<SUBMISSION>
<ACCESSION-NUMBER>0000889812-00-002856
<TYPE>8-K/A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20000518
<ITEMS>7
<FILING-DATE>20000622
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>INTER PARFUMS INC
<CIK>0000822663
<ASSIGNED-SIC>2844
<IRS-NUMBER>133275609
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K/A
<ACT>34
<FILE-NUMBER>000-16469
<FILM-NUMBER>659030
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>551 FIFTH AVE STE 1500
<CITY>NEW YORK
<STATE>NY
<ZIP>10176
<PHONE>2129832640
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>551 FIFTH AVENUE
<CITY>NEW YORK
<STATE>NY
<ZIP>10176
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>JEAN PHILIPPE FRAGRANCES INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>CURRENT REPORT
<TEXT>

<PAGE>



                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                 Amendment No. 1
                          To Current Report on Form 8-K
                                  On Form 8-K/A

              Current Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                Date of Report (Date of Earliest Event Reported):
                                  May 18, 2000

                               INTER PARFUMS, INC.

             (Exact name of Registrant as specified in its charter)

                         Commission File Number 0-16469

           Delaware                                         13-3275609
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                          Identification No.)

                   551 Fifth Avenue, New York, New York 10176
                   ------------------------------------------
                    (Address of Principal Executive Offices)

                                  212. 983.2640
                                  -------------
              (Registrant's Telephone number, including area code)



<PAGE>


Item 7. Financial Statements and Exhibits

(c) Exhibits

The following exhibits are filed herewith:

No.                Description

10.76              Celine License Agreement [in French]- excised.

10.76.1            Celine License Agreement [English translation]- excised.

                                   SIGNATURES

     Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused and authorized this report to be signed on its
behalf by the undersigned.

Dated: 22 June 2000

                                     Inter Parfums, Inc.



                                     By: /s/ Russell Greenberg
                                        ----------------------------------------
                                     Russell Greenberg, Executive Vice President



                                       2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.76
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>CONTRAT DE LICENCE
<TEXT>

<PAGE>



--------------------------------------------------------------------------------
                               CONTRAT DE LICENCE
--------------------------------------------------------------------------------



ENTRE LES SOUSSIGNEES


CELINE, Societe Anonyme, dont le siege social est etabli au 23/25 rue du Pont
Neuf - 75001 PARIS - inscrite au R.C.S de Paris sous le N(degree) B 572 034 361,
representee par son President Thierry Andretta.

PARFUMS CELINE SNC, dont le siege social est etabli au 23/25 rue du Pont Neuf -
75001 PARIS - inscrite au R.C.S de Paris sous le N(degree) B 398 153 502,
representee par son gerant Thierry Andretta.

                                           Ci-apres denommees ensemble "CELINE"


                                           D'UNE PART

ET

INTER PARFUMS, Societe Anonyme, dont le siege social est etabli au 4, rond point
des Champs Elysees 75008 PARIS - inscrite au R.C.S de PARIS sous le N(degree) B
350 219 382, representee par son President M. Philippe Benacin.

                                           Ci-apres denommee "INTER PARFUMS"

                                           D'AUTRE PART



IL A ETE PREALABLEMENT EXPOSE CE QUI SUIT :

La societe CELINE est proprietaire de la Marque "CELINE" en classe 3 a
laquelle est attachee tant en France qu'a l'etranger une renommee internationale
et une image de prestige dans le domaine du pret a porter de luxe et de la
maroquinerie de luxe.

INTER PARFUMS souhaite exploiter le nom "CELINE" en vue de la creation, la
fabrication et la distribution de parfums sous ce nom dans des conditions
conformes au prestige de CELINE et a la reputation de haute qualite des produits
CELINE.

C'est dans la perspective d'efforts communs pour donner aux produits, objet du
present Contrat, un style exclusif a CELINE que les parties soussignees :

ONT AINSI ARRETE ET CONVENU CE QUI SUIT :


                                       1
<PAGE>


ARTICLE 1 : DEFINITIONS

La signification de certains termes aux fins du present Contrat est precisee
ci-dessous :

1.1   "CONTRAT" designe le present contrat de licence ainsi que ses annexes.

1.2   "PRODUITS" designent les parfums, eaux de toilette, les parfums de
toilette, les produits de toilette directement derives de ces parfums qui
pourront etre ou seront crees par INTER PARFUMS dans le cadre de l'execution de
ce Contrat.

1.3   "ENVIRONNEMENT DES PRODUITS" designe le flacon, les chemises ou etuis,
le conditionnement des Produits ainsi que des produits derives des parfums.

1.4   "TERRITOIRE" designe le monde entier, y compris les points de vente en
duty-free.

1.5   "MARQUE(S)" designe les enregistrements et /ou depots de marque
existants au nom de la societe CELINE, tels que listes a l'Annexe 1. Par ce
terme, les parties conviennent de designer egalement tous les futurs
enregistrements et/ou depots de marques au nom de la societe CELINE dans le
cadre du present Contrat.

1.6   "ANNEE CONTRACTUELLE" designe la periode comprise entre le 1er Janvier
d'une annee et le 31 decembre de cette meme annee.

1.7   "DETAILLANT" designe tout point de vente ou espace de vente au
consommateur final habilite a revendre les Produits portant la Marque "CELINE"

1.8   "DISTRIBUTEUR" designe toute societe independante habilitee a revendre
les Produits portant la Marque "CELINE" en vertu d'un contrat ecrit ou
d'accords avec INTER PARFUMS a des Detaillants dans un ou plusieurs pays.

ARTICLE 2 : OBJET DU CONTRAT

2.1 Aux termes du present Contrat, CELINE concede a INTER PARFUMS le droit
exclusif d'utiliser la Marque en vue de la creation, la fabrication et la
commercialisation, dans les conditions ci-dessous definies, des Produits sur le
Territoire concede.

2.2 Dans le present contexte, l'utilisation du terme "exclusif" signifie que,
pour toute la duree du present Contrat, CELINE s'interdit d'accorder d'autres
licences relatives a la creation, fabrication et/ou a la vente des Produits
porteurs des Marques.

2.3 Il est expressement accepte par INTER PARFUMS que CELINE se reserve le droit
d'ouvrir, dans tous les pays du monde, des boutiques a l'enseigne "CELINE".
INTER PARFUMS reconnait expressement que lesdites boutiques sont exclues du
champs d'application des presentes.



                                       2
<PAGE>


Toutefois, INTER PARFUMS s'engage a les livrer conformement a leur demande.
INTER PARFUMS tiendra ses Distributeurs dument informes de l'existence de la
presente exception a l'exclusivite qu'INTER PARFUMS pourrait leur avoir accordee
sur leur zone de distribution. INTER PARFUMS vendra les Produits a ce titre au
prix de gros moins [ ].

ARTICLE 3 : ENGAGEMENTS DES PARTIES

3.1    INTER PARFUMS s'engage a faire usage de la presente licence et a mener
une politique active de fabrication et de commercialisation des Produits.

3.2    INTER PARFUMS s'engage a ce que tous les Produits, ainsi que tous les
extraits de parfums ou les composants des Produits, soient fabriques en Europe.

3.3    RESEAU DE DISTRIBUTION

3.3.a) INTER PARFUMS s'engage a adopter une politique commerciale selective pour
la Distribution des Produits et a vendre les Produits dans les points de vente,
parfumeries et grands magasins repondant aux criteres objectifs retenus pour la
distribution selective.

CELINE reconnait avoir pris connaissance des conditions generales de vente, du
contrat standard de detaillant agree ainsi que du rapport d'evaluation standard
mis en place par INTER PARFUMS et dont un exemplaire figure en Annexe II au
present contrat.

INTER PARFUMS s'engage a mettre en place sur le Territoire un reseau de
distribution performant et de haut niveau compose d'operateurs qualifies et
professionnels repondant aux exigences de la Marque.

A la date de la signature du present Accord, INTER PARFUMS ne dispose pas de la
liste des agents et distributeurs auxquels la distribution des Produits sera
confiee. INTER PARFUMS s'engage a communiquer ladite liste a CELINE au plus tard
le 30/09/2001 et par la suite deux fois par an sur simple demande de CELINE,
dans un delai maximum de trente (30) jours.

Suite a une demande ecrite de CELINE, INTER PARFUMS s'engage a se separer de
tout operateur qui, selon l'avis de CELINE, a manque a une obligation
substantielle de son contrat et ne repond plus aux criteres qualitatifs
objectifs de la distribution selective des lors qu'il est susceptible de porter
prejudice a la Marque ainsi qu'au reseau de distribution et par consequent au
developpement des ventes des Produits.

Les ventes effectuees par l'intermediaire de reseaux de distribution qui ne sont
pas compatibles avec l'image de la Marque sont prohibees. Notamment, sont
considerees comme non compatibles avec l'image de la Marque, les methodes de
vente telles que le demarchage et les ventes a domicile, les ventes a distance
(offres par catalogues, offres de vente dites de "tele-achat" cette liste
n'etant pas limitative).

Les parties conviennent egalement d'exclure, dans les limites du droit positif
applicable en la matiere, les offres de vente sur Internet, a l'exception de
celles presentees



                                       3
<PAGE>


notamment sur les sites suivants, existant a la date de signature du present
contrat et dont l'amenagement est conforme aux criteres qualitatifs de la
distribution selective :

o        www.sephora.fr
o        www.galerieslafayettes.com
o        www.harrods.com
o        www.luxury.com

etant precise que la liste ci-dessus pourrait etre etendue a d'autres sites
repondant aux criteres objectifs de selectivite, sous reserve de l'accord
prealable ecrit de CELINE.

Tout projet de mise en place de methodes de vente telles que decrites ci-dessus
devra faire l'objet d'une autorisation prealable ecrite de CELINE.

3.3.b) Implantation d'un stand ou d'un shop-in-a-shop

Les stands ou les magasins dit "shop-in-a-shop" a l'enseigne CELINE,
implantes dans des grands magasins ou magasins multispecialistes, devront etre
amenages conformement aux directives et au concept architectural CELINE.

L'ensemble des travaux sera execute aux frais exclusifs d'INTER PARFUMS, sous sa
propre responsabilite, par son decorateur. Toutefois, les travaux seront soumis
a l'accord prealable ecrit de CELINE.

Avant execution des travaux, INTER PARFUMS fournira a CELINE :

1.      situation du stand ou shop-in-a-shop sur le plan du magasin avec des
        precisions concernant les marques et les produits voisins,
2.      un plan de l'emplacement du stand ou shop-in-a-shop,
3.      un plan de plafond existant
4.      un plan d'eclairage existant
5.      des photos de l'existant
6.      le cahier des charges

Apres reception de ces informations, CELINE fournira a INTER PARFUMS un dossier
definissant la decoration , y compris l'ameublement du stand ou shop-in-a-shop,
qui ne pourra etre modifie sans l'accord prealable ecrit de CELINE.

INTER PARFUMS adressera a CELINE, avant execution des travaux et pour accord
ecrit :

1.       des plans detailles du stand ou du shop-in-a-shop
2.       des dessins en perspectives du stand ou du shop-in-a-shop, comprenant
           elevations et coupes avec toutes les indications de niveaux
3.       la date de debut des travaux
4.       la date d'ouverture prevue du stand ou du shop-in-a-shop

L'amenagement du stand ou du shop-in-a-shop devra etre conforme en tous points
au projet definitif approuve par CELINE.



                                       4
<PAGE>


INTER PARFUMS s'engage a renover ou remplacer tous les elements de la decoration
qui pourraient se deteriorer pendant la duree du present contrat.

CELINE se reserve le droit de changer son concept architectural. INTER PARFUMS
s'engage a appliquer le nouveau concept architectural dans les plus brefs delais
et au plus tard six (6) mois apres une demande ecrite de CELINE, notifiee par
lettre recommandee avec accuse de reception.

3.3.c) INTER PARFUMS s'engage a assurer le maintien de la notoriete et du
prestige de la Marque par une politique de marketing et des methodes de vente
adaptees au systeme de la distribution selective.

INTER PARFUMS s'engage a commercialiser les Produits dans un reseau de
distribution selective et a disposer de la structure administrative et
commerciale propre a en assurer une gestion efficace.

INTER PARFUMS s'engage a commercialiser les Produits a un prix correspondant a
l'image de la Marque "CELINE".

Le prix de cession des Produits aupres des co-contractants (agents,
distributeurs) devront etre determines par INTER PARFUMS de maniere a ce qu'au
stade final de la distribution, le prix de vente des Produits soit conforme au
positionnement defini par CELINE. Les tarifs des Produits devront etre
communiques a CELINE avant la commercialisation.

