10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark one)

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2010 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)

Registrant's telephone number, including area code: 212.983.2640.

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Name of exchange on which registered
Common Stock, $.001 par value per share	The Nasdaq Stock Market

Securities registered pursuant to Section 12(g) of the Act:
Title of each class	Name of exchange on which registered
None	None

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨  No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.Yes ¨  No x

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 by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation SK is not contained herein and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10K or any other amendment to this Form 10K.   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filed. See definition of “accelerated filer” and “large accelerated filer” in Rule 12b-2 of the Exchange Act).

Large accelerated Filer ¨	Accelerated filer x
Non-accelerated filer ¨	Smaller Reporting Company¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes ¨  No x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. $216,202,751 of voting equity and $-0- of non-voting equity.

Indicate the number of shares outstanding of the registrant's $.001 par value common stock as of the close of business on the latest practicable date March 7, 2011: 30,480,656.

Documents Incorporated By Reference: None.

Table of Contents

		Page
Note on Forward Looking Statements		iv
PART I
Item 1.	Business	1
Item 1A.	Risk Factors	22
Item 1B.	Unresolved Staff Comments	30
Item 2.	Properties	31
Item 3.	Legal Proceedings	32
PART II
Item 5.	Market for Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities	33
Item 6.	Selected Financial Data	35
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 8.	Financial Statements and Supplementary Data	54
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	55
Item 9A.	Controls and Procedures	56
Item 9B.	Other Information	58
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	59
Item 11.	Executive Compensation	64
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	82
Item 13.	Certain Relationships and Related Transactions, and Director Independence	85
Item 14.	Principal Accountant Fees and Services	87
PART IV
Item 15.	Exhibits and Financial Statement Schedules	89
FINANCIAL STATEMENTS		F-1
SIGNATURES

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FORWARD LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, and if incorporated by reference into a registration statement under the Securities Act of 1933, as amended, within the meaning of Section 27A of such act. When used in this report, the words “anticipate,” “believe,” “estimate,” “will,” “should,” “could,” “may,” “intend,” “expect,” “plan,” “predict,” “potential,” or “continue” or similar expressions identify certain forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved.

Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this report. Important factors that could cause actual results to differ materially from our forward-looking statements are set forth in this report, including under the heading “Risk Factors”. Such factors include: dependence upon Burberry for a significant portion of our sales; continuation and renewal of existing license agreements for the Burberry brand and others; continuation and renewal of existing specialty retail agreements as well as sales and marketing efforts of specialty market retailers, such as The Gap, Inc.; potential reduction in sales of our fragrance and fragrance related products due to reduced consumer confidence as the result of a prolonged economic downturn or recession in the United States, Europe or any of the other countries in which we do significant business; uncertainties and continued deterioration in global credit markets could negatively impact suppliers, customers and consumers; protection of our intellectual property rights; effectiveness of our sales and marketing efforts and product acceptance by consumers; dependence upon third party manufacturers and distributors; dependence upon management; competition; currency fluctuation and international tariff and trade barriers; governmental regulation; and possible liability for improper comparative advertising or “Trade Dress”.

These factors are not intended to represent a complete list of the general or specific factors that may affect us. It should be recognized that other factors, including general economic factors and business strategies, may be significant, presently or in the future, and the factors set forth herein may affect us to a greater extent than indicated. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this report. Except as may be required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

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PART I

Item 1.  Business

Introduction

We are Inter Parfums, Inc. We operate in the fragrance business, and manufacture, market and distribute a wide array of fragrances and fragrance related products. Organized under the laws of the State of Delaware in May 1985 as Jean Philippe Fragrances, Inc., we changed our name to Inter Parfums, Inc. in July 1999. We have also retained our brand name, Jean Philippe Fragrances, for some of our mass market products.

Our worldwide headquarters and the office of our three (3) wholly-owned United States subsidiaries, Jean Philippe Fragrances, LLC and Inter Parfums USA, LLC, both New York limited liability companies, and Nickel USA, Inc., a Delaware corporation, are located at 551 Fifth Avenue, New York, New York 10176, and our telephone number is 212.983.2640.

Our consolidated wholly-owned subsidiary, Inter Parfums Holdings, S.A., and its majority-owned subsidiary, Inter Parfums, S.A., maintain executive offices at 4, Rond Point des Champs Elysees, 75008 Paris, France. Our telephone number in Paris is 331.5377.0000. Inter Parfums S.A. is also the majority owner of three (3) distribution subsidiaries, Inter Parfums Limited, Inter Parfums Gmbh and Inter Parfums srl, covering territories in The United Kingdom, Germany and Italy, respectively, and is the sole owner of a distribution subsidiary, Inter España Parfums et Cosmetiques, SL, covering the territory of Spain. Inter Parfums (Suisse) S.A., a company formed to hold and manage certain brand names, Interparfums Singapore Pte., Ltd., an Asian sales and marketing office, and Interparfums Luxury Brands, Inc., a Delaware corporation, for distribution ofprestige brands in the United States are also wholly-owned subsidiaries of Inter Parfums, S.A.

Our common stock is listed on The Nasdaq Global Select Market under the trading symbol “IPAR”. The common shares of our subsidiary, Inter Parfums S.A., are traded on the Euronext Exchange.

We maintain our internet website at www.interparfumsinc.com which is linked to the SEC Edgar database. You can obtain through our website, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 as soon as reasonably practicable after we have electronically filed them with or furnished them to the SEC.

Summary

The following summary is qualified in its entirety by and should be read together with the more detailed information and audited financial statements, including the related notes, contained or incorporated by reference in this report.

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General

We operate in the fragrance business and manufacture, market and distribute a wide array of fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Our prestige fragrance products are produced and marketed by our European operations through our 74% owned subsidiary in Paris, Inter Parfums, S.A., which is also a publicly traded company as 26% of Inter Parfums, S.A. shares trade on the Euronext. Prestige cosmetics and prestige skin care products represent less than 1% of consolidated net sales.

Our business is not capital intensive, and it is important to note that we do not own any manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third party fillers which manufacture the finished goods for us and ship them back to our distribution center.

As with any business, many aspects of our operations are subject to influences outside our control. We discuss in greater detail risk factors relating to our business in Item 1A of this Annual Report on Form 10-K for the fiscal year ended December 31, 2010, and the reports that we file from time to time with the Securities and Exchange Commission.

European Operations

We produce and distribute our prestige fragrance products primarily under license agreements with brand owners, and prestige product sales represented approximately 88% of net sales for 2010.  We have built a portfolio of prestige brands, which include Burberry, Lanvin, Van Cleef & Arpels, Jimmy Choo, Montblanc, Paul Smith, S.T. Dupont, Nickel and Boucheron, whose products are distributed in over 120 countries around the world. Shipments to our distribution subsidiaries are not recognized as sales until that merchandise is sold by our distribution subsidiary to its customers.

Burberry is our most significant license, as sales of Burberry products represented 53%, 57% and 56% of net sales for the years ended December 31, 2010, 2009 and 2008, respectively. In addition, we own the Lanvin brand name for our class of business and sales of Lanvin product represented 15%, 14% and 13% of net sales for the years ended December 31, 2010, 2009 and 2008, respectively.

Our prestige products focus on niche brands with a devoted following.  By concentrating in markets where the brands are best known, we have had many successful launches. We typically launch new fragrance families for our brands every year or two, with some frequent “seasonal” fragrances introduced as well.

The creation and marketing of each product family is intimately linked with the brand’s name, its past and present positioning, customer base and, more generally, the prevailing market atmosphere. Accordingly, we generally study the market for each proposed family of fragrance products for almost a full year before we introduce any new product into the market. This study is intended to define the general position of the fragrance family and more particularly its scent, bottle, packaging and appeal to the buyer. In our opinion, the unity of these four elements of the marketing mix makes for a successful product.

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United States Operations

Our specialty retail and mass market fragrance and fragrance related products are marketed through our United States operations and represented 12%, of sales for the year ended December 31, 2010. These fragrance products are sold under trademarks owned by us or pursuant to license or other agreements with the owners of the Gap, Banana Republic, Brooks Brothers, bebe, New York & Company, Betsey Johnson, Nine West and Jordache brands.

Recent Developments

Burberry

In December 2010, Inter Parfums, S.A., and Burberry Limited entered into an amendment to the license agreement dated October 12, 2004. Such amendment extends the term of the license for one (1) year until December 31, 2017, and also extends for one (1) year the time to exercise the five-year optional term of the license that requires the mutual consent of Burberry and Inter Parfums, S.A., which must be exercised, if at all, prior to December 31, 2015. If the optional term is exercised, then the license would expire on December 31, 2022. The amendment also extends the time for Burberry to exercise its right to buy back the license for one (1) year from December 31, 2011 to December 31, 2012.

Burberry has not exercised any buy back options to date. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the then fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.  

Boucheron

In December 2010, Inter Parfums, S.A., and Boucheron Parfums SAS, entered into an exclusive, worldwide license agreement for the creation, development and distribution of fragrance and related bath and body products under the Boucheron brand and related trademarks effective on January 1, 2011. The term of the license expires on December 31, 2025, but will be automatically renewed for a five (5) year term expiring on December 31, 2030 if certain sales targets are met in 2024. Our rights under such license agreement are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

Inter Parfums S.A. has paid €15 million to Boucheron Parfums SAS as an upfront entry fee. After a short transition period ending March 31, 2011 to terminate existing distribution arrangements of the former licensee, Inter Parfums, S.A. has agreed to purchase the remaining inventory for approximately €1.7 million.

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Nine West

In July 2010, we entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women’s fragrances under the Nine West brand. The agreement, which runs through December 31, 2016, contains a provision for further renewal if certain conditions are met. The agreement also provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. Plans call for our first Nine West fragrance launch in 2011.

Betsey Johnson

In July 2010, we entered into an exclusive worldwide agreement with Betsey Johnson LLC of New York, NY, under which we will design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement, which runs through December 31, 2015 with a five year optional term if certain conditions are met, encompasses both direct sales to global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. While we introduced a new twist on a vintage Betsey Johnson fragrance in August 2010, plans call for our first new Betsey Johnson product launch in 2011.

U.S. Distribution of Prestige Products

Beginning January 1, 2011, Interparfums Luxury Brands, a recently formed United States company and subsidiary of our French subsidiary Inter Parfums SA, began distribution ofBurberry (fragrances and cosmetics), Lanvin, Montblanc and Jimmy Choo brands in the United States. In addition, under the terms of a recently signed four-year agreement, Interparfums Luxury Brands and Clarins Fragrance Group US (a Division of Clarins Group in the U.S. responsible for the Thierry Mugler, Azzaro, Porsche Design, David Yurman and Swarovski brands) will share and manage an expanded sales force. Logistical and administrative support will be provided by Clarins Group USA from its Park Avenue offices in New York and its warehouse in Orangeburg, New York. We believe this alliance offers us a unique opportunity to develop a highly efficient organization and create synergies with potential for accelerated growth in the U.S. market.

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Our Prestige Products

General

We produce and distribute our prestige fragrance products primarily under license agreements with brand owners. Under license agreements, we obtain the right to use the brand name, create new fragrances and packaging, determine positioning and distribution, and market and sell the licensed products, in exchange for the payment of royalties. Our rights under license agreements are also generally subject to certain minimum sales requirements and advertising expenditures.

We have built a portfolio of prestige brands, which include Burberry, Lanvin, Van Cleef & Arpels, Jimmy Choo, Montblanc, Paul Smith, S.T. Dupont, Nickel and Boucheron. We are the owner of the Lanvin and Nickel brand names and trademarks and we have exclusive world-wide licenses which run through the following dates:

Brand Name	License Expiration Date
Burberry	December 31, 2017 unless the buyback option is exercised
Van Cleef & Arpels	December 31, 2018, plus a 5-year optional term if certain sales targets are met
Jimmy Choo	December 31, 2021
Montblanc	December 31, 2020
Paul Smith	December 31, 2017
S.T. Dupont	June 30, 2011
Boucheron	December 31, 2025, plus a 5-year optional term if certain sales targets are met

For competitive reasons we do not disclose certain commercial or financial terms in these agreements, such as specific percentage royalty rates or percentage of net sales for minimum advertising requirements, as well as the specific dollar amount of royalties, minimum advertising expenses and minimum sales requirements. With respect to each item that relates to financial information, the aggregate amounts of such items are taken into account in connection with the preparation of our consolidated financial statements. Further, we believe that all commercial and financial information omitted is commercially reasonable and as such the specific percentages or dollar amounts are not material. Based upon the foregoing, we have filed confidential treatment applications for the agreements that we have filed as material contracts, which have been routinely granted.

Prestige Fragrances

BURBERRY — Burberry is our leading prestige fragrance brand and we operate under an exclusive worldwide license with Burberry Limited that was originally entered into in 1993 and replaced by a new agreement in 2004.

We have had significant success in introducing new fragrance families under the Burberry brand name. We have introduced several fragrance families including Burberry, Burberry Week End, Burberry Touch, Burberry Brit, Burberry London, Burberry The Beat and most recently, Burberry Sport. Successful distribution has been achieved in more than a hundred countries around the world by differentiating the positioning and target consumer for each of the families.

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In March 2008 we commenced the successful worldwide launch of the women’s fragrance, Burberry The Beat, by capitalizing on the commercial and editorial success of Burberry’s high-end fashion collections and continuing to create a strong link to the Burberry fashion brand. Burberry The Beat was a concept that was clearly distinct from other Burberry fragrance lines. We targeted a younger segment with a mix of British tradition and an avant-garde positioning with the purpose of expanding our customer base by targeting an edgier consumer. Further, music was a major source of inspiration for the concept of this new women’s fragrance.

Our 2009 new product launch schedule included the men’s version of Burberry The Beat, which was initially previewed exclusively at Bloomingdale’s, and was rolled out globally throughout 2009.

During the first quarter of 2010 we launched the most recent Burberry fragrance family for men and women, Burberry Sport, and the rollout continued for the balance of the year.  For 2010,Burberry fragrances had another year of growth driven by solid performances of top-selling lines (Burberry Brit and Burberry London), the launch of Burberry Sport and Burberry Beauty (a color cosmetics collection discussed below), in addition to significant gains by its well-established lines (Burberry, Burberry Weekend and Burberry Touch).  To further strengthen the Burberry brand’s potential for sustained growth in the years ahead, a major new women’s line will be launched in 2011.

LANVIN — In July 2007 we acquired the worldwide rights to the Lanvin brand names and international trademarks listed in Class 3 that we had previously licensed in June 2004. A synonym of luxury and elegance, the Lanvin fashion house, founded in 1889 by Jeanne Lanvin, expanded into fragrances in the 1920s. Today, Lanvin fragrances occupy important positions in the selective distribution market in France, Europe and Asia, particularly with the lines Arpège (created in 1927), Lanvin L’Homme (1997) and Eclat d’Arpège (2002). Our first Lanvin fragrance, Arpège pour Homme, debuted in late 2005. Arpège by Lanvin won the honor of entering the Fragrance Hall of Fame at the 2005 FiFi Awards, an honor given to the best fragrance sold for at least 15 years that has been revitalized.

In 2006, we launched Rumeur, our first new Lanvin fragrance for women. In 2008, we previewed a new Lanvin fragrance family, Jeanne Lanvin, in Paris, and began its global rollout during the Fall of 2008.

In the Summer of 2009 we launched Lanvin L’Homme Sport, with tennis sensation, Rafael Nadal, the Wimbledon, French Open, Australian open and U.S. Open and 2008 Olympic gold medal winner, as our model and spokesperson.  In the second half of 2010, we launched our newest fragrance, Marry Me! by Lanvin.

VAN CLEEF & ARPELS —In September 2006, we entered into an exclusive, worldwide license agreement for the creation, development and distribution of fragrance and related bath and body products under the Van Cleef & Arpels brand and related trademarks. We believe this agreement with Van Cleef & Arpels, the prestigious and legendary world-renowned jewelry designer, will provide growth potential by exposing us to further opportunities for expansion of our fragrance business in the high luxury segment.

