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<CONFORMED-NAME>INTER PARFUMS INC
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<FISCAL-YEAR-END>1231
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<STREET1>551 FIFTH AVE
<STREET2>STE 1500
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<STREET2>STE 1500
<CITY>NEW YORK
<STATE>NY
<ZIP>10176
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<FORMER-CONFORMED-NAME>JEAN PHILIPPE FRAGRANCES INC
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

(MARK ONE)

   /X/   Quarterly Report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934 for the quarterly period ended March 31, 2002.

                                       OR

   / /   Transition Report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934 for the transition period from ___________to
         __________.


                           Commission File No. 0-16469


                               INTER PARFUMS, INC.
             (Exact name of registrant as specified in its charter)


            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) (Zip Code)

                                 (212) 983-2640
               ---------------------------------------------------
               (Registrants telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days: Yes [X]  No [ ]

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

At May 13, 2002 there were 18,692,269 shares of common stock, par value $.001
per share, outstanding.



<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES

                                      INDEX


                                                                     Page Number

Part I.   Financial Information

         Item 1.   Financial Statements                                    1

                      Consolidated Balance Sheets as
                      of March 31, 2002 (unaudited)
                      and December 31, 2001 (audited)                      2

                      Consolidated Statements of
                      Income for the Three Months
                      Ended March 31, 2002 (unaudited)
                      and March 31, 2001 (unaudited)                       3

                      Consolidated Statements of
                      Cash Flows for the
                      Three Months Ended
                      March 31, 2002 (unaudited) and
                      March 31, 2001 (unaudited)                           4

                      Notes to Unaudited Financial
                      Statements                                           5

         Item 2.   Management's Discussion and
                      Analysis of Financial Condition
                      and Results of Operations                            7

         Item 3.   Quantitative and Qualitative Disclosures
                      About Market Risk                                   11

Part II.   Other Information                                              12

         Item 6.  Exhibits and Reports of Form 8-K                        12

Signatures                                                                12



<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES



PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

         In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting only of
normal recurring adjustments) necessary to present fairly the financial position
of the Company and its results of operations and cash flows for the interim
periods presented. Such financial statements have been condensed in accordance
with the rules and regulations of the Securities and Exchange Commission and
therefore, do not include all disclosures required by accounting principles
generally accepted in the United States of America. These financial statements
should be read in conjunction with the Company's audited financial statements
for the year ended December 31, 2001 included in the Company's annual report
filed on Form 10-K.

         The results of operations for the three months ended March 31, 2002 are
not necessarily indicative of the results to be expected for the entire fiscal
year.








                                     Page 1


<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS


                                     ASSETS

                                                    March 31,       December 31,
                                                      2002             2001
                                                 -------------    -------------
CURRENT ASSETS:
    Cash and cash equivalents                    $  31,491,979    $  28,562,296
    Accounts receivable, net                        30,848,055       31,222,907
    Inventories                                     27,999,647       27,644,960
    Receivables, other                               1,120,324          944,220
    Other                                            1,307,636        1,362,352
    Income taxes receivable                          2,633,000        2,633,000
    Deferred tax benefit                             1,360,000        1,360,000
                                                 -------------    -------------
      Total current assets                          96,760,641       93,729,735

EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET            3,872,701        3,895,733

OTHER ASSETS                                           314,840          304,928

DEFERRED TAX BENEFIT                                   427,000          767,000

INTANGIBLE ASSETS, NET                               3,764,844        3,841,707
                                                 -------------    -------------
                                                 $ 105,140,026    $ 102,539,103
                                                 =============    =============