3.3.d) Afin de maintenir l'image de la Marque "CELINE", INTER PARFUMS
s'engage a commercialiser les Produits dans les points de vente remplissant les
criteres qualitatifs objectifs et employant un personnel competent. INTER
PARFUMS inserera une clause correspondante dans l'ensemble de ses contrats
conclus avec ses Distributeurs ou avec les Detaillants.

3.3.e) Afin de verifier que la distribution des Produits sur le Territoire est
conforme au prestige de la Marque, CELINE pourra visiter ou faire visiter les
points de vente. S'il apparait que certains d'entre eux ne repondent pas aux
exigences, definies a l'alinea ci-dessus, CELINE pourra demander a INTER PARFUMS
de retirer ou de faire retirer les Produits des points de vente visites et
cesser toute commercialisation des Produits dans ces points de vente.

3.4 Les parties conviennent que la renommee de "CELINE" dans le
pret-a-porter de luxe et dans la maroquinerie de luxe est a la base meme de
l'interet de sa Marque ; l'impact de cette renommee est en effet substantiel sur
le positionnement de sa Marque dans le secteur des parfums.

Dans cette optique, CELINE s'engage, a titre de condition substantielle et
determinante du present accord, sans la stipulation de laquelle les parties
n'auraient pas conclu, a soutenir regulierement les activites de creations de
CELINE en matiere de pret a porter de luxe, de maroquinerie de luxe ou de toute
autre activite de mode de nature a soutenir l'image et le prestige de la Marque
CELINE.


                                       5
<PAGE>


ARTICLE 4 : PLAN DE LANCEMENT DES PRODUITS

4.1 Dans la deuxieme Annee Contractuelle (Annee 2001) INTER PARFUMS s'engage a
faire tout ce qui est necessaire pour qu'un nouveau parfum, compose d'une ligne
feminine et d'une ligne masculine, soit lance.

A cet effet, INTER PARFUMS soumettra dans la premiere Annee Contractuelle (Annee
2000) a CELINE un projet.

4.2 INTER PARFUMS s'engage a faire tout ce qui est necessaire pour que le
nouveau parfum, mentionne a l'alinea 1, dans le cadre de son lancement,
beneficie d'une large diffusion tant en France qu'a l'etranger.

Le plan de lancement du nouveau parfum sera defini de maniere concertee entre
CELINE et INTER PARFUMS. La version definitive de ce plan devra etre soumise
pour approbation ecrite a CELINE avant sa mise en oeuvre.

4.3 Durant cette deuxieme Annee Contractuelle (Annee 2001), INTER PARFUMS
s'engage a reprendre la gestion, la distribution de la ligne existante "MAGIC"
ainsi que les stocks appartenant a PARFUMS CELINE SNC au prix de revient ainsi
que ceux-ci figurent dans les comptes de ladite societe et dans la limite de
[____________].

4.4 Dans la quatrieme Annee Contractuelle (Annee 2003), les parties se
concerteront sur le developpement par INTER PARFUMS d'une deuxieme ligne de
parfums.

4.5 Dans la cinquieme Annee Contractuelle (Annee 2004), INTER PARFUMS s'engage a
faire tout ce qui est necessaire pour assurer le lancement de cette deuxieme
ligne sur les territoires ou se trouve deja implantee la premiere ligne de
parfums.

4.6 Dans la sixieme Annee Contractuelle (Annee 2005) les parties se
concerteront, au vu des resultats de vente des deux lignes de parfums ci-dessus
mentionnees, sur les nouvelles orientations de la Marque "CELINE"

ARTICLE 5 : DUREE

5.1 Le present Contrat prendra effet a la date du 17 Mai 2000 et il expirera,
sauf en cas d'application de l'article 5.2, a la date du 31 Decembre 2011.

5.2 Les parties conviennent qu'a l'expiration du Contrat au 31 Decembre 2011, et
sous la condition que le montant total du Chiffre d'affaires net Ex-Factory de
l'annee 2008 soit superieur ou egal a [_______________], le present Contrat se
poursuivra par tacite reconduction pour une nouvelle periode de cinq (5) ans,
soit jusqu'au 31 decembre 2016. Dans ce cas, les parties se rencontreront en vue
de convenir des redevances minima garanties a verser durant cette nouvelle
periode contractuelle.

5.3 Dans le cas ou le montant total du Chiffre d'affaires net Ex-Factory de
l'annee 2008 serait inferieur a [________________], les parties se rencontreront
des le debut de l'annee 2009 en vue de decider du renouvellement eventuel du
present Contrat.


                                       6
<PAGE>



ARTICLE  6 : REDEVANCES.

6.1 En contrepartie des droits qui lui sont conferes en vertu du present
Contrat, INTER PARFUMS versera a CELINE, une redevance annuelle de :

     o    [______________] sur la tranche de Chiffre d'Affaires Net annuel
          realise par INTER PARFUMS sur la vente des Produits comprise entre
          [___________________].

     o    [_______________] sur la tranche de Chiffre d'Affaires Net annuel
          realise par INTER PARFUMS sur la vente des Produits situee au dela de
          [___________________].

(ci-apres la "Redevance Proportionnelle")

6.2 L'assiette retenue, pour calculer le "Chiffre d'Affaires Net", sera :

o    le total de la facturation nette de INTER PARFUMS (siege et filiales) a ses
     clients, y compris la facturation faisant suite a des commandes passees par
     CELINE,

o    hors taxes

o    apres deduction des frais de transport factures par INTER PARFUMS a ses
     clients (dans la limite de 5% du montant total facture)

o    et apres deduction justifiee des Produits retournes invendus (dans la
     limite de 5% du montant total facture).

Aucune deduction ne pourra etre faite au titre de creances douteuses ou devenues
irrecouvrables ou quelque autre cout encouru par INTER PARFUMS.

Les parties excluent du calcul du Chiffre d'Affaires les ventes du materiel de
publicite sur les lieux de vente ("PLV") et des articles promotionnels, etant
precise que lesdits Produits et articles ne devant en aucun cas representer plus
de 10% du total des ventes.

Les Ventes d'INTER PARFUMS a ses filiales ou a des societes ou groupements lui
appartenant directement ou indirectement ,realisees a des conditions economiques
non habituelles, seront, pour les besoins du calcul de la redevance, considerees
comme ayant ete realisees au prix de vente moyen applicable aux detaillants dans
un meme pays.

Les versements seront effectues en francs francais.

6.3 INTER PARFUMS s'engage a verser a CELINE, pendant la duree du Contrat, les
redevances minima garanties (ci-apres "Minima Garantis") determinees
conformement au tableau ci-dessous :



                                       7
<PAGE>




<TABLE>
<CAPTION>
--------------------------------------------------------------------------------       ----------------------------------------
ANNEE
CONTRACTUELLE
--------------------------------------------------------------------------------       ----------------------------------------
<S>                            <C>                                            <C>     <C>
01/01/2000 au 31/12/2000        Creation et developpement du produit                   Creation et developpement du produit
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2001 au 31/12/2001        [_______________] HT
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2002 au 31/12/2002        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2001
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2003 au 31/12/2003        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2002
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2004 au 31/12/2004        [_______________] FF HT                         Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2003
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2005 au 31/12/2005        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2004
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2006 au 31/12/2006        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2005
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2007 au 31/12/2007        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2006
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2008 au 31/12/2008        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2007
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2009 au 31/12/2009        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2008
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2010 au 31/12/2010        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2009
--------------------------------------------------------------------------------       ----------------------------------------
01/01/2011 au 31/12/2011        [_______________] HT                            Ou     [____]  du  montant  de  la   Redevance
                                                                                       versee sur l'Annee 2010
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Les parties conviennent de retenir le montant de Minima Garantis le plus eleve
des deux proposes dans ledit tableau.

Le reglement des Minima Garantis Fixes sera effectue par INTER PARFUMS
trimestriellement les 30 Avril, 31 Juillet, 30 Octobre et 31 Janvier de chaque
annee.



                                       8
<PAGE>


Il est toutefois precise que les Minima Garantis ne seront pas dus au titre de
la premiere Annee Contractuelle, etant donne les efforts realises par INTER
PARFUMS pour la conception et le developpement du nouveau parfum. Les Minima
Garantis seront donc dus a compter de la deuxieme Annee Contractuelle.

Le solde des redevances, soit la difference entre la redevance proportionnelle
calculee en vertu de l'Article 6.1 pour une annee donnee du contrat et le
montant global des minima garantis deja verses par INTER PARFUMS pour cette meme
annee de contrat, sera regle par INTER PARFUMS dans les trente (30) jours
suivant la cloture de chaque exercice annuel.

Le reglement des redevances devra etre accompagne de l'etat vise a l'article 7.2
ci-dessous.

Toute somme reglee avec retard portera interet au taux EURIBOR trois mois majore
d'un interet de cinq pour cent (5%).

ARTICLE 7 : COMPTES-RENDUS D'ACTIVITE ET PREVISIONS.

INTER PARFUMS devra fournir a CELINE des comptes-rendus d'activite et previsions
sur support papier et/ou, dans la mesure du possible, sur support informatique
compatible avec le systeme de CELINE, qui permettront a cette derniere :


o    de mieux apprehender le montant des redevances resultant de l'exploitation
     du contrat d'exclusivite;

o    de mieux controler l'evolution de cette exploitation, tant au niveau du
     chiffre d'affaires qu'en terme de soutien publicitaire et promotionnel de
     l'activite, sur le Territoire et pour les differents Produits.


Ces comptes-rendus et previsions devront revetir les formes et etre adresses
dans les delais ci-apres definis.


7.1) Etat trimestriel des ventes et des depenses de publicite


INTER PARFUMS s'engage a adresser a CELINE, dans les trente
(30) jours qui suivent la cloture du trimestre civil, un etat trimestriel des
ventes et des depenses de publicite indiquant:

o Le montant total du (( chiffre d'affaires net )) hors taxes du trimestre ainsi
que le montant du chiffre d'affaires net cumule depuis le debut de l'annee (tel
que defini a l'Article 6.2) avec une indication claire du pourcentage que
representent ces ventes par rapport a l'activite totale d'INTER PARFUMS.

o La ventilation en valeur de ces ventes par pays exprimee par ligne de
Produits, la valeur etant exprimee dans la devise de facturation et dans la
devise definie a l'Article 6.2.

o Le calcul detaille des redevances sur ces ventes.


                                       9
<PAGE>


o Le montant des depenses de publicite pour chacun des pays dont la liste sera
etablie par CELINE et communiquee a INTER PARFUMS

Pour tous ces elements relatifs aux ventes, a l'exclusion des
etats de depenses de publicite, les chiffres reels et les chiffres previsionnels
du budget de l'annee en cours ainsi que les chiffres comparatifs de l'annee
precedente.

L'etat trimestriel des ventes devra etre suffisamment detaille pour
permettre une verification d'apres les livres comptables d'INTER PARFUMS. Il
devra etre "Certifie exact et fidele" par le Directeur Financier d'INTER
PARFUMS.

7.2) Etat annuel certifie des ventes, des stocks et des depenses de
communication

INTER PARFUMS adressera a CELINE dans les soixante (60) jours a
compter de l'expiration de l'Annee Contractuelle correspondante les etats
suivants qui devront etre certifies aux frais d'INTER PARFUMS par un cabinet
comptable independant:

o un etat precis des ventes effectuees pendant l'annee etabli dans les memes
formes que celles retenues pour l'etat trimestriel des ventes et des depenses de
publicite vise a l'Article 7.1, ainsi que le calcul detaille des redevances sur
ces ventes, certifie par un cabinet comptable independant aux frais d'INTER
PARFUMS.

o un etat annuel certifie des stocks, detaillant clairement pour chaque
categorie de Produits les quantites en stock chez INTER PARFUMS ainsi que la
valeur correspondante et, le cas echeant, le montant de la provision pour
depreciation des stocks correspondante


o un etat annuel des depenses de communication etabli par pays. un etat annuel
du Chiffre d'affaires Net Gros Local par pays.

 7.3)  Plan marketing

INTER PARFUMS fera parvenir a CELINE un Plan Marketing relatif a l'annee civile
suivante et comportant essentiellement:

-        un book marketing
-        un budget des ventes previsionnelles
-        un budget communication previsionnel

7.3.1 Book Marketing

Au plus tard le 31 Octobre de chaque annee, INTER PARFUMS fera parvenir a CELINE
un Book Marketing relatif a l'annee civile suivante et comportant les elements
suivants

-        Plan d'animation
-        Presentation de nouvelles references
-        Proposition de gammes de Produits


                                       10
<PAGE>


-        Politique de prix de detail des Produits

7.3.2 Budget des ventes previsionnelles et Budget communication previsionnel

Au plus tard le 30 Novembre de chaque annee, INTER PARFUMS fera parvenir a
CELINE

- un Budget des ventes previsionnelles
- un Budget communication previsionnel,

relatifs a l'annee civile suivante.

