
                                  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 June 30, 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 August 5, 2002 there were 18,760,782 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 June 30, 2002 (unaudited)
                      and December 31, 2001 (audited)                     2

                      Consolidated Statements of
                      Income for the Three and Six Months
                      Ended June 30, 2002 (unaudited)
                      and June 30, 2001 (unaudited)                       3

                      Consolidated Statements of
                      Cash Flows for the
                      Six Months Ended
                      June 30, 2002 (unaudited) and
                      June 30, 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                                  12

Part II.   Other Information                                             13

         Item 2.   Changes in Securities and Use of Proceeds             13

         Item 6.   Exhibits and Reports on Form 8-K                      14

Signatures                                                               14



<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES

PART I.  FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

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

         The results of operations for the six months ended June 30, 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
<TABLE>
<CAPTION>
                                                    June 30,                     December 31,
                                                      2002                           2001
                                                ------------------             ------------------
<S>                                                   <C>                            <C>
Current assets:
        Cash and cash equivalents                     $30,425,861                    $28,562,296
        Accounts receivable, net                       35,386,665                     31,222,907
        Inventories                                    36,387,420                     27,644,960
        Receivables, other                              1,291,361                        944,220
        Other                                           1,252,050                      1,362,352
        Income taxes receivable                         3,764,144                      2,633,000
        Deferred tax benefit                            1,307,000                      1,360,000
                                                ------------------             ------------------

             Total current assets                     109,814,501                     93,729,735

Equipment and leasehold improvements, net               4,228,764                      3,895,733

Other assets                                              333,485                        304,928

Deferred tax benefit                                      431,000                        767,000

Intangible assets, net                                  7,093,426                      3,841,707
                                                ------------------             ------------------

                                                     $121,901,176                   $102,539,103
                                                ==================             ==================
</TABLE>

                      LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<S>                                                    <C>                            <C>
Current liabilities:
        Loans payable, banks                           $4,542,790                     $1,308,086
        Accounts payable                               18,240,145                     15,512,938
        Accrued expenses                               10,426,404                      7,960,117
        Income taxes payable                            1,564,395                        746,684
                                                ------------------             ------------------

             Total current liabilities                 34,773,734                     25,527,825
                                                ------------------             ------------------

Deferred taxes payable                                    825,017                        739,353
                                                ------------------             ------------------

Long-term debt, less current portion                    1,560,682                      1,365,633
                                                ------------------             ------------------

Minority interests                                     11,679,299                      9,817,925
                                                ------------------             ------------------

Shareholders' equity:
        Common stock, $.001 par; authorized
            30,000,000 shares; outstanding
            18,760,782 and 18,692,269 shares
            at June 30, 2002 and
            December 31, 2001, respectively                18,761                         18,692
        Additional paid-in capital                     32,686,977                     32,469,587
        Retained earnings                              70,159,989                     66,786,620
        Accumulated other comprehensive income         (3,660,033)                    (8,043,282)
        Treasury stock, at cost, 7,492,463
            shares at June 30, 2002 and
            December 31, 2001                         (26,143,250)                   (26,143,250)
                                                ------------------             ------------------

                                                       73,062,444                     65,088,367
                                                ------------------             ------------------

                                                     $121,901,176                   $102,539,103
                                                ==================             ==================
</TABLE>


See notes to financial statements.

                                     Page 2
<PAGE>

                      INTER PARFUMS, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                              Three Months Ended                    Six Months Ended
                                                                   June 30,                             June 30,
                                                            2002                2001              2002             2001
                                                        -----------          -----------       -----------      -----------
<S>                                                     <C>                  <C>               <C>              <C>
Net sales                                               $27,442,809          $26,259,763       $55,860,455      $57,302,939

Cost of sales                                            14,635,220           13,701,340        29,346,744       29,130,397
                                                        -----------          -----------       -----------      -----------

Gross margin                                             12,807,589           12,558,423        26,513,711       28,172,542

Selling, general and administrative                       9,212,038            9,232,698        19,097,812       21,102,392
                                                        -----------          -----------       -----------      -----------

Income from operations                                    3,595,551            3,325,725         7,415,899        7,070,150
                                                        -----------          -----------       -----------      -----------

Other charges (income):
      Interest                                              169,491               80,063           249,441          129,675
      (Gain) loss on foreign currency                        58,285             (228,353)           57,409         (176,277)
      Interest and dividend (income)                       (242,158)            (368,782)         (329,921)        (651,319)
      Loss on sale of stock of subsidiary, net                5,382               85,805             5,382           85,805
                                                        -----------          -----------       -----------      -----------