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In 1976, Van Cleef & Arpels was a pioneer among jewelers with its launch of the fragrance, First, which exemplified the tradition of boldness of the jewelry house.  We have built upon this sales base by promoting the two strongest families, First and Tsar, and then creating our initial product line, Féerie, which we launched in 2008. We believe this women’s fragrance is one of the highest retail price cologne in the market, as the 100ml. size fragrance has a suggested retail price of approximately $150.

A high end limited edition fragrance for Van Cleef & Arpels, Collection Extraordinaire, was launched in late 2009. For Van Cleef & Arpels in 2010, we created a new women’s fragrance, Oriens, and also introduced Midnight in Paris, our first men’s fragrance for Van Cleef & Arpels.

JIMMY CHOO —  In October 2009 we entered into an exclusive, worldwide license agreement that commenced on January 1, 2010 and expires on December 31, 2021, for the creation, development and distribution of fragrances under the Jimmy Choo brand.

Tamara Mellon founded this luxury goods company in 1996. With a heritage in luxury footwear, Jimmy Choo today encompasses a complete luxury lifestyle accessory brand with women's shoes, handbags, small leather goods, sunglasses and eyewear.  Its products are available in the growing network of Jimmy Choo freestanding stores as well as in the most prestigious department, specialty and duty free stores worldwide. From its original base in the United Kingdom and United States, the Jimmy Choo store network now encompasses over 100 locations in 32 countries.

The brand is the recipient of the 2008 “Designer Brand of the Year” award from the British Fashion Council, the 2008 ACE award for “Brand of the Year” from the Accessory Council, the 2008 “Brand of the Year” award from Footwear News, and the 2009 “Partner in Excellence” Award from Nordstrom.

We believe that this relationship with Jimmy Choo offers a perfect fit with our strategy of expanding our brand portfolio to include new universes and represents an important milestone in our development. This brand possesses the quintessential qualities to ensure the ambitious development of fragrance lines that will be supported by significant advertising commitments over the coming years.

In January 2011, our first fragrance under the Jimmy Choo brand was launched in select distribution for the United Kingdom and the United States, and we anticipate this signature scent will roll out globally in the Spring of 2011.

MONTBLANC — In January 2010 we entered into an exclusive, worldwide license agreement commencing on July 1, 2010 and expiring on December 31, 2020, for the creation, development and distribution of fragrances and fragrance related products under the Montblanc brand.

Montblanc has achieved a world-renowned position in the luxury segment and has become a purveyor of exclusive products which reflect today’s exacting demands for timeless design, tradition and master craftsmanship. In the past few years, Montblanc’s product range has been expanded to Swiss made watches, male accessories and female jewelry, luxury leather goods and eyewear.

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Through its leadership positions in writing instruments, watches and leather goods, promising growth outlook in women's jewelry, active presence in more than 70 countries, network of more than 350 boutiques worldwide and high standards of product design and quality, Montblanc offers our Company growth potential for development in fragrances and ancillary products. We believe this license with the more than 100-year-old luxury brand will further strengthen our prospects for continued expansion in the selective perfume market. Montblanc fragrances are currently distributed in 50 countries worldwide.

On July 1, 2010 we commenced distribution of Montblanc’s legacy fragrances, and have a new Montblanc fragrance planned for a Spring 2011 launch date.

PAUL SMITH — We signed an exclusive license agreement with Paul Smith in December 1998, our first designer fragrance, for the creation, manufacture and worldwide distribution of Paul Smith perfumes and cosmetics. In July 2008 we extended this license for the Paul Smith brand for an additional seven years through December 31, 2017 on comparable terms and conditions.

Paul Smith is an internationally renowned British designer who creates fashion with a clear identity. Paul Smith has a modern style which combines elegance, inventiveness and a sense of humor and enjoys a loyal following, especially in the UK and Japan. Fragrances include: Paul Smith, Paul Smith Extrême,  the men’s fragrance Paul Smith Story, and Paul Smith Rose. In September 2009 we launched Paul Smith Man.

During the second half of the 2010 we unveiled a new men’s fragrance for Paul Smith, Paul smith Man 2. In the Spring of 2011, we will debut yet another Paul Smith fragrance family.

S.T. DUPONT — In June 1997 we signed an exclusive license agreement with S.T. Dupont which we extended in 2006 until June 30, 2011, for the creation, manufacture and worldwide distribution of S.T. Dupont perfumes. Fragrances include: S.T. Dupont Paris, S.T. Dupont Essence Pure, L’Eau de S.T. Dupont, S.T. Dupont Noir (launched in 2006), which was popular in Eastern Europe and the Middle East. During 2007 S.T. Dupont Blanc, a women’s fragrance was introduced, and in 2008, we launched S.T. Dupont Passenger. During 2009, we brought S.T. Dupont Rose to market along with S.T. Dupont Intense, and in 2010 we released a new women’s fragrance line S.T. Dupont Miss Dupont.

BOUCHERON – In December 2010, we entered into an exclusive, worldwide license agreement for the creation, development and distribution of fragrance and related bath and body products under the Boucheron brand and related trademarks effective on January 1, 2011. The term of the license expires on December 31, 2025, but will be automatically renewed for a five (5) year term expiring on December 31, 2030 if certain sales targets are met in 2024.

Pursuant to the license agreement, we will work closely with Boucheron to capitalize on the brand’s ultra-luxury positioning in high-end jewelry, and to build on the Boucheron's unique position in the jewelry world. Boucheron has been a prestige brand for over 150 years with a reputation for trendsetting in luxury jewelry. Boucheron is a well-known brand that will contribute to our continuing strategy for developing the ultra-luxury sector.

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Boucheron is the French jeweler "par excellence". Founded by Frederic Boucheron in 1858, the House has produced some of the world’s most beautiful and precious creations. Today Boucheron creates jewelry and timepieces and, under license from global brand leaders, fragrances and sunglasses. Currently Boucheron operates through over 40 boutiques worldwide as well as its new e-commerce site.

The transfer of existing inventory from the former licensee was completed early in 2011 and the development of a new fragrance is underway for an anticipated 2012 launch. Plans call for Interparfums Luxury Brands, a recently formed United States subsidiary of Inter Parfums SA, to handle distribution of the brand in the U.S.

Prestige Skin Care & Cosmetics

BURBERRY — In July 2010, Burberry Beauty, the nearly 100 SKU color cosmetic collection began its rollout to approximately 30 major retail locations globally, including Harrods in London and five Nordstrom locations in the U.S., Holt Renfrew in Canada, Galeries Lafayette in France and Lane Crawford in Hong Kong. The launch of this cosmetics line required a significant investment in the first year to develop the product, build cosmetic counters, hire and train personnel. We believe the Burberry Beauty line is an important step to reach new customers and increase brand exposure worldwide.

Preliminary plans for 2011 call for additional products to be rolled out throughout the year and distribution is expected to be expanded by approximately 30 additional retail outlets. We are currently reviewing the results of the 2010 launch as well as the anticipated financial commitment which may be necessary in order to determine the appropriate level of distribution for Burberry Beauty in the years to come.

NICKEL — Established in 1996, Nickel has developed two innovative concepts in the world of cosmetics: spas exclusively for male customers and skin care products for men. The Nickel skin care products for the face and body are sold through prestige department and specialty stores primarily in France, the balance of Western Europe and in the United States, as well as through our men’s spas in Paris and New York and our licensed spa in London.

Our current focus is on skin care products and we have launched several new skin care categories under the brand name. We intend to continue to develop new and innovative skincare products under the Nickel brand in an attempt to grow the business.

Specialty Retail Products

Specialty retail has become an important part of our overall business, and our United States operations are continuing to expand the global distribution of the specialty retail brands with which we have partnered. In addition, we have been approached by other specialty retailers to determine if there is interest in establishing a relationship whereby we would design, produce and manufacture fragrance and fragrance related products similar to our existing relationships with specialty retailers. However, we cannot assure you that we will be able to enter into any similar future arrangements, or if we do, that any such arrangement would be on terms favorable to us or would be successful.

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In connection with our specialty retail agreements in our United States operations, we design, produce and manufacture fragrance and fragrance related products for brand name specialty retailers, primarily in their retail stores. Our initial agreement with The Gap, Inc. covered the Gap and Banana Republic brands in the United States and Canada. Although the initial term of this agreement expired on August 31, 2009, we had entered into a series of short-term extension agreements to continue the relationship as it previously existed while we were in discussions with The Gap, Inc. for a formal extension of the agreement. In March 2010, we signed a new specialty retail agreement with The Gap, Inc. covering the Gap and Banana Republic brands in the United States and Canada, with terms and conditions similar to those of the original agreement. This new agreement expires December 31, 2011.

In April 2008 we expanded our current relationship with The Gap Inc. to include a licensing agreement for international distribution of personal care products through Gap and Banana Republic brand stores as well as select specialty and department stores outside the United States, including duty-free and other travel related retailers through December 31, 2011.
 

We are currently in discussion with The Gap Inc. on potential renewals of the agreements.
 

We also have agreements in place for Brooks Brothers, New York & Company, bebe Stores, Nine West and Betsey Johnson specialty retail brands. We are responsible for product development, formula creation, packaging and manufacturing under all of those brands. Our exclusive agreements with specialty retailers run through the following dates:

Brand Name	Expiration Date
The Gap Inc.	December 31, 2011
Brooks Brothers	December 31, 2013, plus a 5-year optional term if certain sales targets are met
New York & Company	October 8, 2012
Bebe Stores	June 30, 2014, plus three, 3-year optional terms, if certain sales targets are met
Nine West	December 31, 2016, plus two consecutive 3-year optional terms if certain conditions are met
Betsey Johnson	December 31, 2015 plus a 5-year optional term if certain conditions are met

In addition, our agreements for the Brooks Brothers, bebe, Nine West and Betsey Johnson brands include a license for our worldwide sales to select third party retailers and distributors, in return for royalty payments and certain advertising expenditures as are customary in our industry.

For competitive reasons we do not disclose certain commercial or financial terms in these agreements, such as specific percentage royalty rates or percentage of net sales for minimum advertising requirements, as well as the specific dollar amount of royalties, minimum advertising expenses and minimum sales requirements. With respect to each item that relates to financial information, the aggregate amounts of such items are taken into account in connection with the preparation of our consolidated financial statements. Further, we believe that all financial information omitted is commercially reasonable and as such the specific percentages or dollar amounts are not material. Based upon the foregoing, we have filed confidential treatment applications for such agreements that we have filed as material contracts, which have been routinely granted.

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Gap and Banana Republic

In July 2005, we entered into an exclusive agreement with The Gap, Inc. to develop, produce, manufacture and distribute fragrance, personal care and home fragrance products for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In March 2006, the agreement was amended to include fragrance, personal care and home fragrance products for Gap Outlet and Banana Republic Factory Stores in the United States and Canada.

In September 2006, we launched the Banana Republic Discover Collection, a family of five fragrances, we developed and supply to Banana Republic’s North American stores. The initial collection consisted of three scents for women and two for men and in 2007 two additional fragrances were added.

During 2007, we had a staged rollout of new products to Gap’s North American stores, including a higher end collection of fragrances for men and women as well as a men’s fragrance and grooming products.

In 2008 we expanded our current relationship with Gap Inc. to include a licensing agreement for international distribution of personal care products created for the Gap and Banana Republic brands. The agreement took effect as of July 1, 2007 and expires December 31, 2011. We entered into this license agreement to capitalize on cross-border brand awareness of Gap’s iconic American style and Banana Republic’s affordable luxury, which we have interpreted into a brand-specific assortment of fragrance, home fragrance, bath and body, and grooming products. In addition, our long-established relationships with distributors in over 120 countries, and our current infrastructure enabled us to rollout Gap and Banana Republic products to select department stores, perfumeries, travel retailers, military bases and other appropriate retail outlets around the world.

In 2009, the Gap scent, Close, was launched at approximately 550 Gap stores and 175 Gap Body stores nationwide. International distribution began in the Fall of 2009, including an exclusive launch at 240 Sephora doors in Europe. Also during 2009, for the Banana Republic brand, we debuted Republic of Women and Republic of Men.

In 2010, two Gap scents were launched, Stay and Core, along with additional ancillary products and holiday gift sets. For the Banana Republic brand, we introduced brand extensions for the Discover and Republic of Men and Republic of Women collections.

As we look to our plans for 2011, for the Banana Republic brand, a new women’s scent, Wildbloom, is now in stores and additional brand extensions for the Discover and Republic of Men and Republic of Women collections are being prepared. Building upon the success of the Gap brand’s Close and Stay fragrances, a third women’s signature scent and a new men’s scent are planned. We will also add more lip color and lip care products into the Gap beauty mix, along with their first nail color products.

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Brooks Brothers

In November 2007, we entered into an exclusive agreement with Retail Brand Alliance, Inc. covering the design, manufacture and supply of personal care products for men and women to be sold at Brooks Brothers locations in the United States as well as a licensing agreement covering Brooks Brothers stores and specialty and department stores outside the United States and duty free and other travel-related retailers.  In addition to new product development, we have assumed responsibility for the production and supply of existing Brooks Brothers fragrance and related personal care products. In the United States, we are responsible for product development, formula creation, packaging design and manufacturing while Brooks Brothers is responsible for marketing, advertising and in-store sales. 

In November 2008, we shipped the Brooks Brothers New York collection for men and women to Brooks Brothers U.S. stores. In addition, a new Brooks Brothers fragrance called Black Fleece, was launched in the fall of 2009.

For 2010, we commenced international distribution of Brooks Brothers products, and in the fourth quarter of 2010, Brooks Brothers Madison, a scent for young women, was shipped to Brooks Brothers stores. Also, a trio of scents for the brand’s haute Black Fleece label, Black Fleece Red, White, & Blue collection were unveiled in the Fall of 2010.

New York & Company

In April 2007 we signed an exclusive agreement with New York & Company, Inc. under which we design and manufacture a personal care products sold at the New York & Company retail locations and on their website. Pursuant to the agreement, we are responsible for product development, formula creation, packaging and manufacturing while New York & Company is responsible for marketing and selling in its stores.

New York & Company has achieved success by building its brand and loyal customer base around clothing and accessories that are ‘trendy, affordable, comfortable and sexy for real women and with real lives’. The products that we developed are designed for the target New York & Company customer, the fashion-conscious, value-sensitive women between the ages of 25 and 45. We launched a fragrance for New York & Company in 2009 and we supply their stores with color cosmetic products.

bebe Stores

In July 2008 we entered into an exclusive six-year worldwide agreement with bebe Stores, Inc., under which we design, manufacture and supply fragrance, bath and body products and color cosmetics for company-owned bebe stores in the United States and Canada, as well as select specialty and department stores worldwide. We have incorporated bebe’s signature look into fragrance and cosmetics for the brand’s strong, hip, sexy, and sophisticated clientele.

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The color cosmetics we developed and produced for bebe stores were launched at more than 200 bebe United States stores and, our bebe signature fragrance was unveiled at bebe stores in the U.S. in August 2009, which was followed by worldwide distribution later in the third quarter. In addition, in September 2009 our bebe signature fragrance debuted at approximately 300 Dillard’s stores. The launch was supported with a print advertising program as well as outdoor advertising on billboards and bus kiosks. Dillard’s has also made a strong commitment to the bebe launch as a featured fragrance in its multi-page advertising insert in several Conde Nast publications plus inclusion in its holiday catalog.

Following the successful launch and global distribution of the bebe signature fragrance that began last summer in 2009, the second scent, bebe Sheer debuted at bebe stores doors in North America in 2010, and at other retailers including Dillard’s and Ulta. International distribution is also underway in Latin America, Europe, the Middle East, and Asia. A third bebe scent is in the works for 2011.

Nine West

In July 2010, we entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women’s fragrances under the Nine West brand. The agreement, which runs through December 31, 2016, contains a provision for further renewal if certain conditions are met. The agreement also provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide. Plans call for our first Nine West fragrance launch in 2011.

Under the agreement, the initial Nine West signature fragrance will be marketed and sold globally in better department stores, specialty retailers and Nine West retail stores, and we anticipate the initial launch beginning in fall 2011.  Nine West is currently sold in 59 countries with flagship stores in leading cities, including New York, Toronto, London, Paris, Tokyo, Hong Kong, Shanghai and Beijing.

Nine West is a subsidiary of Jones Apparel Group, Inc., which is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. We believe that Nine West’s global brand recognition is an ideal platform for the development of a successful fragrance and an excellent addition to our premier portfolio.