                      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
    Loans payable, banks                         $     958,553    $   1,308,086
    Accounts payable                                15,231,642       15,512,938
    Accrued expenses                                 9,063,772        7,960,117
    Income taxes payable                             1,117,574          746,684
                                                 -------------    -------------
      Total current liabilities                     26,371,541       25,527,825
                                                 -------------    -------------
DEFERRED TAXES PAYABLE                                 724,549          739,353
                                                 -------------    -------------
LONG-TERM DEBT, LESS CURRENT PORTION                 1,350,573        1,365,633
                                                 -------------    -------------
MINORITY INTERESTS                                  10,116,656        9,817,925
                                                 -------------    -------------

SHAREHOLDERS' EQUITY:
    Common stock, $.001 par; authorized
        30,000,000 shares; outstanding
        18,760,507 and 18,692,269 shares
        at March 31, 2001 and
        December 31, 2001, respectively                 18,761           18,692
    Additional paid-in capital                      32,685,580       32,469,587
    Retained earnings                               68,514,908       66,786,620
    Accumulated other comprehensive income          (8,499,292)      (8,043,282)
    Treasury stock, at cost, 7,492,463
        shares at March 31, 2001 and
        December 31, 2001                          (26,143,250)     (26,143,250)
                                                 -------------    -------------
                                                    66,576,707       65,088,367
                                                 -------------    -------------
                                                 $ 105,140,026    $ 102,539,103
                                                 =============    =============



SEE NOTES TO FINANCIAL STATEMENTS.

                                     Page 2

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME


                                                        Three Months Ended
                                                             March 31,
                                                     2001              2000
                                                 ------------      ------------
NET SALES                                        $ 28,417,646      $ 31,043,176

COST OF SALES                                      14,711,524        15,429,057
                                                 ------------      ------------

GROSS MARGIN                                       13,706,122        15,614,119

SELLING, GENERAL AND ADMINISTRATIVE                 9,885,774        11,869,694
                                                 ------------      ------------

INCOME FROM OPERATIONS                              3,820,348         3,744,425
                                                 ------------      ------------
OTHER CHARGES (INCOME):
      Interest                                         79,950            49,612
      (Gain) loss on foreign currency                    (876)           52,076
      Interest and dividend (income)                  (87,763)         (282,537)
                                                 ------------      ------------
                                                       (8,689)         (180,849)
                                                 ------------      ------------
INCOME BEFORE INCOME TAXES                          3,829,037         3,925,274

INCOME TAXES                                        1,385,572         1,454,413
                                                 ------------      ------------
NET INCOME BEFORE MINORITY INTEREST                 2,443,465         2,470,861

MINORITY INTEREST IN NET INCOME
      OF CONSOLIDATED SUBSIDIARY                      433,769           439,409
                                                 ------------      ------------
NET INCOME                                       $  2,009,696      $  2,031,452
                                                 ============      ============
NET INCOME PER COMMON SHARE:
      BASIC                                      $       0.11      $       0.12
      DILUTED                                    $       0.10      $       0.10
                                                 ============      ============
NUMBER OF COMMON SHARES OUTSTANDING:
      BASIC                                        18,750,327        17,448,015
      DILUTED                                      19,961,367        19,639,935
                                                 ============      ============



SEE NOTES TO FINANCIAL STATEMENTS.

                                     Page 3

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                     Three Months Ended
                                                                          March 31,
                                                                    2002            2001
                                                                ------------    ------------
<S>                                                             <C>             <C>
OPERATING ACTIVITIES:
     Net income                                                 $  2,009,696    $  2,031,452
     Adjustments to reconcile net income to
        net cash provided by operating activities:
          Depreciation and amortization                              383,316         417,554
          Minority interest in net income                            431,591         439,409
          Deferred tax (benefit) provision                           340,000
     Increase (decrease) in cash from changes in:
        Accounts receivable                                           50,884        (457,531)
        Inventories                                                 (627,331)     (4,489,260)
        Other assets                                                (148,202)        467,254
        Accounts payable and accrued expenses                        801,573       6,314,604
        Income taxes payable                                         362,433        (211,594)
                                                                ------------    ------------

          Net cash provided by operating activites                 3,603,960       4,511,888
                                                                ------------    ------------