(1)Budget des ventes previsionnelles

Un "Budget des ventes previsionnelles" devra etre etabli par INTER PARFUMS pour
l'annee suivante selon les principes retenus pour les Etats trimestriels des
ventes vises ci-dessus. Il sera transmis a CELINE le 30 Novembre d'une annee N
et fera l'objet d'une revision le 30 Juin de l'annee N+1.

INTER PARFUMS communiquera a CELINE toute information qui entrainerait une
revision significative par rapport au Budget des ventes previsionnelles.

En outre, dans le cadre du Budget des ventes previsionnelles, INTER PARFUMS
indiquera la repartition des ventes par canaux de distribution et la repartition
des ventes, par gamme de prix au detail et par Produits.

(2)Budget communication previsionnel

INTER PARFUMS devra egalement etablir un Budget communication
previsionnel base sur le chiffre d'affaires tel qu'indique dans le Budget des
ventes previsionnelles, mentionnant la repartition des depenses de
communication, par pays et par type de depenses vise a l'Article 10.

Ce document integrera le cas echeant et sous reserve de leur disponibilite,
toutes autres informations propres au marche ou aux Produits et necessaires au
bon suivi de l'exploitation du contrat d'exclusivite.

INTER PARFUMS devra communiquer a CELINE un premier projet de plan media.

7.3.3 Politique de prix de detail des Produits

Sur demande de CELINE et pour les pays qui l'interessent, INTER PARFUMS devra
fournir toutes donnees relatives aux prix unitaires de vente au detail
conseilles pour chaque Produit, avec une analyse du positionnement de ces prix
par rapport a la concurrence, en monnaie locale et pour un nombre de references
significatif.

ARTICLE 8 : COMPTES INTER PARFUMS

8.1 Obligation de conserver les comptes relatifs a l'exploitation des Produits


                                       11
<PAGE>


Conformement aux principes comptables usuels, INTER PARFUMS etablira des livres
et documents comptables (ainsi que toutes pieces justificatives relatives a
l'importation, la fabrication, l'entreposage, la distribution et la vente des
Produits et plus generalement a toutes les activites relatives aux droits et
obligations resultant du present contrat) qu'il s'engage a conserver pendant les
quatre (4) annees apres la cloture de l'exercice auxquels ces documents se
rapportent.

Il est precise que les pieces justificatives devront comprendre des inventaires
permanents des Produits en stock et de leurs composants, y compris des
emballages, et que les livres et documents devront faire apparaitre clairement,
pour toutes les transactions s'y rapportant, les quantites de Produits.

8.2 Controle des Comptes d'INTER PARFUMS

Moyennant le respect d'un preavis de dix (10) jours et a tout moment aux heures
normales d'ouverture, CELINE, directement ou par un expert mandate par elle,
aura le droit de proceder a un examen des comptes d'INTER PARFUMS.

Ce droit d'inspection pourra etre exerce au maximum une
fois par an, pendant la duree du present contrat et une fois au cours des deux
annees suivant l'expiration du contrat en plus des controles prevus en cas de
resiliation et d'expiration.

Par ailleurs, CELINE se reserve le droit de proceder a des controles directs
aupres des tiers en relation avec INTER PARFUMS (clients, distributeurs,
fournisseurs, etc), ce dernier s'engageant a faire ses meilleurs efforts pour
obtenir l'accord desdits tiers pour les interventions de CELINE.

Les examens entrepris par CELINE auront pour seul objet de s'assurer que
les obligations a la charge d'INTER PARFUMS en vertu du present contrat ont ete
regulierement satisfaites.

Le cout de cet examen sera pris en charge par CELINE, a l'exception du cas prevu
a l' Article 8.3 ci-dessous.

8.3 Constatation et regularisation des insuffisances de reglement:

Dans l'hypothese ou l'examen des comptes revelerait une insuffisance des
redevances versees a CELINE, INTER PARFUMS devra proceder au paiement immediat a
CELINE des sommes qui seront dues, augmentees d'un interet au taux EURIBOR trois
(3) mois majore d'un interet de CINQ pour cent (5 %), calcule a compter du
dernier jour de l'exercice au titre duquel lesdites sommes auraient du etre
versees.


Par ailleurs, la totalite du cout de l'examen des comptes sera pris en charge
par INTER PARFUMS.


En cas de non reglement, CELINE aura la faculte de resilier le contrat sans
qu'il soit besoin d'une quelconque demande en justice, dix (10) jours apres la
mise en demeure de regler les sommes dues adressee a INTER PARFUMS par lettre
recommandee avec accuse de reception conformement a l'Article 12 ci-dessous.



                                       12
<PAGE>


ARTICLE 9 : CREATION ET DEVELOPPEMENT DES PRODUITS

9.1 Creation des Produits

La creation des Produits devra s'inscrire dans la coherence d'un style exclusif
a CELINE et afin de garantir cette coherence, INTER PARFUMS s'engage a associer
etroitement CELINE a toutes les etapes de la creation et du developpement afin
de lui permettre de faire son choix, de suggerer toute modification qui lui
parait appropriee, etant precise que dans tous les cas les parties feront leurs
meilleurs efforts pour cooperer en vue d'aboutir ensemble a un projet commun
(ci-apres "le Projet").

Pour toute creation de Produit, INTER PARFUMS devra obtenir l'accord prealable
ecrit de CELINE sur le Projet et notamment :

     o    Mise au point du concept Produit

     o    Redaction des briefs destines aux createurs (design et parfum) leur
          donnant une directive de travail

     o    Mise au point du design du flacon

     o    Developpement et choix du jus

     o    Developpement et choix du packaging

     o    Choix du nom du Produit

     o    Positionnement prix du Produit

Il est rappele que toute creation de Produit, quelle que soit son origine et la
contribution respective des parties, demeurera la propriete exclusive de CELINE,
meme apres la cessation du contrat pour quelque cause que ce soit.

9.2 Developpement industriel ou mise au point technique des Produits

INTER PARFUMS s'engage a ce que les Produits soient concus et fabriques selon
les standards de qualite de l'industrie, qu'ils ne presentent aucun defaut, ni
dans leur conception et leur fabrication afin qu'ils soient conformes aux
attentes d'une clientele exigeante et au prestige de la Marque.

Les parties conviennent qu'INTER PARFUMS conservera la maitrise complete de
toutes les etapes du developpement industriel. Elle selectionnera librement les
fournisseurs des articles de conditionnement (moules, capots, pompes, etuis,
cales, etiquettes etc.), etant entendu que la mise au point technique du nouveau
produit envisage sera soumise a l'approbation ecrite prealable de CELINE.

INTER PARFUMS fournira a CELINE, pour verification, des echantillons des
Produits (ci-apres "Tetes de serie") avant leur commercialisation.

INTER PARFUMS s'engage en outre a commercialiser uniquement les Produits
fabriques selon les tetes de serie approuvees par ecrit par CELINE.

Si les Produits fabriques ne sont pas conformes aux Tetes de serie, CELINE
pourra exiger l'arret immediat de leur fabrication et de leur commercialisation
ainsi que la destruction des Produits fabriques et non conformes et ce, aux
frais d'INTER


                                       13
<PAGE>


PARFUMS, sans prejudice de la faculte de resiliation prevue a l'Article 12 du
present contrat.

9.3 Sous-traitants

9.3.1 INTER PARFUMS est autorisee, sous son entiere responsabilite, a
sous-traiter tout ou partie de la fabrication des Produits dans les conditions
suivantes :

     o    INTER PARFUMS s'engage a ce que toute fabrication des Produits, des
          extraits de parfum ou les composants des Produits par ses
          sous-traitants ait lieu en Europe;

     o    INTER PARFUMS s'engage a faire respecter les termes du present Contrat
          par ses sous-traitants;

     o    INTER PARFUMS communiquera a CELINE la liste de ses sous-traitants
          deux fois par an .

INTER PAFUMS reconnait expressement qu'il est solidairement responsable avec ses
sous-traitants. Il s'engage a garantir CELINE notamment contre les actes de ces
derniers qui seraient en contradiction avec les stipulations contractuelles.

INTER PARFUMS garantit par ailleurs CELINE contre toute action et/ou instance
que les sous-traitants pourraient engager contre CELINE et ce, pour quelque
cause que ce soit.

9.3.2 Controle qualite

INTER PARFUMS controlera ou fera controler regulierement la qualite des Produits
fabriques et conditionnes par ses sous-traitants et s'engage a informer CELINE,
des que possible, de tous defauts techniques constates et a prendre toutes
dispositions necessaires a l'effet de remedier a ces defauts.

INTER PARFUMS s'engage a adresser a CELINE, a la demande de celle-ci et au
maximum une fois par mois, des echantillons pris au hasard parmi les Produits
qui seront commercialises.

ARTICLE 10 - COMMUNICATION

10.1 Definition des termes :

La communication designe toutes les actions engagees dans les domaines de la
promotion et de la publicite.

o Au sens des presentes, le terme Promotion designe:

a)    le materiel promotionnel, la PLV, l'edition;

b)    Les actions de promotion telles que :


                                       14
<PAGE>


 .        les campagnes de decoration de vitrine,
 .        la publicite et la promotion realisees conjointement avec un
         distributeur ou un detaillant,
 .        l'animation des points de vente,
 .        le personnel temporaire engage dans le cadre de la promotion des
         Produits,

c)       Les operations de relations publiques ;

o Les depenses exclues de la Promotion

Ne sont notamment pas considerees comme depenses de Promotion:


a)       Les frais engages au titre du packaging et du conditionnement,

b)       Les frais de personnel permanent engage au titre de la vente ou
         de la presentation des Produits

c)       Les presentations des Produits, a l'exception de celles dont CELINE
         aura reconnu le caractere de relations publiques.

d)       L'ouverture de stand et de shop in a shop ;

e)       La participation a des salons professionnels et a des expositions ;

f)       Les espaces de presentation des Produits (show-room).


o Definition du terme Publicite

Au sens des presentes, le terme Publicite designe toute action au niveau des
media, qu'il s'agisse de presse, radio, magazine, television, affichage ou
autres.


10.2 Obligations d'INTER PARFUMS en matiere de Communication:

INTER PARFUMS et CELINE arreteront d'un commun accord la
strategie de communication, relative notamment au choix des supports ou des
moyens de communication (Publicite, Relations Publiques, etc...).

10.2.1 Promotion

Tout projet relatif a la Promotion tel que defini a l'Article 10.1 doit etre
soumis pour approbation ecrite a CELINE, quatre (4) mois avant la mise en oeuvre
dudit projet.

D'autre part, INTER PARFUMS s'engage a faire appel aux services d'une attachee
de presse interne ou externe afin de promouvoir les Produits aupres des media et
des journalistes, cela en etroite collaboration avec la Direction de la
communication de CELINE.


                                       15
<PAGE>


10.2.2 Publicite

La conception et la realisation des campagnes de Publicite (creation et choix
des media) sont placees sous l'autorite de CELINE.

Notamment, le choix du concept du visuel publicitaire du Produit, destine a la
publicite, sera de la responsabilite de CELINE.

Par consequent, en ce qui concerne la conception, la realisation d'une campagne
et le choix des media, CELINE se reserve le droit de designer les organismes de
son choix (agence de publicite, centrale d'achat, photographe, etc.) et cela
afin que ladite campagne soit en harmonie avec l'image globale de CELINE dans le
monde entier.

INTER PARFUMS s'engage a travailler avec lesdits organismes et notamment avec
l'agence de publicite designee par CELINE, etant entendu que la validation
finale de la campagne publicitaire sera de la responsabilite de CELINE.

Toutefois, CELINE et INTER PARFUMS feront leurs meilleurs efforts pour cooperer
en vue d'aboutir ensemble a un projet satisfaisant pour les deux parties.

10.2.3 Budget communication

INTER PARFUMS reconnait la necessite de soutenir l'exploitation realisee sous la
marque CELINE par une politique de communication compatible avec le niveau de
l'activite.

INTER PARFUMS s'engage a consacrer, conjointement avec ses Distributeurs dont il
se porte fort, a la publicite et a la promotion des Produits:

o  au cours de la deuxieme et troisieme annee Contractuelle (Annees 2001 et
   2002),

un budget communication d'au moins [________________] pour les deux annees
consecutives.

o a compter de l'Annee 2003, et pour toutes les annees suivantes pendant toute
la duree du present Contrat,

un budget communication d'au moins [________________] du chiffre d'affaires
annuel "gros local net" realise sur les Produits.