Betsey Johnson

In July 2010, we entered into an exclusive worldwide agreement with Betsey Johnson LLC of New York, NY, under which we will design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement, which runs through December 31, 2015 with a five year optional term if certain conditions are met, encompasses both direct sales to global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide.

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New York designer Betsey Johnson joined forces with Chantal Bacon in 1978 and started the Betsey Johnson label, as it is known today.  Her commitment to remain true to her one-of-a-kind vision has afforded continued success in the clothing fashion industry for over 30 years.  Starting in 2004, the Betsey Johnson label expanded as a lifestyle brand with the introduction of intimates, handbags and leather goods, footwear, watches, jewelry, eyewear, swimwear, legwear and outerwear.  Today there are over sixty-five Betsey Johnson stores worldwide as well as an established wholesale business in international markets.

We believe Betsey Johnson fashion is forever feminine, sometimes whimsical but always recognizable.  We envision building an upscale fragrance and beauty enterprise around the qualities that have defined and redefined the Betsey Johnson label for over 30 years.  Our first product launch under the Betsey Johnson brand occurred in the second half of 2010 with a new take on the designer’s vintage fragrance exclusively for Betsey Johnson stores and a select retailer, as well as a new fragrance collection debuting in 2011.

Other Specialty Retail

During 2010, we also developed two programs for Anthropologie stores, Happ & Stahns and the LeLabo collection, both of which have made their debut in 2010.

Mass Market Products

Our mass market products are comprised of fragrances and fragrance related products. We produce a variety of alternative designer fragrances and personal care products that sell at a substantial discount from their brand name counterparts. Our alternative designer fragrances are similar in scent to highly advertised designer fragrances that are marketed at a higher retail price. Our mass market fragrance brands include several proprietary brand names as well as a license for the Jordache brand. We also market our Aziza line of low priced eye shadow kits, mascara, and pencils, focusing on the young teen market and a line of health and beauty aids under our Intimate and Johnson Parker brands, including shampoo, conditioner, hand lotion and baby oil. All of these products are distributed to the same mass market retailers and discount chains.

Business Strategy

Focus on prestige beauty brands.  Prestige beauty brands are expected contribute significantly to our growth as it represents 88% of total business in 2010. We focus on developing and launching quality fragrances utilizing internationally renowned brand names. By identifying and concentrating in the most receptive market segments and territories where our brands are known, and executing highly targeted launches that capture the essence of the brand, we have had a history of successful launches. Certain fashion designers and other licensors choose Inter Parfums as a partner because our Company’s size enables us to work more closely with them in the product development process as well as our successful track record.

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Grow portfolio brands through new product development and marketing.  We grow through the creation of fragrance family extensions within the existing brands in our portfolio. Every year or two we create a new family of fragrances for each brand in our portfolio. We frequently introduce “seasonal” fragrances as well. With new introductions, we leverage our ability and experience to gauge trends in the market and further leverage the brand name into different product families in order to maximize sales and profit potential. We have had success in introducing new fragrance families (sub-brands, or flanker brands) within our brand franchises.  Furthermore, we promote the smooth and consistent performance of our prestige perfume operations through knowledge of the market, detailed analysis of the image and potential of each brand name, a “good dose” of creativity and a highly professional approach to international distribution channels.

Continue to add new brands to our portfolio, through new licenses or acquisitions.  Prestige brands are the core of our business and we intend to add new prestige beauty brands to our portfolio. Over the past decade, we have built our portfolio of well-known prestige brands through acquisitions and new license agreements. We intend to further build on our success in prestige fragrances and pursue new licenses and acquire new brands to strengthen our position in the prestige beauty market. We identify prestige brands that can be developed and marketed into a full and varied product families and, with our technical knowledge and practical experience gained over time, take licensed brand names through all phases of concept development, manufacturing, and marketing.

Expand existing portfolio into new categories.  We intend to continue to broaden our product offering beyond the fragrance category and offer other fragrance related products and personal care products such as skin care, cosmetics and hair care under some of our existing brands. We believe such product offerings meet customer needs and further strengthen customer loyalty. We also plan to draw upon the skin care product expertise that the Nickel team brings, as we explore other opportunities in the treatment side of the beauty business beyond the Nickel brand.

In July 2010, Burberry Beauty, the nearly 100 SKU color cosmetic collection, began its rollout to approximately 30 major retail locations globally, including Harrods in London and five Nordstrom locations in the U.S., Holt Renfrew in Canada, Galeries Lafayette in France and Lane Crawford in Hong Kong. The launch of this cosmetics line required a significant investment in the first year to develop the product, build cosmetic counters, hire and train personnel. We believe the Burberry Beauty line is an important step to reach new customers and increase brand exposure worldwide. Preliminary plans call for additional products to be rolled out throughout 2011 and distribution is expected to be expanded by approximately 30 additional retail outlets. We are currently reviewing the results of the 2010 launch as well as the anticipated financial commitment which may be necessary in order to determine the appropriate level of distribution for Burberry Beauty in the years to come.

Continue to build global distribution footprint.  Our business is a global business and we intend to continue to build our global distribution footprint. In order to adapt to changes in the environment and our business, we have modified our distribution model and have formed and are operating joint ventures or distribution subsidiaries in the major markets of the United States, United Kingdom, Italy, Spain and Germany for distribution of prestige fragrances.

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Beginning January 1, 2011, Interparfums Luxury Brands, a recently formed United States company and subsidiary of our French subsidiary Inter Parfums SA, began distribution ofBurberry (fragrances and cosmetics), Lanvin, Montblanc and Jimmy Choo brands in the United States. In addition, under the terms of a recently signed four-year agreement, Interparfums Luxury Brands and Clarins Fragrance Group US (a Division of Clarins Group in the U.S. responsible for the Thierry Mugler, Azzaro, Porsche Design, David Yurman and Swarovski brands) will share and manage an expanded sales force. Logistical and administrative support will be provided by Clarins Group USA from its Park Avenue offices in New York and its warehouse in Orangeburg, New York. We believe this alliance offers us a unique opportunity to develop a highly efficient organization and create synergies with potential for accelerated growth in the U.S. market. In addition, during 2010 we acquired the remaining interest in our distribution subsidiary for Spain and now own 100% and increased our ownership of our distribution subsidiary in Italy to 71%.

Further, we may enter into future joint ventures arrangements or acquire distribution companies within other key markets to distribute certain of our prestige brands. However, we cannot assure you that we will be able to enter into any future joint venture arrangements or acquire distribution companies on terms favorable to us, or if we do, that any such transaction will be successful. We believe that in certain markets vertical integration of our distribution network is one of the keys to future growth of our company, and ownership of such distribution should enable us to better serve our customers’ needs in local markets and adapt more quickly as situations may determine.

Build specialty retail business.  We believe the beauty industry has experienced a significant growth in specialty retail, and we now have agreements in place for the following brands, Gap and Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West and Betsey Johnson. We are responsible for product development, formula creation, packaging and manufacturing under all of those brands. We also recently commenced product development to supply fragrances for Anthropologie stores, catalog and its internet business on an as needed and when ordered basis. Gap, Banana Republic, New York & Company, Retail Brand Alliance (for Brooks Brothers), bebe Stores, Inc., Anthropologie, Nine West and Betsey Johnson are innovative specialty retailers which offer a variety of lifestyle merchandise to highly defined customer niches, and are each responsible for marketing and selling the fragrance and fragrance related products we produce for their respective stores.

In addition, we have been approached by other specialty retailers to determine if there is interest in establishing a relationship whereby we would design, produce and manufacture fragrance and fragrance related products similar to our existing relationships with specialty retailers. However, we cannot assure you that we will be able to enter into any similar future arrangements on terms favorable to us, or if we do, that any such arrangements will be successful.

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Production and Supply

The stages of the development and production process for all fragrances are as follows:

· Simultaneous discussions with perfume designers and creators (includes analysis of esthetic and olfactory trends, target clientele and market communication approach);

· Concept choice;

· Produce mock-ups for final acceptance of bottles and packaging;

· Receive bids from component suppliers (glass makers, plastic processors, printers, etc.) and packaging companies;

· Choose our suppliers;

· Schedule production and packaging;

· Issue component purchase orders;

· Follow quality control procedures for incoming components; and

· Follow packaging and inventory control procedures.

Suppliers who assist us with product development include:

· Independent perfumery design companies (Federico Restrepo, Fabien Baron, Aesthete, Ateliers Dinand);

· Perfumers (IFF, Firmenich, Robertet, Givaudan, Takasago) which create a fragrance consistent with our expectations and, that of the fragrance designers and creators;

· Contract manufacturers of components such as glassware (Saint Gobain, Saverglass, Pochet, Nouvelles Verreries de Momignie), caps (MT Packaging, Codiplas, Risdon, Newburgh) or boxes (Printor Packaging, Draeger);

· Production specialists who carry out packaging (MF Production, Brand, CCI, IKI Manufacturing) or logistics (SAGA for storage, order preparation and shipment).

For our prestige products, approximately 80% of component and production needs are purchased from approximately 50 suppliers out of a total of over 160 active suppliers. The suppliers' accounts for our European operations are primarily settled in euro and for our United States operations, suppliers' accounts are primarily settled in U.S. dollars. The components for our specialty retail products are sourced and our specialty retail products are primarily produced and filled in the United States, and our mass market products are manufactured, produced or filled in the United States or China.

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Marketing and Distribution

Prestige Products

Our prestige products are distributed in over 120 countries around the world through a selective distribution network. For the majority of our international distribution of prestige products, we contract with independent distribution companies specializing in luxury goods. In each country, we designate anywhere from one to three distributors on an exclusive basis for one or more of our name brands. We also distribute our prestige products through a variety of duty-free operators, such as airports and airlines and select vacation destinations.

As ourbusiness is a global business, we intend to continue to build our global distribution footprint. In order to adapt to changes in the environment and our business, we have modified our distribution model, and during the first half of 2007 we formed and presently operate through our distribution subsidiaries in the major markets of the United Kingdom, Italy, Spain and Germany for distribution of prestige fragrances.In addition,during 2010 we formedInterparfums Luxury Brands, Inc., a Delaware corporation and subsidiary of our French subsidiary Inter Parfums SA, for distribution of prestige brands in the United States. It has also entered into an agreement with Clarins Fragrance Group US (a Division of Clarins Group) effective January 1, 2011.Shipments to these subsidiaries are not recognized as sales until that merchandise is sold by our distribution subsidiary to its customers.

Further, we may enter into future joint ventures arrangements or acquire distribution companies within other key markets to distribute certain of our licensed prestige brands. However, we cannot assure you that we will be able to enter into any future joint venture arrangements or acquire distribution companies on terms favorable to us, or if we do, that any such transaction will be successful. We believe that in certain markets vertical integration of our distribution network is one of the keys to future growth of our company, and ownership of such distribution should enable us to better serve our customers’ needs in local markets and adapt more quickly as situations may determine.

Our third party distributors vary in size depending on the number of competing brands they represent. This extensive and diverse network together with our own distribution subsidiaries provides us with a significant presence in over 120 countries around the world. Sales to our former U.S. distributor represented 8%, 11% and 12% of consolidated net sales in 2010, 2009 and 2008, respectively.

Approximately 35% of our prestige fragrance net sales are denominated in U.S. dollars. In an effort to reduce our exposure to foreign currency exchange fluctuations, we engage in a program of hedging foreign currencies to minimize the risk arising from operations.

The business of our European operations has become increasingly seasonal due to the timing of shipments by our majority-owned distribution subsidiaries to their customers, which are weighted to the second half of the year.

Distribution in France of our prestige products is carried out by a sales team who oversee some 1,200 points of sale including, retail perfumers (chain stores) such as

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·           Sephora

·           Marionnaud

·           Nocibé

·           Galeries Lafayette

·           Printemps

or specialized independent points of sale. Approximately 90% of prestige product sales in France are made to approximately 15 customers out of a total of over 1,200 active accounts.

Specialty Retail and Mass Market Products

We do not presently market and distribute Gap, Banana Republic, New York & Company or Brooks Brothers specialty retail products to third parties in the United States. Marketing and distribution for such brands are the responsibility of the brand owners which market and sell the products we produce in their own retail locations. However, with respect to our agreements with bebe Stores, Inc., Nine West and Betsey Johnson, we distribute or plan to distribute product to their stores as well as to other retail outlets and department stores within the United States.

With respect to Gap, Banana Republic, Brooks Brothers, bebe brands, Nine West and Betsey Johnson, we distribute or plan to distribute product to specialty retailers and department stores outside the United States including duty free and other travel-related retailers. We utilize our in house sales team to reach our distributors and customers outside the United States. 

In addition, the business of our United States operations has become increasingly seasonal as shipments to our specialty retail customers are weighted toward the second half of the year.

Mass merchandisers are the target customers for our mass market products. In addition, our mass market products are sold to wholesale distributors, specialty store chains, and to multiple locations of accessory, jewelry and clothing outlets. These products are sold through a highly efficient and dedicated in-house sales team and reach approximately 10,000 retail outlets throughout the United States and abroad.

Our 140,000 square foot distribution center in New Jersey has provided us with the opportunity and resources to meet our customers' requirements.

Geographic Areas

Export sales from United States operations were approximately $25.7 million, $14.0 million and $22.5 million in 2010, 2009 and 2008, respectively.

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Consolidated net sales to customers by region are as follows (in thousands):

	Year Ended December 31,
	2010		2009		2008
North America	$	91,200	$	96,800	$	108,600
Europe		211,800		184,900		204,100
Central and South America		41,900		29,300		38,000
Middle East		45,500		42,300		39,200
Asia		66,500		53,600		53,000
Other		3,500		2,600		3,200
	$	460,400	$	409,500	$	446,100

Consolidated net sales to customers in major countries are as follows (in thousands):

	Year Ended December 31,
	2010		2009		2008
United States	$	86,000	$	88,000	$	101,000
United Kingdom		35,000		31,000		25,000
France		37,000		37,000		38,000

Competition

The market for fragrances and fragrance related products is highly competitive and sensitive to changing preferences and demands. The prestige fragrance industry is highly concentrated around certain major players with resources far greater than ours. We compete with an original strategy— regular and methodical development of quality fragrances for a growing portfolio of internationally renowned brand names.

In the specialty retail market in the U.S., we primarily sell products or plan to sell products directly to select specialty retailers such as Gap and Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West and Betsey Johnson, so we do not have any direct competition, other than third parties who may also have the knowhow and capacity to develop, manufacture and ship product to specialty retailers. However, such special retail stores compete directly with other specialty retail stores such as Abercrombie & Fitch and Victoria’s Secret, which thereby indirectly compete with us.

We compete in the mass market for fragrances, color cosmetics health and beauty aids primarily on the basis of price. At the present time, we are aware of approximately four established companies which market alternative designer fragrances similar to ours. Many of our competitors of both mass market color cosmetics (such as L’Oreal and Revlon) and health and beauty aids (such as Procter and Gamble) have substantial financial resources as well as national and international marketing campaigns. However, we believe that consumer recognition of our two brands, Aziza for mass market color cosmetics, and Intimate for health and beauty aids, together with competitive pricing of our products, helps us compete in those markets.

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Inventory

We purchase raw materials and component parts from suppliers based on internal estimates of anticipated need for finished goods, which enables us to meet production requirements for finished goods. We generally deliver product to customers within 72 hours of the receipt of their orders.

Product Liability

We maintain product liability coverage in an amount of $5,000,000. Based upon our experience, we believe this coverage is adequate and covers substantially all of the exposure we may have with respect to our products. We have never been the subject of any material product liability claims.

Government Regulation

A fragrance is defined as a “cosmetic” under the Federal Food, Drug and Cosmetics Act.  A fragrance must comply with the labeling requirements of this FDC Act as well as the Fair Packaging and Labeling Act and its regulations. Some of our color cosmetic products may contain menthol and are also classified as a “drug”. Under U.S. law, a product may be classified as both a cosmetic and a drug. Additional regulatory requirements for products which are “drugs” include additional labeling requirements, registration of the manufacturer and the semi-annual update of a drug list.

Our fragrances are subject to the approval of the Bureau of Alcohol, Tobacco and Firearms as a result of the use of specially denatured alcohol.  So far we have not experienced any difficulties in obtaining the required approvals.