INVESTING ACTIVITIES:
     Purchase of equipment and leasehold improvements               (361,777)       (425,460)
                                                                ------------    ------------

          Net cash provided by (used in) investing activities       (361,777)       (425,460)
                                                                ------------    ------------

FINANCING ACTIVITIES:
     Increase (decrease) in loan payable, bank                      (338,364)       (382,125)
     Proceeds from exercise of stock options                         216,062
     Purchases of treasury stock                                                    (410,296)
                                                                ------------    ------------

          Net cash provided by (used in) financing activities       (122,302)       (792,421)
                                                                ------------    ------------

EFFECT OF EXCHANGE RATE CHANGES ON CASH                             (190,198)       (715,965)
                                                                ------------    ------------

INCREASE IN CASH AND CASH EQUIVALENTS                              2,929,683       2,578,042

Cash and cash equivalents at beginning of period                  28,562,296      27,598,771
                                                                ------------    ------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                      $ 31,491,979    $ 30,176,813
                                                                ============    ============


SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:

     Cash paid during the period for:
          Interest                                              $     81,000    $    409,000
          Income taxes                                               746,000       4,235,000
</TABLE>


SEE NOTES TO FINANCIAL STATEMENTS.

                                     Page 4


<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


1.   SIGNIFICANT ACCOUNTING POLICIES:

     The accounting policies followed by the Company are set forth in the notes
     to the Company's financial statements included in its Form 10-K which was
     filed with the Securities and Exchange Commission for the year ended
     December 31, 2001.

2.   COMPREHENSIVE INCOME:
<TABLE>
<CAPTION>
                                                       Three months     Three months
                                                          ended            ended
                                                      March 31, 2002   March 31, 2001
                                                      --------------   --------------
<S>                                                     <C>              <C>
     Comprehensive income:
        Net income                                      $ 2,009,696      $ 2,031,452
      Other comprehensive income, net of tax:
          Foreign currency
             translation adjustment                        (461,756)      (1,508,656)
          Cumulative effect of adopting SFAS 133
             as of January 1, 2001                                           274,201
          Gains on derivatives reclassified
             into earnings                                   (4,382)        (274,201)
          Change in fair value of derivatives                10,128         (197,846)
                                                        -----------      -----------
     Comprehensive income                               $ 1,553,686      $   324,950
                                                        ===========      ===========
</TABLE>

3.   GEOGRAPHIC AREAS:

     Segment information related to domestic and foreign operations is as
     follows:
                                                  Three months    Three months
                                                     ended           ended
                                                 March 31, 2002  March 31, 2001
                                                 --------------  --------------
     Net sales:
        United States                             $  8,639,503    $  7,949,112
        Europe                                      19,813,143      23,129,064
        Eliminations                                   (35,000)        (35,000)
                                                  ------------    ------------
                                                  $ 28,417,646    $ 31,043,176
                                                  ============    ============

     Net Income:
        United States                             $    534,007    $    512,944
        Europe                                       1,475,689       1,518,508
                                                  ------------    ------------
                                                  $  2,009,696    $  2,031,452
                                                  ============    ============

4.   EARNINGS PER SHARE:

     Basic earnings per share are computed using the weighted average number of
     shares outstanding during each period. Diluted earnings per share are
     computed using the weighted average number of shares outstanding during
     each period, plus the incremental shares outstanding assuming the exercise
     of dilutive stock options.