S'entend par chiffre d'affaires annuel "gros local net":

     o    le total de la facturation nette des distributeurs d'INTER PARFUMS a
          leurs clients,
     o    hors taxes
     o    apres deduction des frais de transport factures par les Distributeurs
          a leurs clients (dans la limite de 5% du montant total facture)
     o    apres deduction justifiee des Produits retournes invendus (dans la
          limite de 5% du montant total facture)


                                       16
<PAGE>


     o    et apres deduction des ventes de Produits promotionnels (dans la
          limite de 10% du montant total facture)

Si la totalite ou une partie du Budget communication n'a pas ete entierement
depensee au titre d'une annee contractuelle, CELINE pourra autoriser INTER
PARFUMS a reporter le solde du Budget communication sur l'annee suivante.

10.2.4 Suivi des depenses de communication

Le suivi des depenses de communication sera exerce dans le cadre des
dispositions de l'Article 7 du present contrat.

ARTICLE 11 : MARQUES

11.1   Droit de propriete de CELINE sur les Marques

INTER PARFUMS reconnait par les presentes, le droit de propriete exclusif de
CELINE sur les Marques ainsi que sur les droits decoulant de l'exploitation de
celles-ci et s'engage a les employer uniquement en tant que beneficiaire du
present contrat.

INTER PARFUMS reconnait les droits actuels et futurs de CELINE, y compris,
notamment, les Marques entrant dans le cadre de l'article 11.4 ci-dessous, et
s'engage a s'abstenir de contester lesdits droits. Tout enregistrement des
Marques, en quelque pays que ce soit, ne pourra se faire qu'au benefice de
CELINE.

CELINE s'engage en outre a faire tout son possible pour obtenir, a ses frais, le
renouvellement des enregistrements de Marques mentionnes a l'Annexe 1, pendant
la duree du present Contrat.

Dans les pays dont la liste figure en Annexe 1 du present Contrat, ou les depots
de Marques n'ont pas encore abouti, CELINE menera a leur terme les procedures
d'enregistrement. Cependant, CELINE ne pourra en aucun cas etre tenue
responsable du rejet d'une quelconque demande d'enregistrement.

S'il devient necessaire de deposer la Marque "CELINE" dans un pays ou il
n'existe pas encore un enregistrement de la Marque, CELINE effectuera le depot
de la Marque afin de permettre a INTER PARFUMS d'assurer la distribution des
Produits conformement a la reglementation locale.

Si des obstacles juridiques ou autres s'opposent au depot de la Marque dans un
pays ou ledit depot serait souhaitable, les deux parties au present Contrat
feront de leur mieux pour lever l'obstacle en question ou pour trouver une
alternative.

Si CELINE lui en fait la demande, INTER PARFUMS fera de son mieux pour soutenir
le depot ou le renouvellement des Marques, notamment en fournissant toutes les
informations necessaires, en faisant toutes les declarations necessaires et en
transmettant tous les documents necessaires.


                                       17
<PAGE>


CELINE consent a ce qu'INTER PARFUMS soit inscrit, aux frais d'INTER PARFUMS, en
qualite de "Registered User" des Produits dans les pays dont la legislation
recommande ou impose une telle inscription.

CELINE pourra le cas echeant decider de faire proteger par un depot de modele
les flacons et/ou les etuis des Produits, ces modeles etant deposes au nom et
aux frais exclusifs de CELINE.

11.2 Defense des Marques

CELINE disposera seule du droit d'agir en justice contre des faits de
contrefacon et plus generalement contre toute autre atteinte aux Marques. CELINE
disposera egalement du droit d'engager toute procedure d'opposition. Ces droits
ne sont pas accordes a INTER PARFUMS. Toutes procedures, en demande ou en
defense, relatives a la propriete des Marques seront engagees aux frais
exclusifs de CELINE.

CELINE fera de son mieux, si elle le juge utile, et dans la mesure des
possibilites offertes par les reglementations locales, afin de lutter contre
tout enregistrement contrefacteur des Marques, toute contrefacon des Produits et
tout usage illicite des Marques par des tiers dans le meme domaine que celui des
Produits. CELINE agira en concertation avec INTER PARFUMS, qui, de son cote,
sera tenue d'apporter a CELINE toute l'assistance possible.

INTER PARFUMS s'engage a informer CELINE, sans delai, de tout acte de
contrefacon, d'actes de concurrence deloyale et plus generalement de toutes
autres atteintes portees par quiconque aux Marques et aux Produits et a lui
donner toutes les informations relatives aux infractions dont il aurait
connaissance.

Toutes procedures, en demande ou en defense, relatives a l'exploitation des
Marques, qui seraient pendantes entre CELINE et les co-contractants d'INTER
PARFUMS, qu'ils soient revendeurs, agents, distributeurs, detaillants, ou
autres, seront aux frais exclusifs d'INTER PARFUMS. CELINE conservera la
maitrise de la procedure et de la defense de ses interets. Elle choisira
notamment ses propres conseils.

11.3)  Utilisation des Marques par INTER PARFUMS

11.3.1) INTER PARFUMS s'engage a n'utiliser les Marques que sous la forme
precisee a l'Annexe 1 et uniquement pour les operations faisant l'objet du
present contrat, a savoir la fabrication, la distribution, la vente et la
publicite des Produits dans le Territoire.

11.3.2) Marquage

INTER PARFUMS devra respecter scrupuleusement les indications de CELINE en
matiere de marquage. Les Produits, les etiquettes, les emballages et toutes les
formes de conditionnement, les en-tete de lettres, factures, ainsi que tous les
documents relatifs a l'administration des ventes, les aides a la vente, materiel
publicitaire et promotionnel, devront faire l'objet d'un marquage uniforme et
suivre les regles edictees par CELINE. Tous ces elements devront avoir ete
soumis avant leur utilisation a l'approbation prealable et ecrite de CELINE.


                                       18
<PAGE>


CELINE se reserve le droit de faire evoluer les concepts de formes et de
couleurs relatifs aux Marques et aux Produits. INTER PARFUMS s'oblige a mettre
en oeuvre et a appliquer la nouvelle signalisation dans les plus brefs delais,
et au plus tard un (1) an apres la date de la notification faite par CELINE.

11.3.3) Respect de l'identite des Marques

En dehors des exceptions expressement prevues par la loi et les reglements, ne
pourront figurer sur les Produits, aucune marque ni mention de quelque nature
que ce soit, autre que les Marques, sauf autorisation expresse de CELINE.

INTER PARFUMS s'engage a ne jamais associer les Marques a aucune autre marque,
raison sociale, appellation commerciale, enseigne, etc.

Dans toutes les operations de communication entreprises, INTER PARFUMS
maintiendra expressement la distinction entre les Marques et toutes les autres
marques pouvant lui appartenir ou qu'il pourra exploiter par ailleurs.

INTER PARFUMS devra respecter l'identite des Marques aussi bien au niveau des
moyens de communication utilises que des destinataires de ces actions.

11.4) Creation et depot de nouvelles marques

Les parties au present Contrat decideront d'un commun accord de la necessite de
choisir et de deposer une ou plusieurs nouvelle Marques pour les diverses lignes
de Produits.

A cet effet, INTER PARFUMS realisera, a ses frais, une etude detaillee,
communiquee a CELINE dans le cadre du Plan Marketing.

Dans cette etude, INTER PARFUMS proposera a CELINE :

o    plusieurs noms et/ou logos pour les nouvelles marques, apres avoir effectue
     au prealable a ses frais des recherches d'anteriorites afferentes a ces
     noms et/ou logos dans les pays determines par INTER PARFUMS
o    une liste maximum de quarante (40) pays dans lesquels INTER PARFUMS
     envisage de distribuer effectivement les Produits.

INTER PARFUMS s'engage a se montrer raisonnable dans ses souhaits de creation de
nouvelles Marques, et, en tout etat de cause, a ne pas prevoir le depot de plus
de trois (3) nouvelles Marques pendant la duree totale du present Contrat.

Apres examen de l'etude remis par INTER PARFUMS, CELINE pourra decider
d'effectuer toute demande de depot desdites nouvelles marques. Les nouvelles
marques seront deposees au nom de CELINE et a ses frais, aupres des
administrations competentes.

D'un commun accord entre les parties, l'ensemble des termes et conditions du
present Contrat s'appliqueront automatiquement a toute nouvelle marque ainsi
creee.


                                       19
<PAGE>


ARTICLE 12 : RESILIATION ANTICIPEE

12.1   Resiliation par l'une ou l'autre des Parties

En cas de violation de l'une quelconque des clauses du present contrat par l'une
des parties, le present contrat pourra etre resilie par l'autre partie, trente
(30) jours apres une mise en demeure, adressee par lettre recommandee avec
accuse de reception, restee infructueuse, sans prejudice de tous dommages et
interets qui pourraient etre reclames a la partie defaillante.

En outre, le present Contrat pourra etre resilie de plein droit apres mise en
demeure adressee a l'administrateur judiciaire restee plus d'un mois sans
reponse, en cas d'ouverture d'une procedure collective a l'encontre de l'une ou
l'autre des parties.

12.2   Resiliation par CELINE

CELINE aura la faculte de resilier le present contrat dans les cas suivants :

              -   Non respect des obligations relatives aux criteres de qualite
                  et notamment la mise en fabrication de prototypes non
                  approuves ou la fabrication de Produits non conformes aux
                  prototypes approuves par CELINE, trois (3) jours apres la mise
                  en demeure de CELINE adressee par lettre recommandee avec
                  accuse de reception, restee infructueuse, sans prejudice de
                  tous dommages et interets qui pourraient etre reclames a INTER
                  PARFUMS.

              -   Non respect des obligations relatives a l'arret de la
                  diffusion des Produits, trois (3) jours apres la mise en
                  demeure de CELINE adressee par lettre recommandee avec accuse
                  de reception a, INTER PARFUMS, restee infructueuse.

              -   Non paiement ou retard de paiement des redevances et/ou des
                  minima garantis comme indique a l' Article 6 des presentes.

              -   Immediatement en cas de decouverte d'actes frauduleux de
                  quelque nature que ce soit ayant des consequences sur les
                  droits et obligations conferes par le contrat.

ARTICLE 13 : EFFETS DE LA RESILIATION - OBLIGATION DES PARTIES

13.1 En cas de resiliation du contrat pour toute raison autre qu'un manquement a
ses obligations, INTER PARFUMS pourra, sous reserve de l'autorisation prealable
ecrite de CELINE et sur une base de non exclusivite, commercialiser pendant un
delai de six (6) mois apres l'expiration du present Contrat les Produits, qui
etaient deja fabriques ou en cours de fabrication a la date d'expiration du
Contrat.


                                       20
<PAGE>


INTER PARFUMS devra adresser a CELINE, dans un delai de quinze (15) jours, a
compter de la date d'expiration du Contrat, un etat des stocks de Produits
restant a ecouler, etant precise que lesdits stocks ne pourront representer un
volume superieur a celui des ventes de Produits sur une periode de six (6) mois.
Ledit volume sera calcule sur la base de production moyenne enregistree au cours
des six (6) mois ayant precede l'expiration du Contrat.

Le reliquat des Produits devra etre ecoule dans un delai de six (6) mois suivant
l'expiration du Contrat, conformement aux conditions contractuelles de vente et
par l'intermediaire des reseaux commerciaux precedemment utilises ou des reseaux
similaires.

A l'expiration du delai de six (6) mois, CELINE pourra, a son entiere
discretion, decider d'acheter ou non les Produits invendus a INTER PARFUMS a
prix coutant.

A defaut de rachat par CELINE des Produits, lesdits stocks seront detruits par
INTER PARFUMS a ses frais en presence d'un representant de CELINE.

INTER PARFUMS etablira, au plus tot six (6) mois apres l'expiration du Contrat,
un releve des ventes ainsi effectuees, et versera a CELINE les redevances
correspondantes, a l'exclusion des ventes effectuees a CELINE a prix coutant.

13.2  A la date d'expiration du present Contrat, INTER PARFUMS arretera
immediatement toute exploitation des Marques, et fera disparaitre toute mention
desdites Marques de ses documents commerciaux, factures, documents a en-tete,
publicites, etc.

INTER PARFUMS cessera egalement de faire reference a CELINE, aux Marques, et a
sa collaboration passee avec CELINE en qualite de partenaire commercial ou de
licencie, et sera seule responsable a l'egard de ses sous-licencies.