Our fragrances that are manufactured in France are subject to certain regulatory requirements of the European Union, but as of the date of this report, we have not experienced any material difficulties in complying with such requirements.

Trademarks

The market for our products depends to a significant extent upon the value associated with our trademarks and brand names. We own, or have licenses or other rights to use, the material trademark and brand name rights used in connection with the packaging, marketing and distribution of our major products both in the United States and in other countries where such products are principally sold. Therefore, trademark and brand name protection is important to our business.  Although most of the brand names we license, use or own are registered in the United States and in certain foreign countries in which we operate, we may not be successful in asserting trademark or brand name protection. In addition, the laws of certain foreign countries may not protect our intellectual property rights to the same extent as the laws of the United States. The costs required to protect our trademarks and brand names may be substantial.

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Under various license and other agreements we have the right to use certain registered trademarks throughout the world (except as otherwise noted) for fragrances and fragrance related products.  These registered trademarks include:

· Burberry

· Van Cleef & Arpels

· Jimmy Choo

· Montblanc

· Boucheron

· Gap

· Banana Republic

· New York & Company (U.S. only)

· Brooks Brothers

· bebe

· Nine West

· Betsey Johnson

· S.T. Dupont

· Paul Smith

· Jordache

In addition, we are the registered trademark owner of several trademarks for fragrances and fragrance related products, including:

· Lanvin

· Intimate

· Aziza

· Nickel

· Regal Collections, Royal Selections and Apple

Employees

As of March 1, 2011 we had 271 full-time employees world-wide. Of these, 180 are full-time employees in Paris, with 71 employees engaged in sales activities and 109 in administrative, production and marketing activities. In the United States, 91 employees work full-time, and of these, 35 were engaged in sales activities and 56 in administrative, production and marketing activities. We believe that our relationship with our employees is good.

Item 1A.  Risk Factors.

You should carefully consider these risk factors before you decide to purchase or sell shares of our common stock. These factors could cause our future results to differ materially from those expressed or implied in forward-looking statements made by us. The trading price of our common stock could decline due to any of these risks, and you may lose all or part of your investment.

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We are dependent upon Burberry for a significant portion of our sales, and the loss of this license will have a material adverse effect on us.

Burberry is our most significant license, as sales of Burberry products represented 53%, 57% and 56% of net sales for the years ended December 31, 2010, 2009 and 2008, respectively. We have been the worldwide, exclusive licensee for Burberry fragrances since our initial license agreement in 1993. Such license agreement was superseded by our subsequent license agreement dated October 12, 2004 (the "License Agreement").

In December 2010 we reported that Inter Parfums, S.A. and Burberry entered into an amendment to the license agreement. Such amendment extends the term of the license for one (1) year until December 31, 2017, and also extends for one (1) year the time to exercise the five-year optional term of the license that requires the mutual consent of Burberry and Inter Parfums, S.A., which must be exercised, if at all, prior to December 31, 2015. If the optional term is exercised, then the license would expire on December 31, 2022. The amendment also extends the time for Burberry to exercise its right to buy back the license for one (1) year from December 31, 2011 to December 31, 2012.

Burberry has not exercised any buy back options to date. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the then fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry product.  

This license is subject to Inter Parfums, S.A. making required royalty payments (which are subject to certain minimums), minimum advertising and promotional expenditures and meeting minimum sales requirements. This License Agreement provides for termination on a change in control of either, Inter Parfums, S.A., the licensee, or Inter Parfums, Inc., the guarantor.

The loss of this license will have a material adverse effect on our business and operating results. Further, as the market price of our stock is related to current and estimated future operating results, the loss of this license would most likely cause a significant decline in the market price of our common stock.

We are dependent upon the continuation and renewal of various licenses and other agreements for a significant portion of our sales, and the loss of one or more licenses or agreements could have a material adverse effect on us.

All of our rights relating to prestige fragrance brands, other than Lanvin, as well as all of our specialty retail brands, are derived from licenses or other agreements from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses and other agreements on terms favorable to us. Each license or agreement is for a specific term and may have additional optional terms. In addition, each license is subject to us making required royalty payments (which are subject to certain minimums), minimum advertising and promotional expenditures and meeting minimum sales requirements. Other agreements are generally subject to meeting minimum sales requirements. Just as the loss of a license or other significant agreement may have a material adverse effect on us, a renewal on less favorable terms may also negatively impact us.

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Our business could be adversely affected by a prolonged downturn or recession in the United States, Europe or other countries in which we conduct business.

A prolonged economic downturn or recession in the United States, Europe or any of the other countries in which we do significant business could materially and adversely affect our business, financial condition and results of operations. In particular, such a downturn or recession could adversely impact (i) the level of spending by our ultimate consumers, (ii) our ability to collect accounts receivable on a timely basis from certain customers, (iii) our ability of certain suppliers to fill our orders for raw materials, packaging or co-packed finished goods on a timely basis, and (iv) the mix of our product sales.

Consumers may reduce discretionary purchases of our products as a result of a general economic downturn.

We believe that the high degree of global economic uncertainty is expected to continue to have a negative effect on consumer confidence, demand and spending.  In addition, we believe that consumer spending on beauty products is influenced by general economic conditions and the availability of discretionary income. Accordingly, we may experience sustained periods of declines in sales during periods of economic downturn as it may affect customers’ purchasing patterns. In addition, a general economic downturn may result in reduced traffic in our customers’ stores which may, in turn, result in reduced net sales to our customers. Any resulting material reduction in our sales could have a material adverse effect on our business, financial condition and operating results.

Uncertainties and continued deterioration in global credit markets could negatively impact suppliers, customers and consumers, which could have an adverse impact on our business as a whole.

Uncertainties and continued deteriorationin the global credit markets could negatively impact our suppliers, customers and consumers which, in turn, could have an adverse impact on our business. While, thus far, uncertainties in global credit markets have not significantly affected our access to credit due to our strong credit rating, a further deterioration in global financial markets could make future financing difficult or more expensive. Such lack of credit or lack of credit on favorable terms could have a material adverse effect on our business, financial condition and operating results.

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If our intangible assets, such as trademarks and goodwill, become impaired we may be required to record a significant non-cash charge to earnings which would negatively impact our results of operations.

           Under United States generally accepted accounting principles, we review our intangible assets, including our trademarks licenses and goodwill, for impairment annually in the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate the carrying value of our intangible assets may not be fully recoverable. The carrying value of our intangible assets may not be recoverable due to factors such as reduced estimates of future cash flows, including those associated with the specific brands to which intangibles relate, or slower growth rates in our industry. Estimates of future cash flows are based on a long-term financial outlook of our operations and the specific brands to which the intangible assets relate. However, actual performance in the near-term or long-term could be materially different from these forecasts, which could impact future estimates and the recorded value of the intangibles. Any significant impairment to our intangible assets would result in a significant charge to earnings in our financial statements during the period in which the impairment is determined to exist.

If we are unable to protect our intellectual property rights, specifically trademarks and brand names, our ability to compete could be negatively impacted.

The market for our products depends to a significant extent upon the value associated with trademarks and brand names that we license, use or own. We own, or have licenses or other rights to use, the material trademark and brand name rights used in connection with the packaging, marketing and distribution of our major products both in the United States and in other countries where such products are principally sold. Therefore, trademark and brand name protection is important to our business.  Although most of the brand names we license, use or own are registered in the United States and in certain foreign countries in which we operate, we may not be successful in asserting trademark or brand name protection. In addition, the laws of certain foreign countries may not protect our intellectual property rights to the same extent as the laws of the United States. The costs required to protect our trademarks and brand names may be substantial.

The success of our products is dependent on public taste.

Our revenues are substantially dependent on the success of our products, which depends upon, among other matters, pronounced and rapidly changing public tastes, factors which are difficult to predict and over which we have little, if any, control. In addition, we have to develop successful marketing, promotional and sales programs in order to sell our fragrances and fragrance related products. If we are not able to develop successful marketing, promotional and sales programs, then such failure will have a material adverse effect on our business, financial condition and operating results.

We are subject to extreme competition in the fragrance industry.

The market for fragrances and fragrance related products is highly competitive and sensitive to changing market preferences and demands. Many of our competitors in this market (particularly in the prestige fragrance industry) are larger than we are and have greater financial resources than are available to us, potentially allowing them greater operational flexibility. Our success in the prestige fragrance industry is dependent upon our ability to continue to generate original strategies and develop quality products that are in accord with ongoing changes in the market.

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In the specialty retail market in the U.S. we primarily sell products or plan to sell products directly to select specialty retailers such as Gap and Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West and Betsey Johnson, so we do not have any direct competition. However, such special retail stores compete directly with other specialty retail stores such as Abercrombie & Fitch and Victoria’s Secret, which thereby indirectly compete with us.

Our success with mass market fragrance and fragrance related products is dependent upon our ability to competitively price quality products and to quickly and efficiently develop and distribute new products.

If there is insufficient demand for our existing fragrances and fragrance related products, or if we do not develop future strategies and products that withstand competition or we are unsuccessful in competing on price terms, then we could experience a material adverse effect on our business, financial condition and operating results.

We are dependent upon specialty retailers to sell products that we develop for their retail stores.

We have agreements in place for specialty retail brands, Gap and Banana Republic, New York & Company, Brooks Brothers, bebe, Nine West and Betsey Johnson. We are responsible for product development, formula creation, packaging and manufacturing under all of those brands. We also develop and supply fragrances for Anthropologie stores, catalog and its internet business on an as needed and when ordered basis. These specialty retailers are responsible for marketing and selling fragrance and fragrance related products we produced in their respective stores. If the sales and marketing efforts of those specialty retailers are not successful for the products that we have developed, then such unsuccessful sales and marketing efforts could have a material adverse effect on our operating results.

If we are unable to acquire or license additional brands, or obtain the required financing for these agreements and arrangements, then the growth of our business could be impaired.

Our future expansion through acquisitions or new product distribution arrangements, if any, will depend upon the capital resources and working capital available to us. Further, in view of the global banking crisis, we may be unable to obtain financing or credit that we may require for additional licenses, acquisitions or other transactions. We may be unsuccessful in identifying, negotiating, financing and consummating such acquisitions or arrangements on terms acceptable to us, or at all, which could hinder our ability to increase revenues and build our business.

We may engage in future acquisitions that we may not be able to successfully integrate or manage. These acquisitions may dilute our stockholders and cause us to incur debt and assume contingent liabilities.

We continuously review acquisition prospects that would complement our current product offerings, increase our size and geographic scope of operations or otherwise offer growth and operating efficiency opportunities. The financing, if available, for any of these acquisitions could significantly dilute our stockholders and/or result in an increase in our indebtedness. We may acquire or make investments in businesses or products in the future, and such acquisitions may entail numerous integration risks and impose costs on us, including:

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· difficulties in assimilating acquired operations or products, including the loss of key employees from acquired businesses;

· diversion of management’s attention from our core business;

· adverse effects on existing business relationships with suppliers and customers;

· risks of entering markets in which we have no or limited prior experience;

· dilutive issuances of equity securities;

· incurrence of substantial debt;

· assumption of contingent liabilities;

· incurrence of significant amortization expenses related to intangible assets and the potential impairment of acquired assets; and

· incurrence of significant immediate write-offs.

Our failure to successfully complete the integration of any acquired business could have a material adverse effect on our business, financial condition and operating results.

We are dependent upon Messrs. Jean Madar and Philippe Benacin, and the loss of their services could harm our business.

Jean Madar, our Chief Executive Officer, and Philippe Benacin, our President and Chief Executive Officer of Inter Parfums, S.A., are responsible for day-to-day operations as well as major decisions. Termination of their relationships with us, whether through death, incapacity or otherwise, could have a material adverse effect on our operations, and we cannot assure you that qualified replacements can be found. We maintain key man insurance on the life of Mr. Benacin ($20.0 million). However, we cannot assure you that we would be able to retain suitable replacements for either Mr. Madar or Mr. Benacin.

Our reliance on third party manufacturers could have a material adverse effect on us.

We rely on outside sources to manufacture our fragrances and cosmetics. The failure of such third party manufacturers to deliver either components or finished goods on a timely basis could have a material adverse effect on our business. Although we believe there are alternate manufacturers available to supply our requirements, we cannot assure you that current or alternative sources will be able to supply all of our demands on a timely basis. We do not intend to develop our own manufacturing capacity.  As these are third parties over which we have little or no control, the failure of such third parties to provide components or finished goods on a timely basis could have a material adverse effect on our business, financial condition and operating results.

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Our reliance on third party distributors could have a material adverse effect on us.

We sell a substantial percentage of our prestige fragrances through independent distributors specializing in luxury goods. Given the growing importance of distribution, we have begun to modify our distribution model by owning a controlling interest in our distributors within key markets. However, we have little or no control over third party distributors and the failure of such third parties to provide services on a timely basis could have a material adverse effect on our business, financial condition and operating results.  In addition, if we replace existing third party distributors with new third party distributors or with our own distribution arrangements, then transition issues could have a material adverse effect on our business, financial condition and operating results.

The loss of or disruption in our distribution facilities could have a material adverse effect on our business, financial condition and operating results.

We currently have one distribution facility in Paris and one in New Jersey.  The loss of one or both of those facilities, as well as the inventory stored in those facilities, would require us to find replacement facilities and assets. In addition, terrorist attacks, weather conditions, or natural disasters, could disrupt our distribution operations. If we cannot replace our distribution capacity and inventory in a timely, cost-efficient manner, it could have a material adverse effect on our business, financial condition and operating results.

Changes in laws, regulations and policies that affect our business could adversely affect our financial results.

Our business is subject to numerous laws, regulations and policies.  Changes in the laws, regulations and policies, including the interpretation or enforcement thereof, that affect, or will affect, our business, including changes in accounting standards, tax laws and regulations, environmental or climate change laws, regulations or accords, trade rules and customs regulations, and the outcome and expense of legal or regulatory proceedings, and any action we may take as a result could adversely affect our financial results.

Our success depends, in part, on the quality and safety of our products.

Our success depends, in part, on the quality and safety of our products.  If our products are found to be defective or unsafe, or if they otherwise fail to meet our consumers’ standards, our relationships with customers or consumers could suffer, the appeal of one or more of our brands could be diminished, and we could lose sales and/or become subject to liability claims, any of which could result in a material adverse effect on our business, results of operations and financial condition.

The international character of our business renders us subject to fluctuation in foreign currency exchange rates and international trade tariffs, barriers and other restrictions.

A substantial portion of our European operations’ net sales (approximately 35% in 2010) are sold in U.S. dollars. In an effort to reduce our exposure to foreign currency exchange fluctuations, we engage in a program of cautious hedging of foreign currencies to minimize the risk arising from operations. Despite such actions, fluctuations in foreign currency exchange rates for the U.S. dollar, particularly with respect to the euro, could have a material adverse effect on our operating results. Possible import, export, tariff and other trade barriers, which could be imposed by the United States, other countries or the European Union might also have a material adverse effect on our operating results.

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Our business is subject to governmental regulation, which could impact our operations.

Fragrances and fragrance related products must comply with the labeling requirements of the Federal Food, Drug and Cosmetics Act as well as the Fair Packaging and Labeling Act and their regulations. Some of our color cosmetic products may also be classified as a “drug”. Additional regulatory requirements for products which are “drugs” include additional labeling requirements, registration of the manufacturer and the semi-annual update of a drug list.

Our fragrances are subject to the approval of the Bureau of Alcohol, Tobacco and Firearms as a result of the use of specially denatured alcohol.  So far we have not experienced any difficulties in obtaining the required approvals.

Our fragrances and fragrance related products that are manufactured in France are subject to certain regulatory requirements of the European Union, but as of the date of this report, we have not experienced any material difficulties in complying with such requirements.

However, we cannot assure you that, should we develop or market fragrances and fragrance related products with different ingredients, or should existing regulations or requirements be revised, we would not in the future experience difficulty in complying with such requirements, which could have a material adverse effect on our results of operations.

Our information systems and websites may be susceptible to outages and other risks.