                                     Page 5

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


5.   INVENTORIES:

     Inventories consist of the following:

                                            March 31, 2002     December 31, 2001
                                            --------------     -----------------
     Raw materials and component parts       $ 11,002,648         $  8,823,260
     Finished goods                            16,996,979           18,821,700
                                             ------------         ------------
                                             $ 27,999,647         $ 27,644,960
                                             ============         ============

6.   RECENT ACCOUNTING PRONOUNCEMENTS:

     In June 2001, the Financial Accounting Standards Board issued Statement of
     Financial Accounting Standards ("SFAS") No. 141, "Business Combinations,"
     and SFAS No. 142, "Goodwill and Other Intangible Assets." SFAS No. 141
     requires all business combinations after June 30, 2001 to be accounted for
     using the purchase method. SFAS No. 142 establishes new guidelines for
     accounting for goodwill and other intangible assets. In accordance with
     SFAS No. 142, goodwill and intangible assets with an indeterminate life
     associated with acquisitions are no longer amortized, however, the carrying
     value of existing intangible assets with an indeterminate life are assessed
     for impairment at least annually. The Company has implemented the
     provisions of SFAS No. 142 on January 1, 2002 and has tested its trademarks
     for impairment as of such date and determined that there was no impairment.
     The effect on net income of amortization of intangible assets with an
     indeterminate life for the three months ended March 31, 2001 aggregated
     $36,000, after taxes and minority interest.

7.   CONTEMPLATED TRISTAR ASSET ACQUISITION:

     The Company's wholly-owned subsidiary, Jean Philippe Fragrances, LLC, has
     received court approval for its bid to purchase certain mass market
     fragrance brands and inventories of Tristar Corporation, a
     Debtor-in-Possession. Jean Philippe Fragrances, LLC is to purchase the
     trademarks and related intellectual property of certain brands for
     approximately $3.5 million, and to acquire certain existing inventory for
     approximately $4.7 million. Management expects a formal purchase agreement
     to be signed shortly, and a closing prior to June 1, 2002.

     The court approved bid by Jean Philippe Fragrances was made in combination
     with one by a newly formed company, Fragrance Impressions Corporation,
     which is to be owned by the existing management of Tristar and certain of
     its creditors. As part of the bid, Jean Philippe Fragrances, LLC has agreed
     to enter into a manufacturing agreement with Fragrance Impressions
     Corporation for production of the Tristar brands to be acquired. In
     addition, Tristar and Fragrances Impressions Corporation are to enter into
     a non-competition agreement with Jean Philippe Fragrances LLC relating to
     alternative designer fragrances and certain mass market cosmetics.



                                     Page 6

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES


ITEM 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

We are a leading manufacturer and distributor of fragrances, cosmetics and
health and beauty aids. We combine innovation and creativity to produce quality
products for our customers around the world.

We operate in the fragrance and cosmetic industry, specializing in prestige
perfumes and mass market perfumes, cosmetics and health and beauty aids:

o    Prestige products -- for each prestige brand, owned or licensed by us, we
     create an original concept for the perfume consistent with world market
     trends;

o    Mass market products -- we design, market and distribute inexpensive
     fragrances and personal care products including alternative designer
     fragrances, mass market cosmetics and health and beauty aids.

Statements in this document, which are not historical in nature, are
forward-looking statements. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual results to be
materially different from projected results. Given these risks, uncertainties
and other factors, persons are cautioned not to place undue reliance on the
forward-looking statements.

Such factors include execution and delivery of a definitive acquisition
agreement for the assets to be acquired from Tristar Corporation as well as
satisfaction of conditions to closing of such contemplated transaction,
effectiveness of sales and marketing efforts and product acceptance by
consumers, dependence upon management, competition, currency fluctuation and
international tariff and trade barriers, governmental regulation and possible
liability for improper comparative advertising or "Trade Dress".

We operate under two (2) licenses with affiliates of our strategic partner, LV
Capital, USA Inc. ("LV Capital"), a wholly-owned subsidiary of LVMH Moet
Hennessy Louis Vuitton S.A. In May 2000 we entered into an exclusive worldwide
license for prestige fragrances for the Celine brand, and in March 1999 we
entered into an exclusive worldwide license for Christian Lacroix fragrances.
Both licenses are subject to certain minimum sales requirements, advertising
expenditures and royalty payments as are customary in our industry.