ARTICLE 14 : RESPONSABILITE

14.1  CELINE garantit n'avoir connaissance d'aucune circonstance de nature a
empecher la commercialisation des Produits dans les pays qu'elle a enumeres a
l'Annexe 1, dans lesquels les Marques ont deja ete deposees.

Les parties conviendront cependant ensemble de la conduite a tenir pour chaque
pays prealablement a la livraison des Produits.

14.2 En cas d'apparition posterieure a la signature du present Contrat, de
circonstances nouvelles de nature a limiter de maniere importante l'exercice des
droits d'exploitation de la Marque consentis a INTER PARFUMS, dans un pays
majeur du Territoire, les parties au Contrat negocieront afin de convenir d'un
reajustement des redevances dues au titre de l'article 6.

14.3 INTER PARFUMS declare avoir dument souscrit une assurance couvrant les
risques de responsabilite civile envers les tiers en raison des dommages
corporels et/ou materiels consecutifs notamment a un vice de conception, de
fabrication, de


                                       21
<PAGE>


stockage, de conditionnement, de transport, de la vente des Produits ainsi que
les pertes d'exploitation subies par CELINE.

INTER PARFUMS sera seule responsable de toute action introduite par des tiers du
fait des ces prejudices.

ARTICLE 15 : CONFIDENTIALITE

Chacune des parties au present Contrat s'engage a preserver la confidentialite
de l'ensemble des informations professionnelles relatives a son cocontractant,
dont elle pourra etre amenee a prendre connaissance dans le cadre de l'execution
du present Contrat et, notamment, a preserver les secrets commerciaux et
professionnels de son cocontractant. La presente obligation de confidentialite
survivra a l'expiration du Contrat.

ARTICLE 16 : CESSIBILITE DU CONTRAT

16.1 Le present contrat est strictement personnel entre CELINE et INTER PARFUMS
et ne pourra faire l'objet de la part de ce dernier d'aucune cession.

En outre, INTER PARFUMS s'engage a ne pas conceder de sous-licences totales ou
partielles des droits concedes au titre du present Contrat.

16.2  Les parties reconnaissent et conviennent qu'en cas de realisation des
evenements suivants :

    -  Modification du capital entrainant un changement de controle de la
       societe au sens de l'Article 355.1 de la loi du 24 JUILLET 1966, apport
       en societe, fusion, scission, cession partielle d'actif,

    -  Transfert des elements constitutifs de la propriete du fonds de commerce
       a une autre personne physique ou morale : mise en propriete, usufruit,
       mise en gerance,

INTER PARFUMS devra notifier le changement intervenu par lettre recommandee avec
accuse de reception. CELINE aura la faculte de resilier le contrat
unilateralement et sans indemnite de quelque nature que ce soit dans un delai de
trente (30) jours a compter de la date de reception de la notification ou de
trente (30) jours a compter de la date a laquelle CELINE aura eu connaissance de
l'evenement entrainant la faculte de resiliation.

ARTICLE 17: MODIFICATION DU CONTRAT

17.1 Toute convention derogatoire ou complementaire ou tout avenant au present
Contrat seront necessairement etablis par un ecrit signe par les parties et
annexe au Contrat. Toute modification a ce titre sera limitee au point
particulier pour lequel elle aura ete convenue.


                                       22
<PAGE>


Contrat comporterait des lacunes. La clause devant etre supprimee, ou qui est
manquante, sera remplacee par une disposition juridiquement valable et conforme
a l'objet du present Contrat.

ARTICLE 18 : DIVERS

18.1 Le fait pour CELINE de s'abstenir a un moment quelconque d'exiger d'INTER
PARFUMS qu'elle execute pleinement ses obligations, ou de s'abstenir d'exercer
tout droit lui etant reconnu par les presentes, ne devra en aucun cas etre
interprete comme une renonciation par CELINE a son droit d'exiger d'INTER
PARFUMS l'execution de l'obligation en cause.

18.2 Tous impositions, taxes et droits qui seraient dus en consequence de la
presente licence et du versement des redevances seront a la charge d'INTER
PARFUMS qui s'engage a les verser en temps utile et a proceder a toute formalite
fiscale qui decoulerait du present Contrat.

18.3 Les frais afferents aux formalites administratives d'inscription de la
presente licence aupres des administrations competentes seront a la charge
d'INTER PARFUMS, qui s'y oblige.

ARTICLE 19 : LOI APPLICABLE - ATTRIBUTION DE COMPETENCE

19.1 Le present Contrat est regi par le droit francais.

19.2 En cas de litige ne a l'occasion de l'interpretation, de l'execution ou des
suites du present Contrat, les parties s'engagent a faire les meilleurs efforts
pour rechercher une solution amiable.

En cas de non-conciliation, toute contestation sera soumise a la competence
exclusive des tribunaux de PARIS.

Fait a PARIS
Le 17th May 2000
En double exemplaire

/s/ Philippe Benacin                                     /s/Thierry Andretta
--------------------                                     -------------------
INTER PARFUMS                                            CELINE
Philippe Benacin                                         Thierry Andretta

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.76.1
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>LICENSE AGREEMENT ENGLISH - EXCISED
<TEXT>

<PAGE>

================================================================================
                               LICENSING AGREEMENT
================================================================================


Agreement made BY AND BETWEEN THE UNDERSIGNED:


CELINE, Societe Anonyme, having its registered offices at 23/25 Rue du Pont
Neuf, 75001 Paris, entered in the Trade Registry of Paris under number B 572 034
361, represented herein by its President, Thierry Andretta;

PARFUMS CELINE SNC, having its registered offices at 23/25 Rue du Pont Neuf,
75001 Paris, entered in the Trade Registry of Paris under number B 398 153 502,
represented herein by its Manager, Thierry Andretta,

                                            hereinafter jointly called "CELINE",

                                            party of the first part,

AND

INTER PARFUMS, Societe Anonyme, having its registered offices at 4 Rond Point
des Champs Elysees, 75008 Paris, entered in the Trade Registry of Paris under
No. B 350 219 382, represented herein by its President, Philippe Benacin,

                                            hereinafter called "INTER PARFUMS",

                                            party of the second part,



W H E R E A S

CELINE is the owner of the "CELINE" trademark in class 3, a trademark that both
in France and abroad has a prestigious international image and an equally
prestigious international name in the field of up-scale ready-to-wear clothing
and up-scale leather goods;

INTER PARFUMS wishes to exploit the "CELINE" name with a view to creating,
producing and distributing perfumes under that name and consonant with
conditions that reflect the prestige of CELINE and the high-quality reputation
enjoyed by CELINE products;

The parties are desirous of making a joint effort to give the exclusive CELINE
style to the subject products hereof,

NOW, THEREFORE, THE FOLLOWING HAS BEEN STIPULATED AND AGREED:



                                       1

<PAGE>



ARTICLE 1.- DEFINITIONS:

For purposes hereof, the following terms shall have the meanings indicated:

1.1  "AGREEMENT" means the present licensing agreement and its attachments.

1.2  "PRODUCTS" signifies the perfumes, toilet water, parfums de toilette,
     toiletry products derived from the said perfumes that may be or shall
     be created by INTER PARFUMS within the framework of the performance of
     this Agreement.

1.3  "PRODUCT ENVIRONMENT" means the bottle(s), the jacket(s) or case(s),
     the product packaging and the perfume-derived products.

1.4  "TERRITORY" means the entire world including duty-free points-of-sale.

1.5  "TRADEMARK(S)" mean the existing registered trademarks or trademark
applications filed on behalf of CELINE, as listed in Attachment 1. The parties
agree to use this term also for any future trademark registrations and/or
applications filed in the name of CELINE within the framework of the present
Agreement.

1.6  "CONTRACTUAL YEAR" signifies the period between January 1st of a
particular year and December 31st of that same year.

1.7  "RETAILER" signifies any point-of-sale or sales counter that is
qualified to re-sell products bearing the "CELINE" trademark to the
end-consumer.

1.8  "DISTRIBUTOR" means any independent company qualified to re-sell
products bearing the "CELINE" trademark pursuant to a written agreement or
agreements with INTER PARFUMS and retailers in one or more countries.

ARTICLE 2.- PURPOSE OF THE AGREEMENT

2.1 Under the terms hereof, CELINE grants INTER PARFUMS the exclusive right to
use the trademark for creating, producing and marketing the products in the
licensed territory under the conditions defined hereinbelow.

2.2 Within the present context, the use of the term "exclusive" means that for
the entire life of this Agreement, CELINE is prohibited from granting other
licenses related to the creation, production and/or sale of products bearing the
CELINE trademark.

2.3 It is expressly agreed by INTER PARFUMS that CELINE reserves the right to
open boutiques in all countries of the world bearing the name "CELINE". INTER
PARFUMS expressly acknowledges that said boutiques are excluded from the field
of application of the within Agreement.


                                       2

<PAGE>



However, INTER PARFUMS undertakes to deliver them in accordance with their
demand [sic]. INTER PARFUMS shall keep its distributors duly informed of the
existence of the present exception to exclusivity which INTER PARFUMS may have
passed on to them in their distribution zone. INTER PARFUMS shall sell the
products under this exception at the wholesale price, less [____].

ARTICLE 3.- UNDERTAKINGS OF THE PARTIES

3.1  INTER PARFUMS undertakes to use the present license and pursue an
active production and marketing policy with respect to the products.

3.2  INTER PARFUMS undertakes to see to it that all of the products, as well
as any and all extracts of perfumes or the product components are manufactured
in Europe.

3.3  Distribution Network:

3.3a)  INTER PARFUMS undertakes to adopt a selective business policy for the
distribution of the products, and to sell the products at their respective
points-of-sale, at perfume shops and at department stores which meet the
objective criteria set forth for selective distribution.

CELINE acknowledges that it is fully cognizant of the general conditions of
sale, of the standard retail agreement generally used, and of the standard
evaluation report implemented by INTER PARFUMS, an example whereof appears in
Attachment II of this Agreement.

INTER PARFUMS undertakes to establish in the territory a high-performance and
high-level distribution network composed of qualified and professional
distributors who will adhere to the standards and demands of the trademark.

As of the date of signing hereof, INTER PARFUMS does not have the list of agents
and distributors to whom the distribution of the products will be entrusted.
INTER PARFUMS agrees to submit said list to CELINE not later than 9/30/2001, and
thereafter twice a year upon CELINE's simple request within a maximum of thirty
(30) days.

Following a written request received from CELINE, INTER PARFUMS undertakes to
dismiss any distributor or agent who in the opinion of CELINE has failed to
perform a significant or substantial obligation hereof, or otherwise is no
longer adhering to the objective qualitative criteria relative to selective
distribution, which failures might prejudice the trademark and the distribution
network, and consequently the development of product sales.

Any sales made through the distribution network that are not compatible with the
trademark's image are prohibited. More particularly, sales methods such as
door-to-door and home sales, remote sales (including but not limited to
catalogue offerings, telemarketing sales) are considered incompatible with the
image of the trademark.


                                       3

<PAGE>



The parties likewise agree to exclude Internet sales--within the limits of
applicable statute law--with the exception of those made at the following web
sites existing as of the date of signing hereof, the structure of which is in
conformity with the qualitative criteria of selective distribution:

          www.sephora.fr
          www.galerieslafayettes.com
          www.harrods.com
          www.luxury.com

it being stipulated that the above list may be extended to other web sites
meeting the objective criteria of selectivity, subject to the prior written
agreement of CELINE.

Any implementation of a sales method plan or plans such as that (those)
described above, is subject to the prior written acceptance of CELINE.

3.3b) Establishment of a stand (or stall) or a shop-in-a-shop.

Stands or so-called "shop-in-a-shop" stores bearing the CELINE name or symbol,
established in a department store or a multi-specialty store, will have to be
structured in accordance with CELINE's directives and architectural design.

All work will be undertaken at the exclusive cost of INTER PARFUMS under its own
responsibility, and utilizing its own decorator. However, all such work shall be
subject to the prior written approval of CELINE.

Prior to undertaking such work, INTER PARFUMS shall furnish CELINE with the
following information:

1.       Status of the stand or shop-in-a-shop in the store plan, including all
         particulars relative to neighboring or adjacent trademarks and
         products;
2.       A site plan for the stand or shop-in-a-shop;
3.       An existing ceiling plan;
4.       An existing lighting plan;
5.       Photographs of the existing site;
6.       Technical specifications.

Following receipt of this information, CELINE shall supply INTER PARFUMS with a
file spelling out the decor aspect, including the furnishing of the stand or
shop-in-a-shop, which may not be modified without the prior written approval of
CELINE.