We have information systems that support our business processes, including product development, marketing, sales, order processing, production, distribution, finance and intracompany communications. We have Internet websites in the United States and Europe. These systems may be susceptible to outages due to fire, floods, power loss, telecommunications failures, break-ins and similar events. Despite the implementation of network security measures, our systems may be vulnerable to computer viruses, break-ins and similar disruptions from unauthorized tampering. The occurrence of these or other events could disrupt or damage our information systems and adversely affect our business and results of operations.

The trading prices of our securities periodically may rise or fall based on the accuracy of predictions of our earnings or other financial performance.

Our business planning process is designed to maximize our long-term strength, growth and profitability, not to achieve an earnings target in any particular fiscal quarter. We believe that this longer-term focus is in the best interests of the Company and our stockholders. At the same time, however, we recognize that it may be helpful to provide investors with guidance as to our forecast of net sales and earnings per share. Accordingly, we provided guidance as to our expected net sales and earnings per share for the year ending December 31, 2011. While we generally expect to provide updates to our guidance when we report our results each fiscal quarter, we assume no responsibility to update any of our forward-looking statements at such times or otherwise. In addition, the longer-term guidance we provide is based on goals that we believe, at the time guidance is given, are reasonably attainable for growth and performance over a number of years.  Such targets are more difficult to predict than our current quarter and fiscal year expectations.

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In all of our public statements when we make, or update, a forward-looking statement about our sales and/or earnings expectations or expectations regarding other initiatives, we accompany such statements directly, or by reference to a public document, with a list of factors that could cause our actual results to differ materially from those we expect.  Such a list is included, among other places, in our earnings press release and in our periodic filings with the Securities and Exchange Commission (e.g., in our reports on Form 10-K and Form 10-Q).  These and other factors may make it difficult for outside observers, such as research analysts, to predict what our earnings will be in any given fiscal quarter or year.

Outside analysts and investors have the right to make their own predictions of our financial results for any future period. Outside analysts, however, have access to no more material information about our results or plans than any other public investor, and we do not endorse their predictions as to our future performance. Nor do we assume any responsibility to correct the predictions of outside analysts or others when they differ from our own internal expectations. If and when we announce actual results that differ from those that outside analysts or others have been predicting, the market price of our securities could be affected. Investors who rely on the predictions of outside analysts or others when making investment decisions with respect to our securities do so at their own risk. We take no responsibility for any losses suffered as a result of such changes in the prices of our securities.

We may become subject to possible liability for improper comparative advertising or “Trade Dress”.

Brand name manufacturers and sellers of brand name products may make claims of improper comparative advertising or trade dress (packaging) with respect to the likelihood of confusion between some of our mass market products and those of brand name manufacturers and sellers. They may seek damages for loss of business or injunctive relief to seek to have the use of the improper comparative advertising or trade dress halted.  However, we believe that our displays and packaging constitute fair competitive advertising and are not likely to cause confusion between our products and others. Further, we have not experienced to any material degree, any of such problems to date.

Item 1B.  Unresolved Staff Comments.

None.

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Item 2.  Properties

United States Operations

Use	Location	Approximate Size	Term Expires	Other Information
Office Space-corporate headquarters and United States operations	551 Fifth Avenue, New York, NY.	15,000 square feet	February 28, 2013
Distribution center	60 Stults Road  Dayton, NJ	140,000 square feet	October 31, 2018
Men’s Spa	Unit C2, 300 West 14th Street, New York, N.Y.	4,500 square feet	October 31, 2014

European Operations

Use	Location	Approximate Size	Term Expires	Other Information
Office Space-Paris corporate headquarters and European operations	4 Rond Point Des Champs Elysees Ground and 1st Fl. Paris, France	571 square meters	March 2013	Lessee has early termination right every 3 years on 6 months notice
Office Space-Paris corporate headquarters and European operations	4 Rond Point Des Champs Elysees 4th Fl. Paris, France	540 square meters	June 2014	Lessee has early termination right every 3 years on 6 months notice
Office Space-Paris corporate headquarters and European operations	4 Rond Point Des Champs Elysees 5th Fl- left  Paris, France	155 square meters	March 2013	Lessee has early termination right on 3 months notice
Office Space-Paris corporate headquarters and European operations	4 Rond Point Des Champs Elysees 6th Fl-Right Paris, France	157 square meters	March 2013	Lessee has early termination right every 3 years on 6 months notice
Office Space-Paris corporate headquarters and European operations	4 Rond Point Des Champs Elysees 2nd Fl Paris, France	544 square meters	September 2017	Lessee has early termination right every 3 years on 6 months notice
Office Space-Paris corporate headquarters and European operations	4 Rond Point Des Champs Elysees 6th Fl Paris, France	60 square meters	September 2017	Lessee has early termination right every 3 years on 6 months notice
Men’s Spa	48 Rue des Francs Bourgeois, Paris, France	116 square meters	June 2011	Lessee has early termination right every 3 years on 6 months notice
European Distribution Center	Criquebeuf sur Seine (27340), the "Le Bosc Hetrel" business park	31,000 square meters	May 2020	building under construction and the anticipated time for completion of construction is April 15, 2011

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Inter Parfums, S.A. has an agreement with Sagatrans, S.A. for warehousing and distribution services through September 2011. Fees are calculated based upon a percentage of sales, which are customary in the industry.  Minimum future service fees are 2.9 million euro in 2010 and 2.3 million euro in 2011. We intend to continue to use Sagatrans for logistics for our European operations at our new warehouse in June 2011, and we intend to enter into discussions with Sagatrans for a new agreement for such services.

We believe our office and warehouse facilities are satisfactory for our present needs and those for the foreseeable future.

Item 3.  Legal Proceedings

We are not a party to any material lawsuits.

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PART II

Item 5.  Market For Registrant's Common Equity, Related Stockholder Mattersand Issuer Purchases of Equity Securities

The Market for Our Common Stock

Our Company's common stock, $.001 par value per share, is traded on The Nasdaq Global Select Market under the symbol “IPAR”.  The following table sets forth in dollars, the range of high and low closing prices for the past two fiscal years for our common stock.

Fiscal 20010	High Closing Price		Low Closing Price
Fourth Quarter		19.84		16.66
Third Quarter		19.00		13.74
Second Quarter		17.77		13.74
First Quarter		16.00		11.37

Fiscal 2009	High Closing Price		Low Closing Price
Fourth Quarter		13.48		10.47
Third Quarter		12.69		6.88
Second Quarter		9.42		5.27
First Quarter		8.59		3.50

As of February 8, 2011 the number of record holders, which include brokers and broker's nominees, etc., of our common stock was 53. We believe there are approximately 2,300 beneficial owners of our common stock.

Corporate Performance Graph

The following graph compares the performance for the periods indicated in the graph of our common stock with the performance of the Nasdaq Market Index and the average performance of a group of the Company’s peer corporations consisting of: Alberto-Culver, Avon Products Inc., Blyth Inc., CCA Industries, Inc., Colgate-Palmolive Co., Elizabeth Arden, Inc., Estee Lauder Cosmetics, Inc., Inter Parfums, Inc., Kimberly Clark Corp., Natural Health Trends, Parlux Fragrances Inc., Physicians Formula Holdings, Revlon, Inc., Spectrum Brands, Inc., Stephan Company, Summer Infant, Inc., The Procter & Gamble Company and United Guardian, Inc. The graph assumes that the value of the investment in our common stock and each index was $100 at the beginning of the period indicated in the graph, and that all dividends were reinvested.

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Below is the list of the data points for each year that corresponds to the lines on the above graph.

	12/05	12/06	12/07	12/08	12/09	12/10
Inter Parfums, Inc.	100.00	107.75	101.83	66.07	106.37	167.35
NASDAQ Composite	100.00	111.74	124.67	73.77	107.12	125.93
Peer Group	100.00	114.49	132.60	111.77	122.27	132.32

Dividends

In December 2008, our board of directors authorized the continuation of our cash dividend at the then rate of $.133 per share per annum, payable $.033 on a quarterly basis. In January 2010, our board of directors authorized a 97% increase in the Company’s quarterly cash dividend to $.065 per share, or $.26 per share on an annual basis. In January 2011 our board of directors further increased the cash dividend from $.26 per share on an annual basis to $.32 per share on an annual basis. The first quarterly cash dividend for 2011 of $.08 per share is payable on April 15, 2011 to shareholders of record on March 31, 2011.

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Our Certificate of Incorporation provides for the requirement of unanimous approval of the members of our board of directors for the declaration or payment of dividends, if the aggregate amount of dividends to be paid by us and our subsidiaries in any fiscal year is more than thirty percent (30%) of our annual net income for the last completed fiscal year, as indicated by our consolidated financial statements.

Sales of Unregistered Securities

The following sets forth certain information as to the sales of securities, which were not registered under the Securities Act, including options granted to purchase our common stock, during the last quarter of the last fiscal year and through the date of this report.

On February 1, 2011, we granted options to purchase an aggregate of 3,500 shares for a five-year period at the exercise price of $17.94 per share, the fair market value on the date of grant, to 4 of our 5 our non-employee directors, who are all deemed our affiliates, under our 2004 Non-Employee Director Stock Option Plan. Such options vest 25% each year over a 4 year period on a cumulative basis. This transaction was exempt from the registration requirements of Section 5 of the Securities Act under Sections 4(2) and 4(6) of the Securities Act. Each option holder agreed that, if the option is exercised, the option holder would purchase his common stock for investment and not for resale to the public. Also, we provide all option holders with all reports we file with the SEC and press releases issued by us.

Repurchases of Our Common Stock

We did not repurchase any of our Common Stock during the fourth quarter of 2010.

Item 6.  Selected Financial Data

The following selected financial data have been derived from our financial statements, and should be read in conjunction with those financial statements, including the related footnotes.

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	Years Ended December 31,
(In thousands except per share data)	2010		2009		2008		2007		2006
Income statement data:
Net sales	$	460,411	$	409,464	$	446,124	$	389,560	$	321,054
Cost of sales		186,401		175,296		191,915		160,137		143,855
Selling, general and administrative expenses		217,574		187,690		202,264		181,224		141,074
Operating income		56,436		44,801		51,009		47,331		36,125
Income before taxes		53,840		46,348		46,434		47,276		37,135
Net income attributable to the noncontrolling interest		9,082		7,791		6,357		6,784		6,192
Net income attributable to Inter Parfums, Inc.		26,593		22,367		23,765		23,817		17,742
Net income attributable to Inter Parfums, Inc. common shareholders’ per share:	$	.88	$	.74	$	.78	$	.78	$	.58
Basic	$	.87	$	.74	$	.77	$	.76	$	.58
Diluted
Average common shares outstanding:
Basic		30,361		30,100		30,621		30,666		30,486
Diluted		30,482		30,121		30,778		31,004		30,853
Depreciation and amortization	$	9,188	$	10,963	$	9,925	$	8,031	$	5,347

	As at December 31,
(In thousands except per share data)	2010		2009		2008		2007		2006
Balance sheet and other data:
Cash and cash equivalents	$	37,548	$	100,467	$	42,404	$	90,034	$	71,047
Working capital		183,594		197,663		174,126		178,560		138,547
Total assets		438,105		419,088		425,137		446,052		333,045
Short-term bank debt		5,250		5,021		13,981		7,217		6,033
Long-term debt (including current portion)		16,129		29,594		41,043		59,733		10,769
Inter Parfums, Inc. shareholders’ equity		234,976		226,746		204,201		192,660		155,272
Dividends declared per share	$	0.26	$	0.133	$	0.133	$	0.133	$	0.107

Item 7.  Management's Discussion And Analysis Of Financial ConditionAnd Results Of Operation

Overview

We operate in the fragrance business and manufacture, market and distribute a wide array of fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Our prestige fragrance products are produced and marketed by our European operations through our 74% owned subsidiary in Paris, Inter Parfums, S.A., which is also a publicly traded company as 26% of Inter Parfums, S.A. shares trade on the Euronext. Prestige cosmetics and prestige skin care products represent less than 1% of consolidated net sales.

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We produce and distribute our prestige fragrance products primarily under license agreements with brand owners, and prestige product sales represented approximately 88% of net sales for both 2010 and 2009 and 87% of net sales for 2008.  We have built a portfolio of prestige brands, which include Burberry, Lanvin, Van Cleef & Arpels, Jimmy Choo, Montblanc, Paul Smith, S.T. Dupont, Nickel and Boucheron, whose products are distributed in over 120 countries around the world. Shipments to our distribution subsidiaries are not recognized as sales until that merchandise is sold by our distribution subsidiary to its customers.

Burberry is our most significant license, as sales of Burberry products represented 53%, 57% and 56% of net sales for the years ended December 31, 2010, 2009 and 2008, respectively. In addition, we own the Lanvin brand name for our class of business and sales of Lanvin product represented 15%, 14% and 13% of net sales for the years ended December 31, 2010, 2009 and 2008, respectively.

Our specialty retail and mass market fragrance and fragrance related products are marketed through our United States operations and represented 12% of net sales for both 2010 and 2009 and 13% of net sales for 2008. These fragrance products are sold under trademarks owned by us or pursuant to license or other agreements with the owners of the Gap, Banana Republic, Brooks Brothers, bebe, New York & Company, Betsey Johnson, Nine West and Jordache brands.

Historically, seasonality has not been a major factor for our Company as quarterly sales fluctuations were more influenced by the timing of launches than by the third and fourth quarter holiday season. However, in certain markets where we now sell direct to retailers, seasonality is more evident. In 2007 we commenced operations of our European distribution subsidiaries in Italy, Germany, Spain and the United Kingdom, and in January 2011 we commenced operations of our United States distribution subsidiary. In addition, the introduction of our specialty retail product lines for U. S. retailers has also contributed to a concentration of sales in the second half of the year.

We grow our business in two distinct ways. First, we grow by adding new brands to our portfolio, either through new licenses or out-right acquisitions of brands. Second, we grow through the introduction of new products and supporting new and established products through advertising, merchandising and sampling as well as phasing out existing products that no longer meet the needs of our consumers. The economics of developing, producing, launching and supporting products influence our sales and operating performance each year.  Our introduction of new products may have some cannibalizing effect on sales of existing products, which we take into account in our business planning.

Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third party fillers which manufacture the finished good for us and ship it back to our distribution center.

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As with any business, many aspects of our operations are subject to influences outside our control. Throughout 2010, our business continued to rebound from the global economic uncertainties that had an impact on our business in early 2009. Despite these conditions, some of which continue to exist, our results for the year ended December 31, 2010 exceeded our net sales and profitability expectations that we had at the beginning of the year.

We continue to review our plans and have taken actions to mitigate the impact and the potential impact of these conditions. We believe we have a strong brand portfolio with global reach and potential. As part of our strategy, we plan to continue to make investments behind fast-growing markets and channels to grow market share. While our business strategies are designed to strengthen our Company over the long-term, we believe the uncertainty about future market conditions, consumer spending patterns and the financial strength of some of our customers could negatively affect our net sales and operating results.

Our reported net sales are impacted by changes in foreign currency exchange rates. A stronger U.S. dollar has an adverse impact on our net sales. However, earnings are less affected by a stronger dollar because in excess of 35% of net sales of our European operations are denominated in U.S. dollars, while all costs of our European operations are incurred in euro. Our Company addresses certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments.  We primarily enter into foreign currency forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates. 

Recent Important Events

Burberry

In December 2010, we entered into an amendment to the Burberry license agreement dated October 12, 2004. The amendment extends the term of the license for one year until December 31, 2017, and also extends for one year the time to exercise the five-year optional term of the license that requires the mutual consent of the Company and Burberry, which now must be exercised, if at all, prior to December 31, 2015. If the optional term is exercised, then the license would expire on December 31, 2022. The amendment also extends the time for Burberry to exercise its right to buy back the license for one year from December 31, 2011 to December 31, 2012.

Burberry has not exercised any buy back options to date. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the then fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.

Boucheron

In December 2010, we entered into an exclusive worldwide license agreement with Boucheron Parfums SAS to create, produce and distribute perfumes and ancillary products under the Boucheron brand. Our rights under such license agreement, which took effect on January 1, 2011 and runs through December 31, 2025, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. We also paid an upfront entry fee of €15 million (approximately $20 million) for this license, and purchased the inventory of the former licensee for €1.7 million (approximately $2.3 million).