                                     Page 7

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES


     THREE MONTHS ENDED MARCH 31, 2002 AS COMPARED TO THE THREE MONTHS ENDED
     MARCH 31, 2001

Net sales for the three months ended March 31, 2002 was $28.4 million, as
compared to $31.0 million for the corresponding period of the prior year. At
comparable foreign currency exchange rates, net sales decreased 5% from that of
the corresponding period of the prior year.

The decline in net sales for this 2002 first quarter is not surprising
considering the 40% net sales growth reported in the first quarter 2001. Sales
of our prestige fragrance products were the primary contributor to the growth in
2001 as we continued the broader geographic rollout of Paul Smith and Burberry
Touch, two new fragrance collections that debuted in the second half of 2000.
Although no major launches occurred during the three months ended March 31,
2002, we continued the geographic expansion of our Celine distribution network,
particularly in Western Europe and Asia where Celine apparel and leather goods
are widely sold.

We have a strong line-up of new brands and brand extensions in our 2002 new
product pipeline. FUBU Plush is now available in select specialty stores and
certain international markets. Soon, FUBU Plush will mark its official launch in
mid tier department stores. Our Burberry baby line hit the stores in March 2002
and we are very enthusiastic about our new Christian Lacroix fragrance line,
Bazar, which is scheduled to be launched this spring. Finally, Celine brand
extension is underway with a coordinating bath line scheduled to come to market
in third quarter of 2002.

Net sales of mass market products increased 9% for the quarter ended March 31,
2002, as compared to the corresponding period of the prior year. The increase is
a result of the continuing product line expansion and customer acceptance of our
new Intimate health and beauty aids line as well as the continuing success of
our Aziza line of cosmetics. We are developing new product line extensions for
both lines throughout 2002.

In an attempt to gain market share in mass market fragrances, we recently
submitted a bid, which received Bankruptcy Court approval, to purchase from
Tristar Corporation ("Tristar"), a Debtor-in-possession in a Chapter 11
proceeding, trademarks and related intellectual property of certain brands for
$3.5 million, and to acquire certain existing inventory for approximately $4.7
million. Tristar is one of our major competitors in mass market fragrances and
the brands to be acquired are sold in the same distribution channel as that of
our current mass market fragrance lines.

The Court approved bid was made in combination with one by a newly formed
company, Fragrance Impressions Corporation, which is to be owned by the existing
management of Tristar and certain of its creditors. As part of the bid, we
agreed to enter into a manufacturing agreement with Fragrance Impressions
Corporation for production of the Tristar brands to be acquired. In addition,
Tristar and Fragrances Impressions Corporation are to enter into a
non-competition agreement with us relating to alternative designer fragrances
and certain mass market cosmetics. We expect a formal purchase agreement to be
signed shortly, and a closing prior to June 1, 2002.

                                     Page 8

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES


Gross profit margin was 48% of net sales for the three months ended March 31,
2002, as compared to 50% for the corresponding period of the prior year. Our
target gross margin percentage has historically been 45% to 46%. The decrease in
gross profit margin is due to the decline in sales of our prestige fragrance
lines, which generate higher gross profit margins than our mass market lines.

Selling, general and administrative expenses decreased 17% to $9.9 million for
the three months ended March 31, 2002, as compared to $11.9 million for the
corresponding period of the prior year. As a percentage of sales, selling,
general and administrative expenses was 35% for the three months ended March 31,
2002, as compared to 38% for the corresponding period of the prior year.

In the United States, selling, general and administrative expenses were
virtually unchanged for the quarter as compared to the corresponding period of
the prior year. Our mass market sales do not require extensive advertising and
therefore, more of our selling, general and administrative expenses are fixed
rather than variable. As a result, the increase in mass market sales enables us
to spread our fixed costs over a larger net sales base.