Prior to execution of the work, INTER PARFUMS shall submit the following
documents and information to CELINE for written approval:

1.       Detailed plans of the stand or shop-in-a-shop;
2.       Cross-sectional drawings of the stand or the shop-in-a-shop, including
         data on heights, along with cut-away views and floor data;
3.       The inception date of the work;
4.       The projected opening date of the stand or shop-in-a-shop.

The furnishing or outfitting of the stand or shop-in-a-shop will have to be in
conformity with all specifications embodied in the final plan approved by
CELINE.


                                       4

<PAGE>

INTER PARFUMS undertakes to renew or replace any decorative items or components
that might deteriorate during the life of this Agreement.

CELINE reserves the right to change its architectural design. INTER PARFUMS
agrees to apply the new architectural design as soon as possible and not later
than six (6) months after a written request has been received from CELINE, which
request will be sent by registered mail with return receipt requested.

3.3c) INTER PARFUMS undertakes to maintain the well-known reputation and
prestige of the trademark through implementation of a marketing policy and sales
methods consonant with the system of selective distribution.

INTER PARFUMS agrees to market the products within a selective distribution
network, and to make available an administrative and marketing structure that is
necessary for ensuring effective management.

INTER PARFUMS agrees to market the products at a price that is consonant with
the image of the CELINE trademark.

The sales price of the products to co-contractors (agents, distributors) will
have to be determined by INTER PARFUMS in such manner that at the final
distribution stage, the sales price of the product conforms to the positioning
defined by CELINE. Product prices will have to be reported to CELINE before
marketing.

3.3d) In order to maintain the image of the CELINE trademark, INTER PARFUMS
agrees to market the products at points-of-sale that meet the objective
qualitative criteria and to use qualified personnel. INTER PARFUMS shall insert
the corresponding clause in all of its contracts made with its distributors or
with retailers.

3.3e) In order to verify that the distribution of the products in the territory
is consonant with the trademark's prestigious image, CELINE may inspect the
points-of-sale or cause them to be inspected. Should there be any points-of-sale
that fail to live up to the stated requirements as defined in the above
paragraph, CELINE may demand that INTER PARFUMS remove the offending
point-of-sale or otherwise cause it to be removed, and to cease all marketing of
the products thereat.

3.4 The parties agree that the reputation of CELINE in the up-scale
ready-to-wear field and in the up-scale leather goods field is the very basis of
the interest that constitutes its trademark; the impact of this well-known
reputation is in effect a substantial component in the positioning of its
trademark in the perfumes sector.

With this in view, CELINE undertakes as a substantial and determining condition
of the present Agreement, without which stipulation this Agreement could not be
concluded by the parties, to regularly reinforce its creative activities in the
fields of ready-to-wear and leather goods, or in any other clothing activity,
all with the objective of sustaining and reinforcing the image and prestige of
the CELINE trademark.


                                       5

<PAGE>



ARTICLE 4.- PRODUCT MARKETING PLAN

4.1 In the second contract year (2001), INTER PARFUMS undertakes to do all that
is necessary to launch a new perfume, composed of a female line and a male line.

For such purpose, INTER PARFUMS shall submit an appropriate plan to CELINE
during the first contract year (2000).

4.2 INTER PARFUMS agrees to do all that is necessary so that the new perfume
mentioned in 4.1 above, is broadly distributed within the framework of its
launching both in France and overseas.

This marketing plan for the new perfume will be specifically defined between
CELINE and INTER PARFUMS. The final version of this plan will have to be
submitted to CELINE for written approval prior to the implementation of the
plan.

4.3 During this second contract year (2001), INTER PARFUMS undertakes to resume
the management and distribution of the existing "Magic" line, as well as the
inventories owned by PARFUMS CELINE SNC at cost price, as well as the
inventories appearing in the books of said company, and this, within a limit of
[---------------------].

4.4 In the fourth contract year (2003), the parties will come to an agreement on
the development of a second line of perfumes by INTER PARFUMS.

4.5 In the fifth contract year (2004), INTER PARFUMS undertakes to do all that
is necessary for ensuring the marketing of this second line in those territories
where the first line of perfumes has already been launched.

4.6 In the sixth contract year (2005), the parties will come to an agreement on
the new directions for the CELINE trademark based upon the sales results of the
two perfume lines mentioned above.

ARTICLE 5.- TERM

5.1 The within Agreement shall become effective on May 17, 2000, and shall
expire on December 31, 2011, except in the case where Article 5.2 is applied.

5.2 The parties agree that upon expiration of the Agreement on December 31,
2011, and on condition that the total amount of net sales ex-factory for the
year 2008 is equal to or greater than [_____________________], the present
Agreement shall be tacitly renewed for a new 5-year period, i.e., up to December
31, 2016. In such case, the parties will meet to agree upon the guaranteed
minimum royalties to be paid during this new contract period.

5.3 In the event that the total amount of net sales ex-factory for the year 2008
is less than [_____________________], the parties will meet as early as the
beginning of 2009 to decide upon a possible renewal of this Agreement.


                                       6

<PAGE>



ARTICLE 6.- ROYALTIES

6.1 In consideration of the rights granted to it under this Agreement, INTER
PARFUMS shall pay CELINE an annual royalty of:

         o        [____] on the part of annual net sales of the products
                  realized by INTER PARFUMS ranging between
                  [---------------------];

         o        [____] on the part of annual net sales of the products
                  realized by INTER PARFUMS in excess of
                  [---------------------],

(hereinafter the "proportional royalty").

6.2  The basis used for calculating the "net sales volume" will be:

         o        The total net billings by INTER PARFUMS (parent company and
                  subsidiaries) to its customers, including billings for orders
                  placed by CELINE;
         o        Taxes not included;
         o        Less transportation expenses invoiced by INTER PARFUMS to its
                  customers (within a limit of 5% of the total amount invoiced);
         o        Less justifiably-unsold products returned (within a limit of
                  5% of the total amount invoiced).

No deduction may be taken for bad debts or debts that cannot be recovered or any
other cost incurred by INTER PARFUMS.

The parties will exclude from the calculation of sales volume, sales of
advertising materials to the points-of-sale, along with promotional articles, it
being stipulated that the said products and articles may in no case represent
more than ten percent (10%) of the total sales.

Sales made under non-traditional economic conditions by INTER PARFUMS to its
subsidiaries or companies or groups owned directly or indirectly by it, shall
for purposes of computing the royalty be considered as having been made at the
average sales price applicable to retailers in one same country.

Payments shall be made in French Francs.

6.3 INTER PARFUMS undertakes to pay CELINE during the life of this Agreement the
guaranteed minimum royalties (hereinafter the "guaranteed minima) determined in
accordance with the following table:



                                       7

<PAGE>



<TABLE>
<CAPTION>


============================================= =================================== ======= ==========================================
CONTRACT YEAR

--------------------------------------------- -----------------------------------         ------------------------------------------
<S>                                           <C>                                 <C>     <C>
1/1/2000 to 12/31/2000                        Creation and development of the             Creation and development of the product.
                                              product
--------------------------------------------- -----------------------------------         ------------------------------------------
1/1/2001 to 12/31/2001                        [____________] taxes not included.
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2002 to 12/31/2002                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2001.
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2003 to 12/31/2003                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2002.
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2004 to 12/31/2004                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2003.
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2005 to 12/31/2005                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2004
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2006 to 12/31/2006                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2005.
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2007 to 12/31/2007                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2006.
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2008 to 12/31/2008                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2007.
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2009 to 12/31/2009                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2008
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2010 to 12/31/2010                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2009
--------------------------------------------- ----------------------------------- ------- ------------------------------------------
1/1/2011 to 12/31/2011                        [____________] taxes not included.          [____] of the amount of the royalty paid
                                                                                  or      in 2010.
============================================= =================================== ======= ==========================================
</TABLE>


The parties agree to use the highest figure for guaranteed minima of those set
forth in the table.

Payment of the established guaranteed minima will be made quarterly by INTER
PARFUMS on April 30th, July 31st, October 30th and January 31st of every year.


                                       8


<PAGE>




It is nonetheless stipulated that the guaranteed minima shall not be due for the
first contract year, given the current efforts being put forth by INTER PARFUMS
with respect to the design and development of the new perfume. The guaranteed
minima shall be due commencing from the second contract year.

The balance of royalties, i.e., the difference between the proportional royalty
as calculated according to what is indicated in Article 6.1 for a given year of
the contract, and the total amount of the guaranteed minima already paid by
INTER PARFUMS for this same contract year, shall be paid by INTER PARFUMS within
thirty (30) days following the close of each annual period.

The payment of the royalties shall be accompanied by the statement called for in
Article 7.2 below.

Any sum paid in arrears shall earn interest at the 3-month EURIBOR rate, plus
interest of five percent (5%).

ARTICLE 7.- ACTIVITY REPORTS AND PROJECTIONS

INTER PARFUMS will have to furnish CELINE with activity reports and projections
in hard copy and/or, to the extent possible, on magnetic media that is
compatible with CELINE's data processing system; the purpose of these activity
reports and projections will allow CELINE:

o        To better understand the amount of royalties deriving from the
         exploitation of the exclusivity agreement;
o        To better audit or monitor any changes in this exploitation, both in
         terms of net sales volume and in terms of advertising and promotional
         support of the activity within the territory and for the different
         products.

These reports and projections will have to be prepared on the appropriate forms
and be submitted in accordance with the schedules defined below.

7.1      Quarterly Statement of Sales and Advertising Expenses:

INTER PARFUMS undertakes to submit to CELINE within thirty (30) days following
the close of the calendar quarter, a quarterly statement of sales and
advertising expenses, indicating:

o        The total amount of the "net sales volume" for the quarter, taxes not
         included, as well as the amount of net sales accrued since the start of
         the year (as defined in Article 6.2), with a clear indication of the
         percentage that these sales represent in relation to all of INTER
         PARFUMS' business activities.

o        The breakdown in value of these sales by country and by product line,
         with the value being expressed in the billing currency and in the
         currency defined in Article 6.2;

o        The detailed calculation of royalties on said sales;


                                       9


<PAGE>



o        The amount of advertising expenses for each country, the list of which
         will be prepared by CELINE and submitted to INTER PARFUMS.

For all of these sales-related items, with the exclusion of the advertising
expense statements, the actual and projected figures for the current year's
budget as well as the comparative figures for the previous year. [sic - main
verb missing]

The quarterly sales statement will have to be sufficiently itemized in order to
allow for verification against the books of INTER PARFUMS. The statement will
have to be "certified true and accurate" by the Director of Finance of INTER
PARFUMS.

7.2      Certified Annual Statement of Sales, Inventories and Communications
         Expenses:

INTER PARFUMS shall send the following statements to CELINE within sixty (60)
days from the end of the corresponding contract year, which statements will have
to be certified at cost to INTER PARFUMS by an independent accounting firm:

o        A summary statement of sales made during the year, prepared on the same
         forms as used for the quarterly sales and advertising expenses
         statement referred to in Article 7.1, as well as the detailed
         calculation of the royalties due on these sales, certified by an
         independent accounting firm at cost to INTER PARFUMS;

o        A certified annual statement of inventories, clearly itemizing for each
         product category the quantities in stock at INTER PARFUMS, as well as
         the corresponding value, and if applicable, the amount of projected
         depreciation for the corresponding inventories;

o        An annual statement of communication expenses prepared by country;

o        An annual statement of net local wholesale sales volume by country.

7.3      Marketing Plan:

INTER PARFUMS shall submit a marketing plan to CELINE covering the following
calendar year and containing essentially:

o        A marketing book;

o        A projected sales budget;

o        A projected communications budget.

7.3.1 - Marketing Book.

Not later than the 31st of October of every year, INTER PARFUMS shall send a
marketing book to CELINE covering the following calendar year, containing the
following items:

          o       Activity plan;
          o       Presentation of new references;
          o       Proposed product lines;
          o       Product retail price policy.



                                       10

<PAGE>



7.3.2 - Projected Sales Budget and Projected Communications Budget.

Not later than the 30th of November of every year, INTER PARFUMS shall send the
following to CELINE:

          o       A projected sales budget;
          o       A projected communications budget

covering the following calendar year.

(1) Projected sales budget.

A "projected sales budget" will have to be prepared by INTER PARFUMS for the
following year; this document shall be prepared in accordance with the
principles used for the quarterly sales statements mentioned above. It will be
submitted to CELINE on November 30th of year n, and will be reviewed or revised
on June 30th of year n+1.