                                                             (9,000)            (431,267)          (17,689)        (612,116)
                                                        -----------          -----------       -----------      -----------

Income before income taxes                                3,604,551            3,756,992         7,433,588        7,682,266

Income taxes                                              1,268,633            1,409,509         2,654,205        2,863,922
                                                        -----------          -----------       -----------      -----------

Net income before minority interest                       2,335,918            2,347,483         4,779,383        4,818,344

Minority interest in net income
      of consolidated subsidiary                            409,424              406,280           843,193          845,689
                                                        -----------          -----------       -----------      -----------

Net income                                               $1,926,494           $1,941,203        $3,936,190       $3,972,655
                                                        ===========          ===========       ===========      ===========

Net income per common share:
      Basic                                                   $0.10                $0.11             $0.21            $0.23
      Diluted                                                 $0.10                $0.10             $0.20            $0.20
                                                        ===========          ===========       ===========      ===========

Number of common shares outstanding:
      Basic                                              18,760,558           17,446,165        18,755,443       17,447,091
      Diluted                                            20,022,039           19,985,022        19,990,328       19,812,478
                                                        ===========          ===========       ===========      ===========

See notes to financial statements.
</TABLE>


                                     Page 3
<PAGE>

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

<TABLE>
<CAPTION>
                                                                                    Six months ended
                                                                                        June 30,
                                                                                2002                        2001
                                                                      ------------------          -----------------
<S>                                                                          <C>                        <C>
Operating activities:
          Net income                                                         $3,936,190                 $3,972,656
          Adjustments to reconcile net income to
             net cash provided by operating activities:
               Depreciation and amortization                                    964,702                    935,766
               Loss on sale of stock of subsidiary                                5,382                     85,805
               Minority interest in net income                                  843,180                    845,689
               Deferred tax provision                                           389,000
               Gain on sale of trademark                                        (82,524)
          Increase (decrease) in cash from changes in:

             Accounts receivable                                             (1,078,739)                  (197,517)
             Inventories                                                     (6,139,179)                (7,036,993)
             Other assets                                                       (22,774)                  (162,283)
             Accounts payable and accrued expenses                            2,391,240                  2,412,213
             Income taxes payable                                              (248,389)                  (623,455)
                                                                            -----------                -----------

                    Net cash provided by operating activites                    958,089                    231,881
                                                                            -----------                -----------

Investing activities:
          Purchase of equipment and leasehold improvements                     (715,489)                  (818,245)
          Trademark and license acquisitions                                 (3,225,199)
          Proceeds from the sale of trademark                                   149,799
                                                                            -----------                -----------

                    Net cash (used in) investing activities                  (3,790,889)                  (818,245)
                                                                            -----------                -----------

Financing activities:
          Increase in loan payable, bank                                      3,087,088                  3,463,811
          Proceeds from sale of stock of subsidiary                               5,382                    106,535
          Proceeds from exercise of stock options                               217,459
          Dividends paid                                                       (545,126)                  (197,144)
          Purchases of treasury stock                                                                     (410,296)
                                                                            -----------                -----------

                    Net cash provided by financing activities                 2,764,803                  2,962,906
                                                                            -----------                -----------

Effect of exchange rate changes on cash                                       1,931,562                 (1,192,536)
                                                                            -----------                -----------

Increase in cash and cash equivalents                                         1,863,565                  1,184,006

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

Cash and cash equivalents at end of period                                  $30,425,861                $28,782,777
                                                                            ===========                ===========


Supplemental disclosure of cash flows information:

          Cash paid during the period for:

               Interest                                                        $166,000                   $105,000
               Income taxes                                                   1,906,000                  2,547,000
</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 we follow are set forth in the notes to our
         financial statements included in our Form 10-K which was filed with the
         Securities and Exchange Commission for the year ended December 31,
         2001.