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Nine West

In July 2010, we entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women’s fragrances under the Nine West brand. The agreement, which runs through December 31, 2016, contains a provision for further renewal if certain conditions are met. The agreement also provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. Plans call for our first Nine West fragrance launch in 2011.

Betsey Johnson

In July 2010, we entered into an exclusive worldwide agreement with Betsey Johnson LLC of New York, NY, under which we will design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement, which runs through December 31, 2015 with a five year optional term if certain conditions are met, encompasses both direct sales to global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. While we introduced a new twist on a vintage Betsey Johnson fragrance in August 2010, plans call for our first new Betsey Johnson product launch in 2011.

U.S. Distribution of Prestige Products

Beginning January 1, 2011, Interparfums Luxury Brands, a recently formed United States company and subsidiary of our French subsidiary Inter Parfums SA, began distribution ofBurberry (fragrances and cosmetics), Lanvin, Montblanc and Jimmy Choo brands in the United States. In addition, under the terms of a recently signed four-year agreement, Interparfums Luxury Brands and Clarins Fragrance Group US (a Division of Clarins Group in the U.S. responsible for the Thierry Mugler, Azzaro, Porsche Design, David Yurman and Swarovski brands) will share and manage an expanded sales force. Logistical and administrative support will be provided by Clarins Group USA from its Park Avenue offices in New York and its warehouse in Orangeburg, New York. We believe this alliance offers us a unique opportunity to develop a highly efficient organization and create synergies with potential for accelerated growth in the U.S. market.

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Discussion of Critical Accounting Policies

We make estimates and assumptions in the preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ significantly from those estimates under different assumptions and conditions. We believe the following discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial condition and results of operations. These accounting policies generally require our management’s most difficult and subjective judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

The judgments used by management in applying critical accounting policies could be affected by a further and prolonged general deterioration in the economic environment, which could negatively influence future financial results and availability of continued financing. Specifically, subsequent evaluations of our accounts receivables, inventories, and deferred tax assets in light of the factors then prevailing, could result in significant changes in our allowance and reserve accounts in future periods, which in turn could generate significant additional charges. Similarly, the valuation of certain intangible assets could be negatively impacted by prolonged and severely depressed market conditions thus leading to the recognition of impairment losses. The following is a brief discussion of the more critical accounting policies that we employ.

Revenue Recognition

We sell our products to department stores, perfumeries, specialty retailers, mass-market retailers, supermarkets and domestic and international wholesalers and distributors. Sales of such products by our domestic subsidiaries are denominated in U.S. dollars and sales of such products by our foreign subsidiaries are primarily denominated in either euro or U.S. dollars. Accounts receivable reflect the granting of credit to these customers. We generally grant credit based upon our analysis of the customer’s financial position as well as previously established buying patterns. We recognize revenues when merchandise is shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less returns, trade discounts and allowances.

Sales Returns

Generally, we do not permit customers to return their unsold products. However, on a case-by-case basis we occasionally allow customer returns. We regularly review and revise, as deemed necessary, our estimate of reserves for future sales returns based primarily upon historic trends and relevant current data. We record estimated reserves for sales returns as a reduction of sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are valued based upon estimated realizable value. The physical condition and marketability of returned products are the major factors we consider in estimating realizable value. Actual returns, as well as estimated realizable values of returned products, may differ significantly, either favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory levels or competitive conditions differ from our expectations.

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Promotional Allowances

We have various performance-based arrangements with certain retailers. These arrangements primarily allow customers to take deductions against amounts owed to us for product purchases. The costs that our Company incurs for performance-based arrangements, shelf replacement costs and slotting fees are netted against revenues on our Company’s consolidated statement of income. Estimated accruals for promotions and advertising programs are recorded in the period in which the related revenue is recognized. We review and revise the estimated accruals for the projected costs for these promotions. Actual costs incurred may differ significantly, either favorably or unfavorably, from estimates if factors such as the level and success of the retailers’ programs or other conditions differ from our expectations.

Inventories

Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. We record adjustments to the cost of inventories based upon our sales forecast and the physical condition of the inventories. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from actual requirements if future economic conditions or competitive conditions differ from our expectations.

Equipment and Other Long-Lived Assets

Equipment, which includes tools and molds, is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets. Changes in circumstances such as technological advances, changes to our business model or changes in our capital spending strategy can result in the actual useful lives differing from our estimates. In those cases where we determine that the useful life of equipment should be shortened, we would depreciate the net book value in excess of the salvage value, over its revised remaining useful life, thereby increasing depreciation expense. Factors such as changes in the planned use of equipment, or market acceptance of products, could result in shortened useful lives.

We evaluate goodwill and indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not (i) reduce the fair value of the reporting unit below its fair value or (ii) indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable.  Impairment of goodwill is evaluated using a two step process. The first step involves a comparison of the estimated fair value of the reporting unit to the carrying value of that unit. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, the second step of the process involves comparison of the implied fair value of goodwill (based on industry purchase and sale transaction data) with its carrying value. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized as an amount equal to the excess. For indefinite-lived intangible assets, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, impairment is recorded.

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Goodwill relates to our Nickel skin care business, which is primarily a component of our European operations. Testing goodwill for impairment requires us to estimate the fair value of the reporting unit using significant estimates and assumptions. The assumptions we make will impact the outcome and ultimate results of the testing. In making our assumptions and estimates, we use industry accepted valuation models and set criteria that are reviewed and approved by management and, in certain instances, we engage third party valuation specialists to advise us. We have determined that we may be inclined to sell the Nickel business within the next few years. Therefore, as of December 31, 2009, we measured fair value of the business to be equal to the average amount offered by several potential purchasers of the Nickel business. As a result, the carrying amount of the goodwill exceeded its implied fair value resulting in an impairment loss of $1.7 million in 2009. The same evaluation was performed in 2010 and no further impairment was noted. We expect Nickel brand sales to remain steady over the next few years as the result of new product launches in combination with an expected economic recovery. In estimating future sales, we use our internal budgets developed from recent sales data for existing products and planned timing of new product launches. If sales for the reporting unit decreased 10%, we could incur an additional goodwill impairment charge of €0.5 million.

To determine fair value of indefinite-lived intangible assets, we use an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. We use this method to determine if an impairment charge is required relating to our Nickel brand trademarks. For the year ended December 31, 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No impairment charge was required in 2010. We assumed a market royalty rate of 6% and a discount rate of 7.4%. The following table presents the impact a change in the following significant assumptions would have had on the calculated fair value in 2010 assuming all other assumptions remained constant:

In thousands				Increase (decrease)
	Change			to fair value
Weighted average cost of capital		+10	%	$	(219	)
Weighted average cost of capital		-10	%	$	280
Future sales levels		+10	%	$	266
Future sales levels		-10	%	$	(266	)

The fair values used in our evaluations are also estimated based upon discounted future cash flow projections using a weighted average cost of capital of 7.4%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. We believe that the assumptions that we have made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets other than the Nickel trademarks referred to above. However, if future actual results do not meet our expectations, we may be required to record an impairment charge, the amount of which could be material to our results of operations.

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Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value. The cash flow projections are based upon a number of assumptions, including future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. We believe that the assumptions we have made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our intangible assets subject to amortization. In those cases where we determine that the useful life of long-lived assets should be shortened, we would depreciate the net book value in excess of the salvage value (after testing for impairment as described above), over the revised remaining useful life of such asset thereby increasing amortization expense.

In determining the useful life of our Lanvin brand names and trademarks, we applied the provisions of ASC topic 350-30-35-3. The only factor that prevented us from determining that the Lanvin brand names and trademarks were indefinite life intangible assets was Item c. “Any legal, regulatory, or contractual provisions that may limit the useful life”. The existence of a repurchase option in 2025 may limit the useful life of the Lanvin brand names and trademarks to the Company. However, this limitation would only take effect if the repurchase option were to be exercised and the repurchase price was paid. If the repurchase option is not exercised, then the Lanvin brand names and trademarks are expected to continue to contribute directly to the future cash flows of our Company and their useful life would be considered to be indefinite.

With respect to the application of ASC topic 350-30-35-8, the Lanvin brand names and trademarks would only have a finite life to our Company if the repurchase option were exercised, and in applying ASC topic 350-30-35-8 we assumed that the repurchase option is exercised. When exercised, Lanvin has an obligation to pay the exercise price and the Company would be required to convey the Lanvin brand names and trademarks back to Lanvin. The exercise price to be received (Residual Value) is well in excess of the carrying value of the Lanvin brand names and trademarks, therefore no amortization is required.

Derivatives

We account for derivative financial instruments in accordance with ASC topic 815, which establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities.  This topic also requires the recognition of all derivative instruments as either assets or liabilities on the balance sheet and that they are measured at fair value.

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We currently use derivative financial instruments to hedge certain anticipated transactions and interest rates, as well as receivables denominated in foreign currencies.  We do not utilize derivatives for trading or speculative purposes.  Hedge effectiveness is documented, assessed and monitored by employees who are qualified to make such assessments and monitor the instruments.  Variables that are external to us such as social, political and economic risks may have an impact on our hedging program and the results thereof. 

Income Taxes

The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time.

The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. The Company has no uncertaintax position at December 31, 2010. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties as a component of the provision for income taxes. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at December 31, 2010.

Results of Operations

Net Sales

	Years ended December 31,
	2010		% Change			2009		% Change			2008
	(in millions)
European based product sales	$	404.9		12	%	$	361.7		(6	)%		$	386.4
United States based product sales		55.5		16	%		47.8		(20	)%			59.7
Total net sales	$	460.4		12	%	$	409.5		(8	)%		$	446.1

Net sales for the year ended December 31, 2010 increased 12% to $460.4 million. For the year ended December 31, 2009, net sales were down 8%. At comparable foreign currency exchange rates, net sales were actually up 18% in 2010 as the strength of the U.S. dollar relative to the euro in 2010 as compared to the 2009 had a negative impact on reported sales. For 2009, while significant fluctuations in currency exchange rates were experienced during the year, the impact for the year as a whole was minimal.

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This economic crisis was challenging for us in 2009 and was expected to continue to be challenging in 2010. However, throughout 2010, our business continued to rebound from the global economic uncertainties that had an impact on our business in early 2009. Despite these conditions, some of which continue to exist, our results for the year ended December 31, 2010 exceeded our net sales and profitability expectations that we had at the beginning of the year.

European based prestige product sales increased 12% in 2010 as compared to a decline of 6% in 2009. Considering the challenges we faced in the first half of 2009, we were very pleased with full year 2009 sales results. The global economic recession negatively affected consumer demand, which had an adverse impact on our distributors and our retail customers. Signs of a recovery from the global economic recession became apparent with improving sales trends beginning in the second half of 2009 and continuing in 2010. Sales growth throughout 2010 was due in great part to the launch and global rollout of Burberry Sport fragrances for men and women, as well as the continued strong performance of established Burberry scents. In local currency, Burberry fragrance sales which had declined 6% to €166 million in 2009 registered an increase of 11% to €185 million in 2010. All of our major prestige fragrance brands contributed to sales growth with double digit comparable increases. Lanvin, our second largest prestige brand, whose product sales were up 4% in 2009 as compared to 2008, performed extremely well in  2010 with sales in local currency aggregating €53.0 million, 31% ahead of last year lead by the continued strength of Eclat d’Arpège and Jeanne Lanvin and the launch of Marry Me!. The 2010 launch of Oriens and Midnight in Paris by Van Cleef & Arpels boosted that brand’s 2010 local currency sales by 29% to €25.9 million as compared to €20.2 million in 2009 and €21.0 million in 2008.

Once again we are seeing strong sales growth of our European based prestige fragrance business in many geographic markets, especially in Asia, South America, the Middle East and Eastern Europe where 2010 comparable local currency sales rose 27%, 42%, 16% and 61%, respectively. Western Europe also saw positive results with 2010 local currency sales up 12%.

During 2010, we formed Interparfums Luxury Brands, Inc., (“IPLB”) a wholly-owned U.S. distribution subsidiary of Inter Parfums, S.A. Beginning on January 1, 2011, IPLB assumed all U.S. prestige fragrance distribution responsibilities in the territory. As of December 31, 2010, we reacquired, or set up a liability to reacquire, the remaining inventory of our former U. S. distributor aggregating approximately $5.7 million. Such reacquisition was accounted for as a sales return in the accompanying consolidated financial statements. As a result of the reacquisition of inventory and the anticipated change of distributor, the comparison of North American sales in 2010 as compared to 2009 is not meaningful.

In addition to Burberry Sport fragrances for men and women which launched early in 2010, we have committed capital to further grow our largest brand through the launch of a cosmetics line for women in approximately 30 shops around the world. The Burberry Beauty collection includes nearly 100 products for skin, lips and eyes. The launch of this beauty line, which commenced during the third quarter of 2010, required a significant investment in its first year to develop products, build cosmetic counters, hire and train personnel. We believe the Burberry Beauty line is an important step to reach new customers and increase brand exposure worldwide.

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In 2010, we also created new women’s scents for our Lanvin, S.T. Dupont and Paul Smith brands. Oriens, a women’s scent for Van Cleef & Arpels launched in the first half of 2010 and we debuted a new men’s fragrance, Midnight in Paris, for the brand during the third quarter of 2010.

We are gearing up for a very active 2011 reflecting a confluence of factors, including the continued strength of our brands and worldwide distribution network, as well as ongoing improvements in the global economic climate. Our growth expectations for 2011 reflect the impact of our taking control over U.S. distribution for our prestige brands and the inclusion of the Montblanc fragrance business for a full year versus six months in 2010. In addition, we have a strong line-up of new product launches and brand extensions to drive sales growth. Early in the year, our first fragrance under the Jimmy Choo brand began select distribution in the U.K. and the U.S. and Jimmy Choo stores worldwide; the signature scent will roll out globally in the Spring. Also early in 2011 we began the integration of existing fragrance lines under our newest licensed brand, Boucheron. In addition, in the Spring we will debut our first new Montblanc fragrance for men as well as a new men’s and women’s scent for Paul Smith fragrances. Most importantly, to further strengthen the Burberry brand’s potential for sustained growth in the years ahead a major new women’s line will be launched in Fall 2011. Finally, with respect to Burberry Beauty, the color cosmetics collection, preliminary plans call for additional products to be rolled out throughout the year and distribution is expected to be expanded by approximately 30 additional retail outlets. We are currently reviewing the results of the 2010 launch as well as the anticipated financial commitment which may be necessary in order to determine the appropriate level of distribution for the Burberry Beauty in the years to come.

With respect to our United States specialty retail and mass market products, net sales increased 16% in 2010 after declining 20% in 2009. Beginning in the fourth quarter of 2008, United States specialty retail product sales came under pressure and our U.S. operations continued to feel the effects of the global economic recession throughout most of 2009. It was expected that new product launches together with existing distribution would stem the sales decline for our U.S. operations, and that was most certainly the case as we entered the latter half of 2009. In April 2009, Close, a Gap fragrance was launched at approximately 550 Gap stores and roughly 175 Gap Body stores nationwide. International distribution began in the fall of 2009, including an exclusive launch at 240 Sephora doors in Europe. In August 2009, two new fragrances were launched at Banana Republic stores in North America with international distribution following shortly thereafter. In 2010, international distribution benefitted from the economic recovery which coincided with further expansion of new products into new territories. In 2010, two Gap scents were launched, Stay and Core, along with additional ancillary products and holiday gift sets.

Brooks Brothers Black Fleece fragrance launched domestically in the fall of 2009 with international distribution beginning in 2010. New Brooks Brothers fragrances, Madison, a scent for young women, and a trio of scents, Black Fleece Red, White & Blue, made their debut in 2010.

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Our bebe signature fragrance has done especially well in overseas markets and we expanded bebe distribution into additional third party retail outlets throughout the United States in 2010. In addition, bebe Sheer, a new women’s scent debuted in 2010 along with several color cosmetic products and holiday gift sets. A third bebe scent is in the works for 2011.

Sales of mass market fragrance products, which have been in a decline for several years, saw improvement in 2010 as a result of some special programs done for select mass market retailers. We have no plans to discontinue sales to this market which aggregated approximately $21 million, $17 million and $21 million in 2010, 2009 and 2008, respectively.