INTER PARFUMS shall submit to CELINE any data that entails a significant
revision of the projected sales budget.

Furthermore, within the framework of the projected sales budget, INTER PARFUMS
will indicate the distribution of sales by distribution channels and the
distribution of sales by retail price and by product.

(2) Projected communications budget.

INTER PARFUMS will also have to prepare a projected communications budget based
on the sales volume indicated in the projected sales budget, showing the
distribution of communications expenses by country and by type of expense, as
set forth in Article 10.

This document shall include, if applicable and subject to availability, any
other data respecting the market or the products required for proper monitoring
of the implementation of the exclusivity agreement.

INTER PARFUMS will have to submit an initial media plan to CELINE.

7.3.3 - Product Retail Price Policy.

Upon request from CELINE and with respect to the countries of interest to it,
INTER PARFUMS will have to furnish all data relative to the unit retail sales
prices recommended for each product, along with an analysis of the positioning
of these prices in relation to competition; this data will have to be indicated
in local currency and with a significant number of references.

ARTICLE 8.- INTER PARFUMS STATEMENTS OF ACCOUNT

8.1      Obligation to Maintain Books relative to the Exploitation of the
         Products:


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<PAGE>




In accordance with customary accounting principles, INTER PARFUMS shall maintain
books and other accounting records (as well as any and all receipts and vouchers
relative to the importation, production, warehousing, distribution and sale of
the products, and more generally, to all activities connected to the rights and
obligations deriving from the within Agreement). INTER PARFUMS undertakes to
keep these books and records for a period of four (4) years following the close
of the year to which they correspond.

It is stipulated that the aforementioned receipts and vouchers will have to
include records of permanent inventories of the products and their components,
including their packaging materials, and that all books and records will clearly
have to show the quantities of product for all transactions relating thereto.

8.2      Audit of INTER PARFUMS Books:

In consideration of giving ten (10) days prior notice, CELINE may at any time
during business hours undertake an audit of INTER PARFUMS' books either directly
or through a duly-empowered agent.

This audit or inspection may be undertaken once a year at maximum during the
life of this Agreement, and once every two (2) years following the expiration of
the Agreement, and this, in addition to those audits permitted in case of
termination or expiration.

Moreover, CELINE reserves the right to undertake direct audits with
third-parties related to INTER PARFUMS in connection herewith (customers,
distributors, suppliers, etc.), and INTER PARFUMS agrees to put forth its best
efforts to obtain the consent of said third-parties to have CELINE conduct its
audits.

The sole purpose of the audits undertaken by CELINE is to ensure that INTER
PARFUMS' obligations hereunder are being properly performed.

The cost of such audits shall be borne by CELINE, with the exception of the case
set forth in Article 8.3 below.

8.3      Determination and Settlement of Insufficiencies in Payment:

In the event that the audit of INTER PARFUMS' books discloses an insufficiency
in royalties paid to CELINE, INTER PARFUMS will have to make immediate payment
to CELINE of any and all sums due, plus interest at the 3-month EURIBOR rate
plus interest of five percent (5%), calculated from the last day of the year in
which said amounts should have been paid.

Furthermore, the total cost of the audit shall be borne by INTER PARFUMS.

In the case of non-payment, CELINE shall be entitled to terminate the Agreement
without having to take any legal action thereupon ten (10) days after having
given INTER PARFUMS formal notice by registered letter with return receipt
requested in accordance with Article 12 below to pay all sums due.



                                       12

<PAGE>



ARTICLE 9.- CREATION AND DEVELOPMENT OF THE PRODUCTS

9.1      Creation of the Products:

The creation of the products will have to be embodied in the consistency of
style that is exclusive and particular to CELINE, and in order to guarantee such
consistency, INTER PARFUMS undertakes to work closely with CELINE at all stages
of the creative and development processes by allowing CELINE to make choices and
to suggest any modifications deemed appropriate by it, it being stipulated that
in all cases, the parties shall put forth their best efforts to cooperate with a
view to jointly developing and implementing a common plan (hereinafter the
"Plan").

For any creation of product, INTER PARFUMS will have to obtain the prior written
approval of CELINE for the said Plan, and notably:

     o    Development of the product concept or design;
     o    Preparation of outlines intended for the creators (design and
          perfume), providing them with work directives;
     o    Development of a bottle design;
     o    Development and choice of formula;
     o    Development and choice of packaging;
     o    Choice of product name;
     o    Product price positioning.

It should be re-stated that any creation of product, irrespective of its origin
and the respective contributions of the parties, shall remain the exclusive
property of CELINE, even after this Agreement has terminated or been terminated
for any reason whatsoever.

9.2      Industrial or Technical Development of Products:

INTER PARFUMS undertakes to see to it that the products are designed and
manufactured in accordance with the quality standards of the industry, that they
are defect-free both in their design and in their manufacturing so as to meet
the expectations of a demanding clientele and to maintain the prestige of the
trademark.

The parties agree that INTER PARFUMS shall maintain complete and overall control
of all industrial development stages. It shall freely select the suppliers of
packaging articles (molds, tops, pumps, cases or jackets, stoppers, labels,
etc.), it being understood that the technical development of any new product
envisaged shall be subject to prior written approval by CELINE.

INTER PARFUMS shall furnish CELINE with product samples (hereinafter the
"Lead-offs") for verification prior to marketing.

Furthermore, INTER PARFUMS undertakes to market only those products manufactured
in accordance with the Lead-offs approved in writing by CELINE.

Should the manufactured products not be in accord with the Lead-offs, CELINE may
demand that their production and marketing be immediately stopped, and that they
be destroyed at cost to INTER PARFUMS, without prejudice to CELINE's right to
cancel this Agreement as set forth in Article 12 below.


                                       13

<PAGE>



9.3      Sub-contractors:

9.3.1 - INTER PARFUMS is authorized under its complete responsibility to
sub-contract all or part of the manufacturing of the products under the
following conditions:

     o    INTER PARFUMS undertakes to see to it that all manufacturing of
          products, production of perfume extracts or product components by
          sub-contractors is done in Europe;

     o    INTER PARFUMS undertakes to see to it that the terms and conditions of
          this Agreement are respected by all sub-contractors;

     o    INTER PARFUMS shall submit the list of its sub-contractors twice a
          year to CELINE.

INTER PARFUMS expressly recognizes that it is jointly and severally liable with
its sub-contractors. In particular, it undertakes to guarantee CELINE that it
will hold itself responsible for any acts or actions of said sub-contractors
that are counter to the stipulations embodied herein.

INTER PARFUMS furthermore guarantees CELINE that it shall hold it harmless from
any action and/or claim that its sub-contractors may bring against or file with
CELINE for any reason or cause whatsoever.

9.3.2 - Quality Control.

INTER PARFUMS shall regularly carry out or cause to be carried out
quality-control procedures respecting the products manufactured and packaged by
its sub-contractors, and undertakes to inform CELINE as soon as possible of any
technical defects found, and to take any and all necessary steps to remedy these
defects.

INTER PARFUMS agrees to send CELINE, at the latter's request and once a month at
maximum, random samples of the products that will be marketed.

ARTICLE 10.- COMMUNICATIONS

10.1     Definition of Terms:

The term communications signifies acts or actions undertaken in the fields of
promotion and advertising.

o  In the sense of this Agreement, the term promotion means:

  a)     Promotional material, point-of-sale advertising, printed matter.

  b)     Promotion-related actions such as:



                                       14

<PAGE>



          o    Window displays;
          o    Advertising and promotion undertaken jointly with a distributor
               or retailer;
          o    Point-of-sale activities;
          o    Hiring of temporary personnel within the framework of product
               promotion.

  c)     Public relations operations.

o  Expenses excluded from promotion:

The following are not considered promotion expenses:

  a)     Expenses incurred for packing.

  b)     Expenses of full-time staff hired for purpose of the sale or
         presentation of products.

  c)     Product presentations, with the exception of those which CELINE
         recognizes as having public relations value.

  d)     The opening of a stand and shop-in-a-shop.

  e)     Participation in trade shows and exhibitions.

  f)     Product presentation spaces (show room).

o  Definition of the term "advertising":

As used herein, the term "advertising" means any action connected with or
involving the media, meaning the press, radio, magazines, television, billboards
or other media channels.

10.2     INTER PARFUMS' Obligations respecting Communications:

INTER PARFUMS and CELINE shall jointly formulate communications strategy
relative more particularly to the choice of media and the means of communication
(advertising, public relations, etc.).

10.2.1 - Promotion.

Any plan or project relating to promotion as defined in Article 10.1, must be
submitted to CELINE for written approval four (4) months before the
implementation of said project or plan.

Furthermore, INTER PARFUMS undertakes to utilize the services of an internal or
external press agent in order to promote the products to the media and
journalists; this will be done in close cooperation with CELINE's Communications
Department.



                                       15

<PAGE>



10.2.2 - Advertising.

The design and execution of advertising campaigns (creation and choice of media)
shall fall under the authority of CELINE.

More specifically, the choice of the visual advertising concept for the product
shall be the responsibility of CELINE.

Consequently, so far as concerns the designing and undertaking of an advertising
campaign and the choice of media, CELINE reserves the right to designate the
organizations of its choice (advertising agency, buying group, photographers
studio, etc.) so that the campaign will be in harmony with the overall image of
CELINE throughout the world.

INTER PARFUMS undertakes to work with said organizations, and notably with the
advertising agency designated by CELINE, it being understood that the final
validation of the advertising campaign shall be CELINE's responsibility.

However, CELINE and INTER PARFUMS shall exercise their best efforts to cooperate
with a view to achieving an objective that is satisfactory to both parties.

10.2.3 - Communications Budget.

INTER PARFUMS recognizes the need to support the exploitation of the CELINE
trademark through a communications policy that is compatible with the level of
business activity.

INTER PARFUMS agrees to establish the following budgets jointly with the
distributors with whom it is closely involved in connection with the advertising
and promotion of products:

o  During the second and third contract years (2001 and 2002):

A communications budget of at least [__________________] for the two consecutive
years.

o  Commencing in 2003, and for all following years over the life of the
Agreement:

A communications budget of at least [___________] percent [____] of the "local
net wholesale" sales volume realized on the products.

The following is understood by the term "local net wholesale" sales volume:

o    The total amount of net billings by INTER PARFUMS distributors to their
     customers;
o    Taxes not included;
o    Less delivery or transportation expenses invoiced by the distributors to
     their customers (within a limit of 5% of the total amount invoiced);
o    Less justifiably-unsold products returned (within a limit of 5% of the
     total amount invoiced).
o    And finally, less sales of promotional products (within a limit of 10% of
     the total amount invoiced).


                                       16

<PAGE>



If all or part of the communications budget has not been expended within a
contract year, CELINE may authorize INTER PARFUMS to carry forward the balance
to the following year.

10.2.4 - Monitoring of Communications Expenses.

The monitoring of communications expenses will be carried out within the
framework of the provisions of Article 7 hereof.

ARTICLE 11.- TRADEMARKS

11.1     CELINE Property Rights to the Trademarks:

INTER PARFUMS hereby acknowledges CELINE's exclusive property right to the
trademarks, as well as the rights deriving from the exploitation thereof, and
undertakes to use said trademarks only as a beneficiary of the present
Agreement.

INTER PARFUMS recognizes the present and future rights of CELINE, including more
specifically the trademarks falling under Article 11.4 below, and agrees to
abstain from contesting the said rights. Any registration of trademarks in any
country whatsoever, may be undertaken only in benefit of CELINE.

CELINE furthermore agrees to do everything possible to obtain, at cost to
itself, the renewal of the registrations of the trademarks mentioned in
Attachment 1 during the life of the present Agreement.

In those countries listed in Attachment 1 hereof, in which trademark
applications are still pending, CELINE shall continue with the registration
procedures. However, CELINE may not in any case be held responsible for a
trademark application being rejected, irrespective of the reasons therefor.

Should it be necessary to file for registration of the CELINE trademark in a
country where the trademark has not yet been registered, CELINE shall file the
trademark so as to allow INTER PARFUMS to proceed with the distribution of the
products in accordance with local laws and regulations.

Should legal or other obstacles stand in the way of applying for registration of
the trademark in a country where such registration is desirable, the parties
hereto shall do everything possible to remove those obstacles, or else to find
some alternative.

Should CELINE so request, INTER PARFUMS shall do everything possible to support
the filing of the trademark application or the renewal of trademark
registrations, specifically by furnishing any and all required information,
making any and all declarations deemed necessary and submitting any and all
requisite documents.


                                       17

<PAGE>



CELINE grants INTER PARFUMS the right to have itself registered, at cost to
itself, as a "Registered User" of the products in those countries who laws
recommend or impose such registration.