2.       COMPREHENSIVE INCOME:
<TABLE>
<CAPTION>
                                                                Six months ended          Six months ended
                                                                  June 30, 2002             June 30, 2001
                                                                  -------------             -------------
<S>                                                                <C>                        <C>
         Comprehensive income
            Net income                                             $ 3,936,190                $ 3,972,655
          Other comprehensive income, net of tax:
            Foreign currency
               translation adjustment                                4,381,016                 (2,742,039)
            Cumulative effect of adopting SFAS 133
               as of January 1, 2001                                                              274,201
            Gains on derivatives reclassified
               into earnings                                            (4,717)                  (274,201)
            Change in fair value of derivatives                          6,950                    (59,370)
                                                                   -----------                -----------

         Comprehensive income                                      $ 8,319,439                $ 1,171,246
                                                                   ===========                ===========
</TABLE>


3.       GEOGRAPHIC AREAS:

         Segment information related to domestic and foreign operations is as
follows:

<TABLE>
<CAPTION>
                                                                Six months ended          Six months ended
                                                                  June 30, 2002             June 30, 2001
                                                                  -------------             -------------
<S>                                                              <C>                        <C>

         Net sales:
            United States                                        $  16,956,093              $  15,837,931
            Europe                                                  38,974,362                 41,535,008
            Eliminations                                               (70,000)                   (70,000)
                                                                 -------------              -------------
                                                                 $  55,860,455              $  57,302,939
                                                                 =============              =============
         Net Income:
            United States                                        $   1,072,024              $   1,078 916
            Europe                                                   2,864,166              $   2,893,739
                                                                 -------------              -------------
                                                                 $   3,936,190              $   3,972,655
                                                                 =============              =============
</TABLE>

4.       EARNINGS PER SHARE:

         We computed basic earnings per share using the weighted average number
         of shares outstanding during each period. We computed diluted earnings
         per share 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:

                                              June 30, 2002   December 31, 2001
                                              -------------   -----------------

         Raw materials and component parts    $ 12,601,427      $  8,823,260
         Finished goods                         23,785,993        18,821,700
                                              ------------      ------------
                                              $ 36,387,420      $ 27,644,960
                                              ============      ============


6.       RECENT ACCOUNTING DEVELOPMENTS:

         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 is assessed for
         impairment at least annually. We have implemented the provisions of
         SFAS No. 142 on January 1, 2002 and have tested our 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 six months ended June 30, 2001 aggregated
         $72,000, after taxes and minority interest.

7.       TRISTAR ASSET ACQUISITION:

         On May 21, 2002 our wholly-owned subsidiary, Jean Philippe Fragrances,
         LLC, purchased certain mass market fragrance brands and inventories of
         Tristar Corporation ("Tristar"), a Debtor-in-Possession. Jean Philippe
         Fragrances, LLC purchased the trademarks and related intellectual
         property of certain brands for approximately $3.2 million, and acquired
         certain existing inventory for approximately $3.7 million.

         In connection with the acquisition, Jean Philippe Fragrances, LLC
         entered into a manufacturing agreement with Fragrance Impressions
         Corporation for production of the Tristar brands acquired. In addition,
         Tristar and Fragrances Impressions Corporation entered 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
personal care products. Innovation and creativity are combined to produce
quality products for our customers around the world.

We operate in the fragrance and cosmetic industry, specializing in prestige
fragrances and mass market fragrances and cosmetics:

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, health and beauty aids and mass market cosmetics.

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 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".

Amongst the various license agreements we operate under, two (2) licenses are
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 AND SIX MONTHS ENDED JUNE 30, 2002 AS COMPARED TO THE THREE AND
         SIX MONTHS ENDED JUNE 30, 2001

Net sales for the three months ended June 30, 2002 increased 5% to $27.4
million, as compared to $26.3 million for the corresponding period of the prior
year. At comparable foreign currency exchange rates, net sales were up 1% for
the period.

Net sales for the six months ended June 30, 2002 declined 3% to $55.9 million,
as compared to $57.3 million for the corresponding period of the prior year.
Changes in foreign currency exchange rates had no discernible effect on net
sales for the period.

The 5% net sales increase for the three months ended June 30, 2002 is in line
with our internal expectations. Sales generated by our French subsidiary
increased 4%; in constant dollars sales were down 1%. Domestic sales registered
a 5% increase for the period. These results were achieved despite the current
unfavorable economic climate in South America and the general decline in
prestige product sales as seen by many luxury goods manufacturers.

The slight decline in net sales for the six months ended June 30, 2002 is not
surprising considering the 23% net sales growth reported in the first half of
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.

