing, promotion and advertising
                                      expenses of IPSA and IPSA's projections
                                      and forecasts;

                              (ii)    details of any allegations, claims or
                                      notices by or to Burberry from time to
                                      time (and at any time) of any breach of,
                                      default under, or cure of such breach or
                                      default under the Licence Agreement;

                              (iii)   details of any proposed modifications or
                                      amendments to the Licence Agreement from
                                      time to time (and at any time); and

                              (iv)    such other information as Burberry may
                                      from time to time at its absolute
                                      discretion agree in writing; and

     "PROHIBITED PERSON"      means each of:

                              (i)     LV Capital;

                              (ii)    LVMH;

                              (iii)   any LVMH Affiliate;

                              (iv)    any person, firm or company who is at
                                      the relevant time employed by or a
                                      representative, advisor, agent,
                                      consultant or officer of LV Capital,
                                      LVMH and/or any LVMH Affiliate; and

                                     4
<PAGE>

                              (v)     the LVMH Representatives.

2.2  Terms defined in the Licence Agreement shall have the same meaning in this
     letter unless the context requires otherwise.

3.   BURBERRY INFORMATION

3.1  Without prejudice to Clause 20 of the Licence Agreement, each of IPInc,
     IPSA, Philippe Benacin, Jean Madar and Philippe Santi shall:

     (a)  not directly or indirectly disclose (and shall ensure that no person,
          firm or company will directly or indirectly disclose) any Burberry
          Information to any Prohibited Person at any time;

     (b)  not use (and will not permit, authorise or enable any person, firm or
          company to use) any Burberry Information for any purpose other than
          the proper performance of the Licence Agreement by IPSA; and

     (c)  ensure that:

          (i)   all the directors of IPSA;

          (ii)  all the directors of IPInc; and

          (iii) everyone working at or for IPSA or IPInc in relation to the
                Licensed Products and/or Burberry from time to time

          is aware of the obligations contained in this Paragraph 3.1 and
          shall comply with them at all times as if they were each
          individually a party to this letter

     provided that Burberry Information may be disclosed to any Prohibited
     Person if and to the extent required by any applicable legal or regulatory
     requirement, but only if IPSA or IPInc first notifies Burberry promptly of
     the nature and extent of (and reason for) the required disclosure and gives
     Burberry reasonable opportunity to object and/or to obtain an appropriate
     order or confidentiality agreement.

3.2  No LVMH Representative nor any other Prohibited Person shall:-

     (a)  attend any meetings with Burberry (nor any of Burberry's employees,
          officers and/or agents) relating directly or indirectly to the Licence
          Agreement or any of the Licensed Products; nor

     (b)  attend any meetings or participate in discussions if and to the extent
          that they relate to the operation of the Licence Agreement

                                       5
<PAGE>

     without Burberry's prior written consent; but either or both of the
     LVMH Representatives may attend any meeting and/or participate in any
     discussion to the extent that Permitted Information is discussed or
     disclosed, provided that no other issues concerning the operation of the
     Licence Agreement shall be discussed at that meeting in the presence
     (whether physical, audible or electronic) or with the participation of
     either or both of the LVMH Representatives.

3.3 IPSA, IPInc, Philippe Benacin and Jean Madar will ensure that:

     (a)  all issues concerning the proper day to day performance of the Licence
          Agreement by IPSA (including design, product development, marketing,
          promotion, etc) will be dealt with by IPSA alone and (save for the
          disclosure and discussion of Permitted Information) without reference
          to IPInc;

     (b)  all issues relating to Burberry and/or the Licence Agreement which
          (subject to Paragraphs 3.1 and 3.3(a) above) are reported back or
          referred to IPInc by IPSA (except for Permitted Information) shall be
          handled exclusively by a committee of IPInc executives, which shall
          not include either of the LVMH Representatives or any other Prohibited
          Person; and

     (c)  no member of that committee shall report or disclose (or permit the
          disclosure of) any Burberry Information to any Prohibited Person.

3.4  Without prejudice to Paragraphs 3.1 to 3.3 above, if (despite those
     Paragraphs) any Burberry Information is disclosed to or obtained by either
     of the LVMH Representatives, neither of the LVMH Representatives shall
     disclose that information to any other Prohibited Person (including but not
     limited to the other LVMH Representative), nor use it (nor permit it to be
     used) for any purpose other than the proper performance by IP Inc and/or
     IPSA of its obligations under the Licence Agreement or any other purpose
     which is essential in order to perform the fiduciary duties of the LVMH
     Representatives as directors of IPInc.