As we look into our plans for 2011, for the Banana Republic brand, a new women’s scent Wildbloom, is now in stores and brand extensions for the Discover and Republic of Men and Republic of Women collections are being prepared. Building upon the success of the Gap brand’s Close and Stay fragrances, a third women’s signature scent and a new men’s scent are planned.  We will also add more lip color and lip care products into the Gap beauty mix, along with their first nail color products.  We are also in the development stage for several new fragrance concepts and line extensions for our other specialty retail brands.

We have been actively pursuing other new business opportunities and in July 2010, we entered into exclusive worldwide agreement for both the Betsey Johnson and Nine West brands. For Betsey Johnson we will design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement encompasses both direct sales to global Betsey Johnson stores and an e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide. For Nine West, we are charged with the creation, production, marketing and global distribution of women’s fragrances under the Nine West brand. The agreement also provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide. Plans for both brands call for new fragrance launches in 2011.

In addition, we are actively pursuing other new business opportunities. However, we cannot assure that any new licenses, acquisitions or specialty retail agreements will be consummated.

Gross Profit Margins

	Years ended December 31,
	2010			2009			2008
	(in millions)
Net sales	$	460.4		$	409.5		$	446.1
Cost of sales		186.4			175.3			191.9
Gross margin	$	274.0		$	234.2		$	254.2
Gross margin as a  percent of net sales		59.5	%		57.2	%		57.0	%

As a percentage of sales, gross profit margins were 59.5%, 57.2%, and 57.0% in 2010, 2009 and 2008, respectively. The gross margin improvement in 2010 is primarily the result of product mix within our European based brand assortment. Fluctuations in gross margin results from product sales mix within individual lines and types of Company products. In 2010 increased sales of higher margin product lines, larger sizes and reduced promotional sales efforts due to the improving economic environment all contributed to the gross margin improvements. Costs relating to purchase with purchase and gift with purchase promotions that are reflected in cost of sales aggregated $30.2 million, $29.8 million and $34.3 million in 2010, 2009 and 2008, respectively, and represented 6.6%, 7.3% and 7.7% of sales, respectively.

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For the year ended December 31, 2009, gross margin included a benefit of approximately 94 basis points as a result of cash flow hedging activities entered into in late 2008 to take advantage of the effect a strong U.S. dollar relative to the euro has on our European based product sales denominated in U.S. dollars.

We carefully watch movements in foreign currency exchange rates as sales to these customers are denominated in dollars, while our costs are incurred in euro. Therefore, from a profit standpoint, a stronger U.S. dollar benefits our gross margin. While the use of foreign currency forward exchange contracts benefited our gross margins in the 2009 period, the strength of the U.S. dollar relative to the euro in 2010 had provided a similar benefit for 2010. As the dollar began to weaken late in the third quarter of 2010 and in an effort to protect our gross margin for the remainder of 2010, we entered into foreign currency forward exchange contracts to hedge approximately 90% of our fourth quarter 2010 European based product sales expected to be invoiced in U.S. dollars. The overall effect of these hedges was not significant.

Generally, we do not bill customers for shipping and handling costs and such costs, which aggregated $5.3 million, $5.0 million and $6.2 million in 2010, 2009 and 2008, respectively, are included in selling, general and administrative expenses in the consolidated statements of income. As such, our Company’s gross profit may not be comparable to other companies which may include these expenses as a component of cost of goods sold.

Selling, General & Administrative Expenses

	Years ended December 31,
	2010			2009			2008
	(in millions)
Selling, general & administrative expenses	$	217.6		$	187.7		$	202.3
Selling, general & administrative expenses as a percent of net sales		47	%		46	%		45	%

Selling, general and administrative expenses increased 16% for the year ended December 31, 2010, as compared to 2009 and decreased 7% for the year ended December 31, 2009, as compared to 2008. As a percentage of sales selling, general and administrative expenses was 47%, 46% and 45% for the years ended December 31, 2010, 2009 and 2008, respectively.

Two major components of selling, general and administrative expenses are promotion and advertising expenditures and royalty expense. Promotion and advertising aggregated $69.2 million, $55.8 million and $65.8 million for the years ended December 31, 2010, 2009 and 2008, respectively. Promotion and advertising as a percentage of sales represented 15.0%, 13.6% and 14.7% of net sales for the years ended December 31, 2010, 2009 and 2008, respectively. As a percentage of sales advertising expenditures were higher in 2010 and 2008 to support new Burberry product launches, Burberry The Beat in 2008 and Burberry Sport in 2010. We continue to adjust our advertising and promotional budgets to align our spending with anticipated sales. As a result of the economic challenges faced in 2009, we anticipated lower sales volume and therefore advertising expenditures were curtailed. Royalty expense aggregated $40.2 million, $35.5 million and $37.3 million for the years ended December 31, 2010, 2009 and 2008, respectively.

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We review goodwill for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The goodwill relates to our Nickel skin care business which is primarily a component of our European operations. As of December 31, 2009, we measured fair value of goodwill to be equal to the average of purchase price indications received from several potential purchasers of the Nickel business. As a result, the carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $1.7 million in 2009. The same evaluation was performed as of December 31, 2010 and no further impairment was noted. Goodwill impairment losses aggregated $1.7 million in 2009 and $0.9 in 2008. Accumulated impairment losses relating to goodwill aggregated $3.5 million as of December 31, 2010.

Income from operations increased 26% to $56.4 million in 2010 and income from operations decreased 12% to $44.8 million, as compared to $51.0 million in 2008. Operating margins aggregated 12.3%, 10.9% and 11.4% for the years ended December 31, 2010, 2009 and 2008, respectively.

Interest expense aggregated $2.1 million, $2.6 million and $4.9 million for the years ended December 31, 2010, 2009 and 2008, respectively. We use the credit lines available to us, as needed, to finance our working capital needs as well as our financing needs for acquisitions. Loans payable – banks and long-term debt including current maturities aggregated $21.4 million as of December 31, 2010, as compared to $34.6 million as of December 31, 2009.

Foreign currency gains or (losses) aggregated ($2.1) million, $3.2 million and ($1.4) million for the years ended December 31, 2010, 2009 and 2008, respectively. We enter into foreign currency forward exchange contracts to manage exposure related to certain foreign currency commitments. During 2009, we were party to foreign currency forward exchange contracts to hedge approximately 80% of our 2009 European based product sales expected to be invoiced in U.S. dollars. Hedge effectiveness excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings and resulted in most of the gains and losses referred to above.

Our effective income tax rate was 33.7%, 34.9% and 35.1% for the years ended December 31, 2010, 2009 and 2008, respectively. Our effective tax rates differ from statutory rates due to the effect of state and local taxes and tax rates in foreign jurisdictions. Our foreign tax rate has declined slightly over the past two years as a result of the 2008 formation of IP Suisse, which receives a favorable tax rate on a portion of Inter Parfums, S.A. taxable income. In addition, valuation allowances of $0.9 million and $0.8 million have been provided in 2010 and 2009, respectively, against certain foreign net operating loss carry-forwards, as it was determined that future profitable operations from certain foreign subsidiaries might not be sufficient to realize the full amount of net operating loss carry-forwards recognized. In 2008, one of our foreign subsidiaries was merged into Inter Parfums, S.A. and as a result of the merger the Company recognized a tax benefit of $0.7 million from the utilization of certain foreign operating loss carry-forwards including those for which valuation allowances had been previously recorded.

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We did not experience anysignificant changes in tax rates, and none were expected in jurisdictions where we operate.

Net Income and Earnings per Share

	Year ended December 31,
	2010		2009		2008
	(In thousands except share and per share data)
Net income	$	35,675	$	30,158	$	30,122
Less: Net income attributable to the noncontrolling interest		9,082		7,791		6,357
Net income attributable to Inter Parfums, Inc.	$	26,593	$	22,367	$	23,765
Net income attributable to Inter Parfums, Inc. common shareholders’:
Basic	$	0.88	$	0.74	$	0.78
Diluted		0.87		0.74		0.77
Weighted average number of shares outstanding:
Basic		30,360,602		30,099,998		30,621,070
Diluted		30,481,991		30,121,077		30,777,985

Net income increased 18% to $35.7 million in 2010, as compared to $30.2 million in 2009. Net income was virtually unchanged in 2009 aggregating $30.2 million, as compared to $30.1 million in 2008.

Net income attributable to the noncontrolling interest aggregated 25.5%, 25.8% and 21.1% of net income in 2010, 2009 and 2008, respectively. In 2008, losses from our 51% owned European distribution subsidiaries offset profits from our other 75% owned European subsidiaries.

Net income attributable to Inter Parfums, Inc. increased 19% to $26.6 million in 2010, as compared to $22.4 million in 2009. Net income attributable to Inter Parfums, Inc. declined 6% to $22.4 million in 2009, as compared to $23.8 million in 2008. Net margins attributable to Inter Parfums, Inc. aggregated 5.8%, 5.5% and 5.3% for the years ended December 31, 2010, 2009 and 2008, respectively.

Diluted earnings per share aggregated $0.87, $0.74 and $0.77 in 2010, 2009 and 2008, respectively. Weighted average shares outstanding aggregated 30.4 million, 30.1 million and 30.6 million for the years ended December 31, 2010, 2009 and 2008, respectively. On a diluted basis, average shares outstanding were 30.5 million, 30.1 million and 30.8 million for the years ended December 31, 2010, 2009 and 2008, respectively. The decline in shares outstanding in 2009 is primarily the result of shares repurchased pursuant to board of directors authorizations and the increase in 2010 is primarily the result of shares issued pursuant to the exercise of stock options and warrants.

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Liquidity and Capital Resources

Our financial position remains strong. At December 31, 2010, working capital aggregated $184 million and we had a working capital ratio of 2.5 to 1. Cash and cash equivalents and short-term investments aggregated $87 million.

Cash provided by (used in) operating activities aggregated $37.8 million, $84.6 million and ($6.4) million for the years ended December 31, 2010, 2009 and 2008, respectively. In 2010, working capital items used $6.1 million in cash from operating activities as increases in inventories and accounts receivable were offset by increases in accounts payable and accrued expenses and income taxes payable. The $5.9 million increase in accounts receivable in 2010, as shown on the statement of cash flows, reflects favorable collection activity as days receivable outstanding declined from 98 days sales in 2009 to 83 days in 2010. The $29.1 million increase in inventories for 2010, as shown on the statement of cash flows, reflects the needed inventory build to support sales growth and upcoming product launches.

Working capital items provided $42.9 million in cash from operations in 2009 as compared to a use of $54.6 million in 2008. As of December 31, 2007 and continuing through December 31, 2008, we had a significant buildup of inventory to support a very aggressive launch schedule. In terms of cash flows, for the year ended December 31, 2009, inventories decreased $40.6 million or 33%. The global economic crisis resulted in lower sales levels, especially in the first half of 2009. Our inventory levels declined steadily throughout 2009 as we made modifications to our sales projections to take into account the then difficult environment. In terms of cash flow, accounts receivable decreased $20.9 million or 17% for the year ended December 31, 2009, as we began to tighten extended payment terms offered to certain international distributors in the early days of the global economic recession. In addition, in the 2009 period, accounts payable and accrued expenses decreased $18.9 million as our vendor obligations for the 2008 year end inventory buildup became due.

Cash flows used in investing activities in 2010 reflects net purchases of $49.0 million in short-term investments, which are certificates of deposit with maturities greater than three months. We also spent approximately $6.1 million for capital items. Our business is not capital intensive as we do not own any manufacturing facilities. However, we typically spend between $2.5 million and $3.5 million per year on tools and molds, depending on our new product development calendar. The balance of capital expenditures is for office fixtures, computer equipment and industrial equipment needed at our distribution centers. Capital expenditures in 2011 are expected to be in the range of $6.0 million to $6.5 million, considering our 2011 launch schedule. In addition, in connection with new licenses with brand names that have current distribution we may pay an entry fee in connection with securing the license rights. In 2010, we paid approximately $21.4 million in entry fees.

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Our short-term financing requirements are expected to be met by available cash on hand at December 31, 2010, cash generated by operations and short-term credit lines provided by domestic and foreign banks. The principal credit facilities for 2011 consist of a $15.0 million unsecured revolving line of credit provided by a domestic commercial bank and approximately $23.0 million in credit lines provided by a consortium of international financial institutions. As of December 31, 2010, short-term borrowings aggregated $5.2 million.

Our long-term credit facilities provides for principal and interest to be repaid in 20 quarterly installments. As of December 31, 2010, total long-term debt including current maturities aggregated $16.1 million.

Proceeds from sale of stock of subsidiary reflect the proceeds from shares issued by our French subsidiary Inter Parfums, S.A. pursuant to options exercised in 2010, and payment for acquisition of minority interests represents repurchases of shares of our French subsidiary Inter Parfums, S.A. in an effort to offset the dilution from options exercised.

In 2008, we acquired an additional 3.6% interest in Inter Parfums, S.A. from its noncontrolling shareholders for approximately $18.5 million in cash. The acquisition was accounted for under the purchase method.

In December 2008, our Board of Directors authorized a continuation of our cash dividend of $0.133 per share. In January 2010, the Board of Directors authorized a 97% increase in the annual dividend to $0.26 per share.  In January 2011, the Board of Directors authorized a 31% increase in the annual dividend to $0.32 per share. The first quarterly dividend of $0.08 per share will be paid on April 15, 2011 to shareholders of record on March 31, 2011. Dividends paid, including dividends paid once per year to noncontrolling stockholders of Inter Parfums, S.A., aggregated $9.0 million, $5.7 million and $5.8 million for the years ended December 31, 2010, 2009 and 2008, respectively. The cash dividends paid in 2010 represented a small part of our cash position and the dividends for 2011 are not expected to have any significant impact on our financial position.

We believe that funds provided by or used in operations can be supplemented by our present cash position and available credit facilities, so that they 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 did not have a significant impact on operating results for the year ended December 31, 2010.

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Contractual Obligations

The following table sets for a schedule of our contractual obligations over the periods indicated in the table, as well as our total contractual obligations ($ in thousands).

	Payments due by period
Contractual Obligations	Total		Less than 1 year		Years  2-3		Years 4-5		More than 5 years
Long-Term Debt (2)	$	16,800	$	11,600	$	5,200
Capital Lease Obligations
Operating Leases	$	29,700	$	6,900	$	8,200	$	5,500	$	9,100
Purchase obligations(1)	$	1,240,600	$	140,400	$	294,800	$	311,100	$	494,300
Other Long-Term Liabilities Reflected on the Registrant's Balance Sheet under GAAP
Total	$	1,287,100	$	158,900	$	308,200	$	316,600	$	503,400

(1) Consists of purchase commitments for advertising and promotional items, minimum royalty guarantees, including fixed or minimum obligations, and estimates of such obligations subject to variable price provisions. Future advertising commitments were estimated based on planned future sales for the license terms that were in effect at December 31, 2010, without consideration for potential renewal periods and do not reflect the fact that our distributors share our advertising obligations.

(2) Includes long-term debt and related interest costs including interest rate swap amounts.  Interest due as the result of interest rate swaps is all at a fixed rate and is payable $0.21 million and $0.47 million in 2011 and 2012, respectively.

Item 7A. 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 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 currency other than our functional 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 majorindustrialcountriesand are with largefinancial institutions, which are ratedasstronginvestmentgrade.

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, then the changes in fair value of the derivative instrument will be recorded in other comprehensive income.

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

At December 31, 2010, we had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $38.9 million and GB pounds 5.5 million which all have maturities of less than one year. We believe that our risk of loss as the result of nonperformance by any of such financial institutions is remote.

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 an interest rate swap in September 2007 on €22 million of debt, effectively exchanged the variable interest rate of 0.6% above the three month EURIBOR to a fixed rate of 4.42%. The remaining balance owed pursuant to this facility as of December 31, 2010 was €7.7 million. This derivative instrument is recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

Item 8.  Financial Statements and Supplementary Data

The required financial statements commence on page F-1.