If applicable or appropriate, CELINE may decide to have itself protected by the
filing of a model depicting the bottles or cases in which the products are
packaged; these models will be filed in the name and at the exclusive expense of
CELINE.

11.2     Defense of Trademarks.

CELINE alone shall have the right to act legally against any acts or
infringement, and more generally against any other threat to the trademarks.
CELINE shall likewise have the right to undertake any proceeding in opposition.
These rights are not granted to INTER PARFUMS. All legal proceedings, either as
plaintiff or defendant, relative to the ownership of the trademarks shall be
undertaken at exclusive cost to CELINE.

If it deems it useful or advisable, and if it falls within the realm of
possibilities offered by local laws and/or regulations, CELINE shall do
everything possible to challenge any registration that constitutes an
infringement of the trademarks or the products and/or any illegal use of the
trademarks by third-parties in the same field as that of the products. CELINE
shall act in concert with INTER PARFUMS, who for its part shall be obligated to
render CELINE all possible assistance.

INTER PARFUMS undertakes to inform CELINE without delay of any act of
infringement, or acts of unfair competition, and more generally any other
threats made by anyone to the trademarks and the products, and to provide CELINE
with any and all information relative to any acts of infringement about which it
has knowledge.

Any legal proceedings, whether as plaintiff or defendant, relative to the
exploitation of the trademarks that may be pending between CELINE and the
co-contractors of INTER PARFUMS, whether such co-contractors are re-sellers,
agents, distributors, retailers, or others, shall be at the exclusive expense of
INTER PARFUMS. CELINE however shall retain full control over the procedures and
defense of its interests. In particular, it shall choose its own legal counsel.

11.3     Use of Trademarks by INTER PARFUMS:

11.3.1 - INTER PARFUMS undertakes to use the trademarks only in the manner
stipulated in Attachment 1, and only for the operations covered by this
Agreement, including the manufacturing, distribution, sale and advertising of
the products in the territory.

11.3.2 - Marking.

INTER PARFUMS will have to adhere scrupulously to CELINE's directives or
instructions relative to the matter of marking. The products, labels, containers
or receptacles and all forms of packaging, letterheads, invoices and documents
relative to sales management, sales aids, advertising and promotional materials,
will have to be uniformly marked in accordance with the rules issued by CELINE
for such purpose. All of these items will have to be submitted to CELINE for
written approval prior to use.


                                       18

<PAGE>



CELINE reserves the right to change the design of the form and colors of the
markings and products, or otherwise cause them to be changed. INTER PARFUMS
undertakes to implement and otherwise put into effect any new or modified
markings within the shortest possible time, and not later than one (1) year
following the date on which notice is given by CELINE.

11.3.3 - Respect for the Identity of the Trademarks.

Excluding the exceptions expressly made by law and regulations, no marking or
trademark or sign of any nature whatsoever other than the subject trademarks
hereof may appear on the products, save for express authorization given by
CELINE.

INTER PARFUMS agrees never to associate the subject trademarks hereof with any
other trademark, corporate name, trade name, symbol, etc.

In all communications operations undertaken, INTER PARFUMS shall expressly
maintain the distinction between the subject trademarks hereof and all other
trademarks belonging to it or which it may exploit elsewhere.

INTER PARFUMS will have to respect the identity of the trademarks as well as the
communications methods used to reach consumers.

11.4     Creation and Filing of New Trademarks:

The parties hereto shall decide by mutual agreement on the need to select and
file an application for one or more new trademarks for the various product
lines.

For such purpose, INTER PARFUMS shall undertake a detailed study at its expense,
and submit same to CELINE within the scope of the Marketing Plan.

In this study, INTER PARFUMS will propose to CELINE:

     o    Several names and/or logos for the new trademarks, after having first
          undertaken research at its expense on trademarks having priority to
          such names and/or logos in those countries determined by INTER
          PARFUMS;

     o    A list giving a maximum of forty (40) countries in which INTER PARFUMS
          contemplates distributing the products.

INTER PARFUMS agrees to demonstrate reasonableness in its desire to create new
trademarks, and in any event, not to provide for the filing of more than three
(3) new trademark applications during the entire life of this Agreement.

After examining the study submitted by INTER PARFUMS, CELINE may decide to
proceed with filing applications for said new trademarks. The new trademarks
shall be filed in the name of CELINE and at cost to it with the competent
government agencies.

By mutual agreement of the parties, all of the terms and conditions of this
Agreement shall automatically apply to any new trademark thus created.


                                       19

<PAGE>



ARTICLE 12.- ADVANCE CANCELLATION

12.1     Cancellation by Either Party:

In the event of violation of any one of the clauses hereof by one of the
parties, the Agreement may be cancelled by the other party thirty (30) days
after having given formal notice thereof by registered letter with return
receipt requested, which formal notice has remained without response; all of the
foregoing is without prejudice to any damages and losses that might be claimed
from the defaulting party.

Furthermore, the within Agreement may be ipso jure cancelled if a formal
notification addressed to the court-appointed receiver has remained without
response for more than one (1) month, in the event that a bankruptcy proceeding
is initiated against either of the parties hereto.

12.2     Cancellation by CELINE:

CELINE shall have the right to cancel this Agreement in the following cases:

           o      Non-performance of the obligations relative to quality
                  criteria, and notably the manufacturing of unapproved
                  prototypes or the manufacturing of products that are not in
                  accord with prototypes approved by CELINE, if after three (3)
                  days of receiving formal notice from CELINE by registered
                  letter with return receipt there is no response; the foregoing
                  is without prejudice to any damages and losses that might be
                  claimed from INTER PARFUMS;

           o      Non-performance of the obligations relative to the directive
                  to stop distribution of the products, if after three (3) days
                  of INTER PARFUMS receiving formal notice from CELINE by
                  registered letter with return receipt, no response has been
                  received;

           o      Non-payment or delay in payment of royalties and/or the
                  guaranteed minima mentioned in Article 6 hereof;

           o      Discovery of fraudulent acts of any kind whatsoever that have
                  consequences on the rights and obligations conferred by this
                  Agreement.

ARTICLE 13.- EFFECTS OF CANCELLATION - OBLIGATIONS OF THE PARTIES

13.1 In the event of cancellation for any reason other than non-performance of
obligations, INTER PARFUMS may, subject to the prior written authorization of
CELINE and on a non-exclusive basis, market the products hereunder for a period
of six (6) months following the expiration of this Agreement, i.e., those
products already produced or pending production as of the expiration date of the
Agreement.


                                       20

<PAGE>



Within a period of fifteen (15) days from the expiration date of the Agreement,
INTER PARFUMS shall submit to CELINE a statement of the remaining product
inventory, it being stipulated that said inventory may not represent a volume
greater than that of the product sales over a six-month period. The said volume
shall be calculated on the basis of the average production recorded during the
six (6) months preceding the expiration of the Agreement.

The balance of the remaining inventory will have to be exhausted within a period
of six (6) months following the expiration of the Agreement in accordance with
the contractual sales conditions, and through the intermediary of
previously-used commercial networks or similar networks.

At the end of the six-month period, CELINE may at its entire discretion decide
to purchase or decline to purchase from INTER PARFUMS any unsold products at
cost price.

In the absence of such purchase by CELINE, the said inventory of products shall
be destroyed by INTER PARFUMS at cost to itself and in the presence of a
representative of CELINE.

Not sooner than six (6) months following the expiration of the Agreement, INTER
PARFUMS shall prepare a statement of sales made as described above, and shall
pay CELINE the corresponding amount of royalties, excluding therefrom any sales
made to CELINE at cost price.

13.2 As of the expiration date hereof, INTER PARFUMS shall immediately cease any
and all exploitation of the trademarks, and shall remove any mention of said
trademarks from its business documents, invoices, letterheads, advertising
materials, etc.

INTER PARFUMS shall also cease making reference to CELINE, its trademarks and
its past cooperation or association with CELINE as a business partner or
licensee, and shall be solely answerable in such regard for any of its
sub-licensees.

ARTICLE 14.- LIABILITY

14.1 CELINE represents that it has no knowledge of any circumstance that might
impede the marketing of the products in the countries listed in Attachment 1, in
which the trademarks are already registered.

However, the parties shall agree as to what conduct they should jointly pursue
in each country prior to the delivery of the products.

14.2 Should new circumstances arise following the signing of this Agreement that
are of a nature which significantly limits the exercise of the trademark
exploitation rights granted to INTER PARFUMS in a major country in the
territory, the parties shall negotiate with a view to arriving at a readjustment
of the royalties due under Article 6 hereof.

14.3 INTER PARFUMS declares that it has duly contracted an insurance policy
covering third-party civil liability risks arising from bodily injury and/or
property damage deriving notably from a defect in design, manufacturing,
storage, packaging, transportation, sale of the products, and operating losses
incurred by CELINE.


                                       21


<PAGE>



INTER PARFUMS shall be solely liable for any action brought by a third-party as
a result of such losses.

ARTICLE 15.- CONFIDENTIALITY

Each party hereto undertakes to maintain the confidentiality of all of the
professional data relative to its co-contractor, which data it may have
knowledge of through the execution of the within Agreement, and more
specifically, to preserve all of the commercial and professional secrets of its
co-contractor. The present confidentiality obligation shall survive the
expiration of this Agreement.

ARTICLE 16.- TRANSFERABILITY OF THE AGREEMENT

16.1 The present Agreement is strictly personal between CELINE and INTER PARFUMS
and may not be assigned or transferred.

Furthermore, INTER PARFUMS undertakes not to grant any sub-licenses, in whole or
in part, of the rights granted hereunder.

16.2 The parties acknowledge and agree that in the event of occurrence of the
following events:

           o      Modification of capital structure entailing a change in
                  control of the company as set forth in Article 355.1 of the
                  Law of July 24, 1966, or acquisition, merger, divestiture,
                  partial transfer of assets;

          o       Transfer of elements constituting the ownership of the
                  goodwill to another individual or entity; change in ownership,
                  usufruct, management,

INTER PARFUMS will have to give notice of the change by registered letter with
return receipt requested. CELINE shall be entitled to cancel the Agreement
unilaterally, and without payment of any indemnity whatsoever, within a period
of thirty (30) days from the date of receipt of the said notification, or thirty
(30) days from the date on which CELINE learned of the event entailing the
change.

ARTICLE 17.- MODIFICATION OF THE AGREEMENT

17.1 Any amendatory or overriding or supplementary agreement or any rider to the
present Agreement must be in writing, signed by the parties and attached to the
Agreement. Any such modification shall be limited to the particular point for
which it has been agreed.


                                       22

<PAGE>



17.2 Should one of the parties find it impossible to perform its commitments
hereunder, it will have to inform its co-contractor thereof so that they can
come to some arrangement for adapting the Agreement to their mutual interests.

17.3 Should one or more clauses of this Agreement be voided, that circumstance
shall not in any way affect the validity of the other provisions of the
Agreement nor the Agreement in its entirety. The same shall apply in the event
that this Agreement contains gaps. If a clause is to be deleted, or one is
missing, it shall be replaced by a legally-valid provision that is in accord
with the purpose of the present Agreement.

18.- MISCELLANEOUS

18.1 The fact that CELINE may abstain at any given time from demand that INTER
PARFUMS execute its obligations fully, or the fact that CELINE may abstain from
exercising any right granted to it hereunder, shall in no case be interpreted as
a waiver by CELINE of its right to demand the INTER PARFUMS perform the
obligation in question.

18.2 All taxes, assessments and duties that may be due as a consequence of this
licensing agreement and of the payment of the royalties, shall be borne by INTER
PARFUMS, who undertakes to pay such sums in a timely manner and proceed with any
tax or tax-related formality deriving herefrom.

18.3 Expenses connected with the administrative formalities of recording this
licensing agreement with the competent government agencies, shall be borne by
INTER PARFUMS.

ARTICLE 19.- APPLICABLE LAW - JURISDICTION

19.1     The present Agreement shall be governed by French law.

19.2 In the event of any dispute arising from the interpretation, execution or
performance of this Agreement, the parties agree to make every effort to resolve
the dispute amicably.

In the absence of such amicable settlement, the dispute shall be submitted
exclusively to the courts of Paris.

                                            Made in Paris,
                                            this 17th day of May 2000
                                            in duplicate

INTER PARFUMS                               CELINE

/s/ Philippe Benacin                        /s/ Thierry Andretta
-----------------------------               --------------------------------
Philippe Benacin                            Thierry Andretta

                                       23


</TEXT>
</DOCUMENT>
</SUBMISSION>