3.5  Each of IPInc, IPSA, Philippe Benacin and each of the LVMH Representatives
     shall execute and deliver to Burberry within 30 days after the end of each
     calendar year a certificate of compliance substantially in the form set out
     in the Schedule to this letter. If:

     (a)  any of them has not issued such a certificate within that time period
          and fails to do so within 30 days after Burberry has notified IPInc
          and IPSA in writing of that failure; and/or

     (b)  any such certificate is false or misleading in any material respect

     then Burberry may (subject to Paragraph 6.2 below) terminate the Licence
     Agreement immediately (or after the expiry of such longer notice as
     Burberry may at its discretion see fit) by giving written notice of
     termination to IPInc and IPSA.

                                       6
<PAGE>

4.   BOARD REPRESENTATION ON IPSA

4.1  IPInc, Philippe Benacin and Jean Madar shall ensure that:

     (a)  no Prohibited Person shall appoint or nominate (directly or
          indirectly) any director or officer of IPSA; and

     (b)  no Prohibited Person, nor any employee, officer, agent or
          representative of any Prohibited Person, will become a director or
          officer of IPSA, unless they do so as part of a bona fide acquisition
          by IPSA of the business of an LVMH Affiliate and on completion of that
          acquisition the relevant person ceases to be an employee, officer,
          agent or representative of the LVMH Affiliate and becomes a full time
          officer or employee of IPSA.

     provided that this Paragraph 4.1 shall not limit the performance by the
     LVMH Representatives of their fiduciary duties as directors of IPInc.

4.2  LV Capital shall not appoint or seek to appoint or nominate any director or
     officer of IPSA.

4.3  No LVMH Representative shall be appointed or serve as a director or officer
     of IPSA.

5.   POSSIBLE FURTHER INVOLVEMENT OF LVMH

5.1  Subject to Paragraph 5.2, if:

     (a)  there is an increase in the aggregate number of LVMH Representatives;
          or

     (b)  the percentage of the IPInc Board who are LVMH Representatives (the
          "RELEVANT PERCENTAGE") increases to more than 25%;

     (however arising) this will constitute a material change under Clause 15.1
     of the Licence Agreement.

5.2  If the resignation and/or death of one or more directors of IPInc causes
     the Relevant Percentage to increase to more than 25%, then the increase
     caused by those death(s) and/or resignation(s) shall not constitute a
     material change under Clause 15.1 of the Licence Agreement provided that
     within 30 days after the date when the Relevant Percentage exceeded 25%,
     additional directors of IPInc (who are not LVMH Representatives) are
     appointed so that the Relevant Percentage falls to below 25%.

5.3  If at any time the aggregate beneficial shareholding and/or voting rights
     of LVMH, LV Capital, and LVMH Affiliates in IPInc is equal to or greater
     than the aggregate beneficial shareholding and/or voting rights of Philippe
     Benacin and Jean Madar in IPInc, Burberry

                                       7
<PAGE>


     may (subject to Paragraph 6.2 below) terminate the Licence Agreement
     immediately (or after the expiry of such longer notice as Burberry may at
     its discretion see fit) by giving written notice of termination to IPInc
     and IPSA.

6.   TERMINATION OF LICENCE AGREEMENT

6.1  Without prejudice to Clause 16 of the Licence Agreement, Burberry may
     (subject to Paragraph 6.2 below) terminate the Licence Agreement with
     immediate effect (or after the expiry of such longer notice as Burberry may
     at its discretion see fit) by giving written notice of termination to IPSA
     and IPInc if any of the parties to this letter (other than Burberry):

     (a)  commits any material breach of this letter which is not capable of
          remedy; or

     (b)  commits a material breach of this letter which is capable of remedy
          and fails to remedy that breach within 30 days of being requested in
          writing to do so.

6.2  Any termination of the Licence Agreement in accordance with this letter
     (whether under Paragraph 3.5, 5.2 or 6.1 of this letter, or otherwise)
     shall be subject to those provisions of the Licence Agreement which are
     expressed to apply or to continue in force after termination, including but
     not limited to Clauses 13.5, 13.7, 16.4, 16.7, 16.8, 16.9 and 20 of the
     Licence Agreement.

7.   GENERAL PROVISIONS

7.1  The rights and remedies contained in this letter and in the Licence
     Agreement are cumulative and not exclusive of any other rights or remedies,
     whether provided by law, equity or otherwise.

7.2  This letter constitutes the entire agreement between the parties with
     respect to its subject matter and (other than the Licence Agreement and
     Extension Agreement) supersedes all prior agreements and understandings
     (both oral and written) between the parties with respect to the subject
     matter of this letter.

7.3  Nothing in this letter shall constitute or be deemed to constitute a
     partnership between the parties or to make one party the agent of another
     for any purpose.