Selling, general and administrative expenses incurred by our French subsidiary,
Inter Parfums, S.A., decreased to $7.5 million for the three months ended March
31, 2002, as compared to $9.5 million for the corresponding period of the prior
year. As a percentage of sales, Inter Parfums, S.A. selling, general and
administrative expenses was 38% for the three months ended March 31, 2002, as
compared to 41% for the corresponding period of the prior year.

Promotion and advertising are prerequisites for sales of designer products. We
develop a complete marketing and promotional plan to support our growing
portfolio of prestige fragrance brands and to build upon each brand's awareness.
We typically budget advertising and promotion expenditures based upon sales of
each of our product lines. As a result of the success of the Burberry Touch and
Paul Smith launches in late 2000, we increased advertising and promotional
activities in 2001 to keep the momentum of the second half of 2000 going. Our
October 2001 Celine fragrance launch began slowly in the weeks following
September 11th. As such, our advertising and marketing efforts were curtailed
until the business environment began to show improvement late in the first
quarter of 2002.

Interest expense was $80,000 for the three months ended March 31, 2002, as
compared to $50,000 for the corresponding period of the prior year. We use the
credit lines available to us, as needed, to finance our working capital needs.

We recorded a gain on foreign currency of $1,000 for the three months ended
March 31, 2002, as compared to a loss of $52,000 for the corresponding period of
the prior year. Occasionally, we enter into foreign currency forward exchange
contracts to manage exposure related to certain foreign currency commitments.

Our effective income tax rate was 36% for the three months ended March 31, 2002,
as compared to 37% for the corresponding period of the prior year.

                                     Page 9

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES


Net income was $2.0 million for both the three months ended March 31, 2002 and
2001. After giving effect to our 3 for 2 stock split effected in September 2001,
diluted earnings per share was $0.10 for both the three months ended March 31,
2002 and 2001.

Weighted average shares outstanding aggregated 18.8 million for the three months
ended March 31, 2002, as compared to 17.4 million for the corresponding period
of the prior year. On a diluted basis, average shares outstanding were 20.0
million for the three months ended March 31, 2002, as compared to 19.6 million
for the corresponding period of the prior year.

     LIQUIDITY AND CAPITAL RESOURCES

Profitable operating results continue to strengthen our financial position. At
March 31, 2002, working capital aggregated $70 million and we had a working
capital ratio of 3.7 to 1. Cash and cash equivalents aggregated $31 million and
our net book value was $3.55 per outstanding share as of March 31, 2002.
Furthermore, we had only $1.4 million in long-term debt.

Our short-term financing requirements are expected to be met by available cash
at March 31, 2002, cash generated by operations and short-term credit lines
provided by domestic and foreign banks. The principal credit facilities for 2002
are a $12.0 million unsecured revolving line of credit provided by a domestic
commercial bank and approximately $12.0 million in credit lines provided by a
consortium of international financial institutions.

Cash provided by operating activities aggregated $3.6 million for the three
months ended March 31, 2002 as compared to $4.5 million for the corresponding
period of the prior year. Accounts receivable and inventory balances were
virtually unchanged from December 31, 2001. Cash provided by operating
activities continues to be the primary source of funds to finance operating
needs and investments in new ventures.

As previously discussed, in an attempt to gain market share in mass market
fragrances, we recently submitted a bid, which has been approved by the
Bankruptcy Court, to purchase from Tristar Corporation ("Tristar"), a
Debtor-in-possession in a Chapter 11 proceeding, certain of its mass market
fragrance brands and certain inventories. It is estimated that the cash outlay
at closing will approximate $7.0 million. We do not believe that such use of
cash will adversely affect our liquidity.

Our Board of Directors approved a cash dividend program and our first 1.5 cent
per share quarterly dividend was paid on April 15, 2002. This cash dividend,
which totals $1.1 million on an annual basis, represents a small part of our
cash position and is not expected to have any significant impact on our
financial position.