We are very optimistic for the remainder of 2002 and beyond. We will continue
the geographic expansion of our Celine distribution network and we are very
enthusiastic about our new Christian Lacroix fragrance line, Bazar, which has
been launched in select markets during the second quarter of 2002. Our FUBU
Plush line is now available in select specialty stores, certain international
markets and select mid tier department stores. In addition, Essence Pure by S.T.
Dupont and Eaux Extremes by Paul Smith are two new products that are in the
final stages of development for launch in October 2002. Finally, our 2003 plans
include a seasonal perfume under our Celine brand, an alcohol-free Bazar eau de
toilette by Christian Lacroix, a new Burberry women's line, two new fragrances
by Paul Smith and in late 2003 we expect to launch our first prestige fragrance
line under the Diane von Furstenberg label.

With respect to our mass market products, the sales increase is the result of
the product line expansion of our Intimate health and beauty aids and our Aziza
cosmetic line. We have been developing new product line extensions for both
lines throughout 2002. Also in development is the reintroduction of Tatiana by
Diane von Furstenberg. We expect that this mass market fragrance will be ready
for re-launch in September 2002.

                                     Page 8
<PAGE>

                      INTER PARFUMS, INC. AND SUBSIDIARIES

We anticipate our mass market fragrance lines will get a significant boost from
the recent acquisition of certain fragrance brands from Tristar Corporation
("Tristar"), a Debtor-in-possession in a Chapter 11 proceeding. In May 2002, we
purchased trademarks and related intellectual property of certain brands for
$3.2 million, and acquired certain existing inventory for approximately $3.7
million. Tristar was one of our most significant competitors in mass market
fragrances and the brands acquired will be sold in the same distribution channel
as that of our other mass market fragrance lines.

Growing sales within existing product lines, new product launches and an active
new business development program are how we plan to grow our business. With
respect to new business development, several licensing and acquisition
opportunities are presently under discussion. However, we cannot assure you that
any such transactions will be completed.

Gross profit margin was 47% of net sales for both the three and six month
periods ended June 30, 2002, as compared to 48% and 49% for the corresponding
periods of the prior year. Our target gross margin percentage has historically
been 45% to 46%. However, gross profit margins have increased recently as our
prestige fragrance lines, which have been growing at a faster rate than our mass
market lines, generate a higher gross profit margin than our mass market product
lines.

Selling, general and administrative expenses aggregated $9.2 million for both
three month periods ended June 30, 2002 and 2001. However, as a percentage of
sales, selling, general and administrative expenses decreased to 34% of net
sales for the three month period ended June 30, 2002, as compared to 35% for the
corresponding period of the prior year. Selling, general and administrative
expenses aggregated $19.1 million for the six months ended June 30, 2002, as
compared to $21.1 million for the corresponding period of the prior year. As a
percentage of sales, selling, general and administrative expenses declined to
34% of net sales for the 2002, as compared to 37% for the 2001 period.

Promotion and advertising are prerequisites for brand-building and 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. For example, as a
result of the success of the Burberry Touch and Paul Smith launches in late
2000, we increased advertising and promotional activities in early 2001 to keep
the momentum of the second half of 2000 going. Conversely, with the softness in
economy, particularly for discretionary consumer products, in recent months, we
intentionally curtailed advertising and marketing expenditures. We plan to again
gear up our promotional programs as the economy improves.

                                     Page 9
<PAGE>

                      INTER PARFUMS, INC. AND SUBSIDIARIES

Interest expense was $169,000 and $249,000 for the three and six month periods
ended June 30, 2002, as compared to $80,000 and $130,000 for the corresponding
periods of the prior year. We use the credit lines available to us, as needed,
to finance our working capital needs.

We recorded a loss on foreign currency of $58,000 and $57,000 for the three and
six month periods ended June 30, 2002, as compared to a gain $228,000 and
$176,000 for the corresponding periods 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 35% for the three months ended June 30, 2002,
as compared to 38% for the corresponding period of the prior year. Our effective
income tax rate was 36% for the six months ended June 30, 2002, as compared to
37% for the corresponding period of the prior year. The small decline in our
effective tax rate is the result of slightly lower foreign tax rates.

Net income was $1.9 million for both the three months ended June 30, 2002 and
2001. After giving effect to the 3-for-2 stock split effected in September 2001,
diluted earnings per share aggregated $0.10 for both three month periods. Net
income was $3.9 million for the six months ended June 30, 2002, as compared to
$4.0 million for the corresponding period of the prior year. After giving effect
to the 3-for-2 stock split, diluted earnings per share aggregated $0.20 for both
six month periods.