7.4  Each party represents and warrants to the other parties that it has the
     full right, power and authority to enter into this letter and to perform
     all of its obligations under it.

7.5  Any notice to be given under this letter shall be given in accordance with
     Clause 22 of the Licence Agreement. Any notice given:-

     (a)  to Philippe Benacin and/or Philippe Santi shall be given to him (or
          them) c/o IPSA;

                                       8
<PAGE>

     (b)  to Jean Madar and/or any LVMH Representative shall be given to him (or
          them) c/o IPInc

     or to such other address or fax numbers as may from time to time be
     properly notified to Burberry.

7.6  No amendments to or modifications of any of the provisions of this letter
     shall be effective unless they are in writing and signed by the parties (if
     they are individuals) or their duly authorised representatives (if they are
     companies).

7.7  No forbearance, indulgence or relaxation shown or granted by Burberry to
     any other party in enforcing any of the terms of this letter shall in any
     way affect, diminish, restrict, operate as or be deemed to be a waiver of
     any breach of any of those terms by any other party. No single or partial
     exercise of any right or remedy under this letter shall prevent any further
     exercise of the right or remedy or the exercise of any other right or
     remedy.

7.8  Each party shall bear its own costs in relation to the negotiation and
     preparation of this letter.

7.9  This letter shall be subject to and construed in accordance with English
     law. The English Courts shall (subject as mentioned below) have exclusive
     jurisdiction to determine any disputes which may arise out of, under, or in
     connection with this letter, provided that nothing contained in this letter
     shall prevent Burberry from obtaining any injunctive or other similar
     relief which may be available to it in the Courts of any other country or
     state in any particular case and the other parties each submit to the
     jurisdiction of any such court. It is acknowledged that damages would not
     be an adequate remedy for a breach of this letter.

7.10 This letter may be executed in any number of counterparts, each of which
     when executed shall be an original, but all the counterparts together shall
     constitute one and the same instrument.

Please sign, date and return the enclosed copy of this letter to confirm your
agreement to its terms.

Yours sincerely




---------------------------------
VICTOR J. BARNETT
For and on behalf of
BURBERRY LIMITED

                                       9
<PAGE>

We confirm our agreement to the above


SIGNED by PHILIPPE BENACIN)
for and on behalf of      )
INTER PARFUMS, S.A.       )        .............................................

Dated:                                                                      2000





SIGNED by JEAN MADAR      )
for and on behalf of      )
INTER PARFUMS, INC        )        .............................................

Dated:                                                                      2000



SIGNED by                 )
PHILIPPE BENACIN          )       ..............................................

Dated:                                                                      2000




SIGNED by                 )
JEAN MADAR                )        .............................................

Dated:                                                                      2000




SIGNED by                 )
PHILIPPE SANTI            )        .............................................

Dated:                                                                      2000

                                       10
<PAGE>




SIGNED by                 )
DANIEL PIETTE             )        .............................................

Dated:                                                                      2000




SIGNED by                 )
JEAN CAILLIAU             )        .............................................

Dated:                                                                      2000



SIGNED by                 )
for and on behalf of      )
LV CAPITAL, USA, INC.     )        .............................................

Dated:                                                                      2000

                                       11
<PAGE>


                                    SCHEDULE

                            CERTIFICATE OF COMPLIANCE

To:      Burberry Limited
         18-22 The Haymarket
         London SW1Y 4DQ

FAO:     The Director of Licensing

                                                               Dated [ o ] 20[o]

                            CERTIFICATE OF COMPLIANCE


1.   I/We refer to the Confidentiality Agreement dated [ o ] 2000 between
     Burberry Ltd, Inter Parfums, S.A., Inter Parfums, Inc., Philippe Benacin,
     Jean Madar, Philippe Santi, Daniel Piette, Jean Cailliau and LV Capital,
     USA, Inc (the "CONFIDENTIALITY AGREEMENT").

2.   I/We hereby certify and confirm to Burberry Limited that all the provisions
     of Paragraph 3 of the Confidentiality Agreement were complied with in full
     during the year.

3.   I/We are fully aware of the consequences if this certificate is false or
     misleading in any material respect.


[For individuals]                       [For Inter Parfums S.A./Inc.]
-----------------                       -----------------------------
Signed by:                              Signed by:
Name: ...............................   Name: ..................................

                                        Title: .................................

Signature: ..........................   Signature: .............................
                                           Duly authorised for and on behalf of
                                        INTER PARFUMS SA/INC
in the presence of:
Name of witness: ........................................

Address of witness ......................................

 .........................................................

Occupation of witness: ..................................

Signature of witness: ...................................

                                       12