We believe that funds generated from operations, supplemented by our present
cash position and available credit facilities, will provide us with sufficient
resources to meet all present and reasonably foreseeable future operating needs.


                                     Page 10

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES


Inflation rates in the U.S. and foreign countries in which we operate have not
had a significant impact on operating results for the three months ended March
31, 2002.


ITEM 3:  QUANTITIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

GENERAL

We address certain financial exposures through a controlled program of risk
management that primarily consists of the use of derivative financial
instruments. We primarily enter into foreign currency forward exchange contracts
in order to reduce the effects of fluctuating foreign currency exchange rates.
We have entered into one (1) interest rate swap in an attempt to take advantage
of low variable interest rates as compared to the fixed rate on our long-term
debt. We do not engage in the trading of foreign currency forward exchange
contracts or interest rate swaps.

FOREIGN EXCHANGE RISK MANAGEMENT

We periodically enter into foreign currency forward exchange contracts to hedge
exposure related to receivables denominated in a foreign currency and to manage
risks related to future sales expected to be denominated in a foreign currency.
We enter into these exchange contracts for periods consistent with our
identified exposures. The purpose of the hedging activities is to minimize the
effect of foreign exchange rate movements on the receivables and cash flows of
Inter Parfums, S.A., our French subsidiary, whose functional currency is the
Euro. All foreign currency contracts are denominated in currencies of major
industrial countries and are with large financial institutions, which are rated
as strong investment grade.

All derivative instruments are required to be reflected as either assets or
liabilities in the balance sheet measured at fair value. Generally, increases or
decreases in fair value of derivative instruments will be recognized as gains or
losses in earnings in the period of change. If the derivative is designated and
qualifies as a cash flow hedge, the changes in fair value of the derivative
instrument will be recorded in other comprehensive income.

Before entering into a derivative transaction for hedging purposes, we determine
that a high degree of initial effectiveness exists between the change in the
value of the hedged item and the change in the value of the derivative from a
movement in foreign currency rates. High effectiveness means that the change in
the value of the derivative will effectively offset the change in the fair value
of the hedged item. We measure the effectiveness of each hedge throughout the
hedged period. Any hedge ineffectiveness is recognized in the income statement.





                                     Page 11

<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES


We believe that our risk of loss as the result of nonperformance by any of such
financial institutions is remote and in any event would not be material. The
contracts have varying maturities with none exceeding one year. Costs associated
with entering into such contracts have not been material to our financial
results. At March 31, 2002, we had foreign currency contracts in the form of
forward exchange contracts in the amount of approximately $10.0 million. The
foreign currencies included in these contracts are principally the U.S. dollar.
INTEREST RATE RISK MANAGEMENT

We mitigate interest rate risk by continually monitoring interest rates, and
then determining whether fixed interest rates should be swapped for floating
rate debt, or if floating rate debt should be swapped for fixed rate debt. We
have entered into one (1) interest rate swap to take advantage of declining
interest rates. At March 31, 2002 we had one (1) interest rate swap agreement
outstanding to convert $1.4 million of principal fixed rate debt with an
interest rate of 4.56% to floating interest rate debt, at the EURIBOR rate, over
the life of our long-term debt due in 2005. At March 31, 2002, the EURIBOR rate
was 3.3%. If interest rates were to rise 1% per annum over the remaining term of
the long-term debt, then we would incur a loss of $30,000.


PART II.  OTHER INFORMATION

         Items 1, 2, 3, 4 and 5 are omitted as they are either not applicable or
have been included in Part I.

ITEM 6:  EXHIBITS AND REPORTS OF FORM 8-K

We filed a Current Report on Form 8-K, date of event - 1 May 2002, reporting
Item 5.



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the 12th day of May 2001.


                                            INTER PARFUMS, INC.


                                            By: /S/ RUSSELL GREENBERG
                                                -------------------------------
                                                Russell Greenberg,
                                                Executive Vice President and
                                                Chief Financial Officer




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