Weighted average shares outstanding aggregated 18.8 million for both the three
and six month periods ended June 30, 2002, as compared to 17.4 million for both
the three and six month periods ended June 30, 2001. On a diluted basis, average
shares outstanding were 20.0 million for both the three and six month periods
ended June 30, 2002, respectively, as compared to 20.0 million and 19.8 million
for the three and six month periods ended June 30, 2001, respectively.

         LIQUIDITY AND CAPITAL RESOURCES

Profitable operating results continue to strengthen our financial position. At
June 30, 2002, working capital aggregated $75 million and we had a working
capital ratio of greater than 3 to 1. Cash and cash equivalents aggregated $30
million and our net book value was $3.89 per outstanding share as of June 30,
2002. Furthermore, we had only $1.6 million in long-term debt.

                                     Page 10
<PAGE>

                      INTER PARFUMS, INC. AND SUBSIDIARIES

Our short-term financing requirements are expected to be met by available cash
at June 30, 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 $1.0 million for the six months
ended June 30, 2002 as compared to $0.2 million for the corresponding period of
the prior year. As previously discussed, in connection with the May 2002
acquisition of certain Tristar fragrance brands, we purchased existing inventory
aggregating $3.7 million. This is reflected as a use of cash by operating
activities in the accompanying cash flow statement. In addition, throughout the
month of June, and continuing into July and August, we purchased additional raw
materials to balance our inventory of Tristar brand products. This was done
without the benefit of significant Tristar brand sales during the period. Cash
provided by operating activities continues to be the primary source of funds to
finance operating needs and investments in new ventures.

Cash used in investing activities includes the $3.2 million paid for the Tristar
brands and related intellectual property.

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.

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 June
30, 2002.

                                     Page 11
<PAGE>

                      INTER PARFUMS, INC. AND SUBSIDIARIES

ITEM 3:  QUANTITATIVE 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 12
<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 June 30, 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 June 30, 2002 we had one (1) interest rate swap agreement
outstanding to convert $1.6 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 June 30, 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, 3, 4, and 5 are omitted as they are either not applicable or
have been included in Part I.

         ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         On July 2, 2002, two (2) executive officers exercised outstanding stock
options to purchase an aggregate of 20,000 shares of Common Stock and we
received approximately $51,000 in proceeds as a result of such exercises, as
well as $36,000 in required withholding taxes.

         The transactions were exempt from the registration requirements of
 Section 5 of the Securities Act under Section 4(2) of the Securities Act. Each
 shareholder, an executive officer, agreed to purchase his common stock for
 investment and not for resale to the public.

                                     Page 13
<PAGE>

                      INTER PARFUMS, INC. AND SUBSIDIARIES

         ITEM 6:  EXHIBITS AND REPORTS ON FORM 8-K

(a)   Exhibits

EXHIBIT NO.                      DESCRIPTION

10.91      Bail entre SCI et Inter Parfums, S.A. [Original in French]
10.91.1    Lease between SCI and Inter Parfums, S.A. [English Translation
             Version]
10.92      Third Modification of Lease dated June 17, 2002 between Metropolitan
             Life Insurance Company, and Jean Philippe Fragrances, LLC

(b)   We filed the following Current Reports on Form 8-K

           (1) Date of event - 21 May 2002, reporting Item 2; and
           (2) Date of event - 29 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 8th day of August 2002.

                                               INTER PARFUMS, INC.

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

                                     Page 14


<PAGE>


                      INTER PARFUMS, INC. AND SUBSIDIARIES

                                  CERTIFICATION

         Each of the undersigned hereby certifies, in accordance with 18 U.S.C.
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in
his capacity as an officer of Inter Parfums, Inc. that the Quarterly Report of
Inter Parfums, Inc. on Form 10-Q for the period ended June 30, 2002, fully
complies with the requirements of Section 13(a) of the Securities Exchange Act
of 1934 and that the information contained in such report fairly presents, in
all material respects, the financial condition and results of operation of Inter
Parfums, Inc.

Date: August 8, 2002                         By: /s/ JEAN MADAR
                                                 --------------
                                                 Jean Madar
                                                 Chief Executive Officer


Date: August 8, 2002                         By: /s/ RUSSELL GREENBERG
                                                 ---------------------
                                                 Russell Greenberg
                                                 Executive Vice President,
                                                 Chief Financial Officer and
                                                 Principal Accounting Officer





                                     Page 15