Supplementary Data

Quarterly Data (Unaudited)

For the Year Ended December 31, 2010

(In Thousands Except Per Share Data)

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Full Year
Net sales	$	119,373	$	107,765	$	120,853	$	112,420	$	460,411
Gross profit		71,721		64,724		71,275		66,290		274,010
Net income		8,950		6,983		11,409		8,333		35,675
Net income attributable to Inter Parfums, Inc.		6,550		5,356		8,448		6,239		26,593
Net income attributable to Inter Parfums, Inc. per share:
Basic	$	0.22	$	0.18	$	0.28	$	0.20	$	0.88
Diluted	$	0.22	$	0.18	$	0.28	$	0.20	$	0.87
Average common shares outstanding:		30,192		30,361		30,443		30,446		30,361
Basic		30,291		30,467		30,564		30,605		30,482
Diluted

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Quarterly Data (Unaudited)

For the Year Ended December 31, 2009

(In Thousands Except Per Share Data)

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Full Year
Net sales	$	90,409	$	88,604	$	117,542	$	112,909	$	409,464
Gross profit		53,565		50,201		67,080		63,322		234,168
Net income		7,256		5,753		9,611		7,539		30,159
Net income attributable to Inter Parfums, Inc.		5,428		4,226		7,262		5,451		22,367
Net income attributable to Inter Parfums, Inc. per share:
Basic	$	0.18	$	0.14	$	0.24	$	0.18	$	0.74
Diluted	$	0.18	$	0.14	$	0.24	$	0.18	$	0.74
Average common shares outstanding:		30,166		30,064		30,061		30,109		30,100
Basic		30,166		30,064		30,065		30,189		30,121
Diluted

We review goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The goodwill relates to our Nickel skin care business which is primarily a component of our European based operations. In 2009, we had determined that the carrying amount of the goodwill exceeded fair value resulting in impairment losses aggregating $1.7 million. No further impairment losses were recognized in 2010. Accumulated impairment losses relating to goodwill aggregated $3.5 million as of December 31, 2010.

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

None.

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Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rule 13a-15(e)) as of the end of the period covered by this annual report on Form 10-K (the “Evaluation Date”).  Based on their review and evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of the Evaluation Date our Company's disclosure controls and procedures were effective.

Management’s Annual Report on Internal Control over Financial Reporting

The management of Inter Parfums, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting for the company. With the participation of the Chief Executive Officer and the Chief Financial Officer, our management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework and criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, 2010.

Our independent auditor, WeiserMazars LLP, a registered public accounting firm, has issued its report on its audit of our internal control over financial reporting. This report appears below.

Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting

To the Board of Directors and Stockholders of Inter Parfums, Inc.

We have audited Inter Parfums, Inc.’s internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).  Inter Parfums, Inc.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances.  We believe that our audit provides a reasonable basis for our opinion.

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A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of the changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Inter Parfums, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Inter Parfums, Inc. as of December 31, 2010 and the related consolidated statements of income, changes in shareholders’ equity, comprehensive income, and cash flows for the year ended December 31, 2010 and our report dated March 8, 2011 expressed an unqualified opinion thereon.

WeiserMazars LLP

New York, New York

March 8, 2011

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Item 9B. Other Information.

None.

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PART III

Item 10.  Directors, Executive Officers and Corporate Governance

Executive Officers and Directors

As of the date of this report, our executive officers and directors were as follows:

Name	Position
Jean Madar	Chairman of the Board, Chief Executive Officer of Inter Parfums, Inc. and Director General of Inter Parfums, S.A.
Philippe Benacin	Vice Chairman of the Board, President of Inter Parfums, Inc. and Chief Executive Officer of Inter Parfums, S.A.
Russell Greenberg	Director, Executive Vice President and Chief Financial Officer
Philippe Santi	Director, Executive Vice President and Chief Financial Officer, Inter Parfums, S.A.
Francois Heilbronn	Director
Jean Levy	Director
Robert Bensoussan-Torres	Director
Serge Rosinoer	Director
Patrick Choël	Director
Hugues de la Chevasnerie	Director of Burberry Fragrances, Inter Parfums, S.A.
Frederic Garcia-Pelayo	Director of the Luxury and Fashion division of Inter Parfums, S.A.
Axel Marot	Director of Production & Logistics, Inter Parfums, S.A.
Henry B. (“Andy”) Clarke	President of Inter Parfums USA, LLC

Our directors will serve until the next annual meeting of stockholders and thereafter until their successors shall have been elected and qualified. Messrs. Jean Madar and Philippe Benacin have a verbal agreement or understanding to vote their shares in a like manner.

With the exception of Mr. Benacin, the officers are elected annually by the directors and serve at the discretion of the board of directors.  There are no family relationships between executive officers or directors of our Company.

Board of Directors

Our board of directors has the responsibility for establishing broad corporate policies and for the overall performance of our Company. Although certain directors are not involved in day-to-day operating details, members of the board of directors are kept informed of our business by various reports and documents made available to them. Our board of directors held 17 meetings (or executed consents in lieu thereof), including meetings of committees of the full board of directors during 2010 (with the last regular board meeting held during the first week of January 2011), and all of the directors attended at least 75% of the meetings (or executed consents in lieu thereof) of the full board of directors and committees of which they were a member, except for Messrs. Bensoussan-Torres and Rosinoer. Our board of directors presently consists of nine (9) directors, with a majority of independent directors.

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We have adopted a Code of Business Conduct that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, as well as other persons performing similar functions, and we agree to provide to any person without charge, upon request, a copy of our Code of Business Conduct. Any person who requests a copy of our Code of Business Conduct should provide their name and address in writing to: Inter Parfums, Inc., 551 Fifth Avenue, New York, NY 10176, Att.: Shareholder Relations. In addition, our Code of Conduct is also maintained on our website, at www.interparfumsinc.com.

During 2010 our board of directors had the following standing committees:

· Audit Committee – The Audit Committee has the sole authority and is directly responsible for, the appointment, compensation and oversight of the work of the independent accountants employed by our company which prepare or issue an audit report for our company. During 2010, the Audit Committee consisted of Messrs. Heilbronn, Levy and Choël.

The Company does not have an “audit committee financial expert” within the definition of the applicable Securities and Exchange Commission rules. First, finding qualified nominees to serve as a director of a public company without substantial financial resources has been challenging. Second, despite the applicable Securities and Exchange Commission rule which states that being named as the audit committee financial expert does not impose any greater duty, obligation or liability, the Company has been met with resistance from both present and former directors to being named as such primarily due to potential additional personal liability.

However, as the result of the background, education and experience of the members of the Audit Committee, our board of directors believes that such committee members are fully qualified to fulfill their obligations as members of the Audit Committee.

· Executive Compensation and Stock Option Committee – The Executive Compensation and Stock Option Committee oversees the compensation of our company’s executives and administers our company’s stock option plans. During 2010, the members of such committee consisted of Messrs. Heilbronn, Levy and Choël. We presently do not have a separate charter for our Executive Compensation and Stock Option Committee.

· Nominating Committee – The Nominating Committee was formed in January 2011, and the members of such committee consist of Messrs. Heilbronn, Levy and Choël. The purpose of the Nominating Committee is to determine and recommend qualified persons to the Board of Directors who will be put forth as management's slate of directors for vote of the Corporation's stockholders, as well as to fill vacancies in the Board of Directors. The charter of the Nominating Committee is posted on our company’s website.

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Business Experience

The following sets forth biographical information as to the business experience of each executive officer and director of our company for at least the past five years.

Jean Madar

Jean Madar, age 50, a Director, has been the Chairman of the Board since our company’s inception, and is a co-founder of our company with Mr. Philippe Benacin. From inception until December 1993 he was the President of our company; in January 1994 he became Director General of Inter Parfums, S.A., our company’s subsidiary; and in January 1997 he became Chief Executive Officer of our company. Mr. Madar was previously the managing director of Inter Parfums, S.A., from September 1983 until June 1985. At such subsidiary, he had the responsibility of overseeing the marketing operations of its foreign distribution, including market research analysis and actual marketing campaigns. Mr. Madar graduated from The French University for Economic and Commercial Sciences (ESSEC) in 1983.

Philippe Benacin

Mr. Benacin, age 52, a Director, is President of our Company and the Chief Executive Officer of Inter Parfums, S.A., has been the Vice Chairman of the Board since September 1991, and is a co-founder of our company with Mr. Madar. He was elected the Executive Vice President in September 1991, Senior Vice President in April 1993, and President of the Company in January 1994.  In addition, he has been the Chief Executive Officer of Inter Parfums, S.A. for more than the past five years.  Mr. Benacin graduated from The French University for Economic and Commercial Sciences (ESSEC) in 1983.

Russell Greenberg

Mr. Greenberg, age 54, the Chief Financial Officer, was Vice-President, Finance when he joined the Company in June 1992; became Executive Vice President in April 1993; and was appointed to our board of directors in February 1995. He is a certified public accountant licensed in the State of New York, and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. After graduating from The Ohio State University in 1980, he was employed in public accounting until he joined our company in June 1992.

Philippe Santi

Philippe Santi, age 49 and a Director since December 1999, is the Executive Vice President and Chief Financial Officer of Inter Parfums, S.A. Mr. Santi, who is a is a Certified Accountant and Statutory Auditor in France, has been the Chief Financial Officer of Inter Parfums, S.A. since February 1995. Prior to February 1995, Mr. Santi was the Chief Financial Officer for Stryker France and an Audit Manager for Ernst and Young.

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Francois Heilbronn

Mr. Heilbronn, age 50, a Director since 1988, an independent director and a member of the Audit Committee and the Executive Compensation and Stock Option Committee, is a graduate of Harvard Business School with a Master of Business Administration degree and is currently the managing partner of the consulting firm of M.M. Friedrich, Heilbronn & Fiszer. He was formerly employed by The Boston Consulting Group, Inc. from 1988 through 1992 as a manager. Mr. Heilbronn graduated from Institut d' Etudes Politiques de Paris in June 1983. From 1984 to 1986, he worked as a financial analyst for Lazard Freres & Co.In addition, during 2009 Mr. Heilbronn became anAssociate Professor in Business Strategy at Sciences Po, Paris, France.

Jean Levy

Jean Levy, age 78, a Director since August 1996, an independent director and a member of the Audit Committee and the Executive Compensation and Stock Option Committee, worked for twenty-seven years at L'Oreal, and was the President and Chief Executive Officer of Cosmair, the exclusive United States licensee of L'Oreal, from 1983 through June 1987. In addition, he is the former President and Chief Executive Officer of Sanofi Beaute (France). For the more than the past five years, Mr. Levy has been an independent advisor as well as a consultant for economic development to local governments in France. A graduate of l'Institut d'Etudes Politiques de Paris, he also attended Yale Graduate School and was a recipient of a Fulbright Scholarship.  He was also a Professor at l'Institut d'Etudes Politiques de Paris. He was formerly a director of  Zannier Group  and Escada Beaute Worldwide and Rallye, S.A. In addition, Mr. Levy was also a director (Chairman of the Board until October 2001) of Financière d'Or, and its subsidiary, Histoire d'Or which is in the retail jewelry business. Mr. Levy was formerly a consultant to Ernst & Young, Paris through 2004. He is currently a board member of Price Minister, an internet based retailer located in Paris.

Robert Bensoussan-Torres

Robert Bensoussan-Torres, age 53, has been a Director since March 1997, and also is an independent director. Mr. Bensoussan is a director of Jimmy Choo, is the co-founder of Sirius Equity, a retail and branded luxury goods investment company. In November 2001, he became the Chief Executive Officer of Jimmy Choo Ltd., a luxury shoe and ready to wear accessory company. In 2007 Jimmy Choo Ltd. was sold to a private equity firm. From 1999 to December 2000, he was the Managing Director of Gianfranco Ferre fashion group, based in Milano, Italy. Previously Mr. Bensoussan-Torres was a Director of Towers Consulting Europe, Ltd. Towers Consulting Europe, Ltd. is a consulting company based in London, which specializes in strategic advise in connection with mergers and acquisitions in the luxury goods business. Mr. Bensoussan-Torres was the Chief Executive Officer of Christian Lacroix, Paris, a subsidiary of LVMH Group, from February 1993 until May 1998. Christian Lacroix was a French Haute Couture House and has activities in the field of apparel, accessories and fragrances. From December 1990 through January 1993 he was based in Munich, Germany, as the International Sales Director of The Escada Group.

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Serge Rosinoer

Mr. Rosinoer, age 79, was appointed to our board of directors in December 2000, as an independent director. Mr. Rosinoer has devoted most of his career to the personal care, cosmetics and fragrance industry.  Mr. Serge Rosinoer is presently the Vice Chairman of the Supervisory Board of Clarins SA.  In 1978, Mr. Rosinoer joined the Clarins Group as Vice President and Chief Operating Officer where he was largely responsible for its rapid international expansion.  As COO, then CEO since 1978, Mr. Rosinoer oversaw the transformation of Clarins into a major force in cosmetics, skin care and fragrance, with annual sales of approximately 850 million Euro and more than 4,500 employees.  He retired from active duty in May of 2000, but continues to serve on the board of directors of Clarins.  Earlier in his career he was President of Parfums Corday.  He also held senior level executive positions at Max Factor, where he had full supervision of that cosmetics company’s European production and sales. Mr. Rosinoer has served several terms as President of the French Prestige Cosmetics Association.

Patrick Choël

Mr. Choël, age 67, was appointed to the board of directors in June 2006 as an independent director, and is a member of both the Audit Committee and the Executive Compensation and Stock Option Committee. Mr. Choël is a director of our majority-owned subsidiary, Inter Parfums, S.A., and Modellabs, both publicly held companies, and Christian Dior and Guerlain, both privately held companies. He is also the manager of Université 82, a business consultant and advisor. For approximately 10 years, through March 2004, Mr. Choël worked as the President and CEO of two divisions of LVMH, first Parfums Christian Dior, a leading world-wide prestige beauty/fragrances business, and later, the LVMH Perfumes and Cosmetics Division, which included such well known brands as Parfums Christian Dior, Guerlain, and Parfums Givenchy, among others. Prior to such time, for approximately 30 years, he work at various executive positions at Unilever, including President and CEO of Elida Fabergé France and President and CEO of Chesebrough Pond’s USA.

Hugues de la Chevasnerie

Hugues de la Chevasnerie, age 42, became the Director of Burberry Fragrances in December 2006. Prior to joining Burberry Fragrances, Mr. Chevasnerie was from February 2002 the Vice President of International Marketing, Davidoff & Chloé, at Coty Inc. From 1994 to 2002, he held various positions at LVMH- Parfums Christian Dior, including Group Head for Men’s Perfumes from 1999 to 2002.

Frederic Garcia-Pelayo

Frederic Garcia-Pelayo, age 52, became the Director of the Luxury and Fashion division of Inter Parfums, S.A. in March 2005. He was previously the Director of Marketing and Distribution for Perfume and Cosmetics for Inter Parfums, S.A. and was named Executive Vice President in 2004. Previously Mr. Garcia-Pelayo was the Director of Export Sales of Inter Parfums, S.A. from September 1994. Prior to September 1994, Mr. Garcia-Pelayo was the Export Manager for Benetton Perfumes for seven (7) years.

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Axel Marot

Axel Marot, age 37, was the Supply Chain Manager when he joined Inter Parfums, S.A. in 2003 and has been the Director of Operations for Inter Parfums, S.A. since January 2005. Prior to joining Inter Parfums, S.A., Mr. Marot was a Supply Chain Manager for Nestlé.

Andy Clarke

Henry B. “Andy” Clarke, age 50, was appointed as President of Inter Parfums USA, LLC in 2009, following his appointment as President of  Inter Parfums USA, LLC – Specialty Retail Division in January 2008, which presently encompasses fragrance and personal care products produced for Gap, Banana Republic, New York & Company, Brooks Brothers,  bebe, Nine West and Betsey Johnson. Mr. Clarke has been employed by our company since 2001. Prior to joining the Company Mr. Clarke had spent seventeen years in the beauty business in various capacities.

Section 16(a) Beneficial Ownership Reporting Compliance

Based solely upon a review of Forms 3, 4 and 5 and any amendments to such forms furnished to us, and written representations from various reporting persons furnished to us, we are not aware of any reporting person who has failed to file the reports required to be filed under Section 16(a) of the Securities Exchange Act of 1934 on a timely basis, except as follows:

An independent director, Mr. Francois Heilbronn, filed one Form 4 which disclosed sales of 37,500 shares four days late in January 2011 as the result of a delay in obtaining the sales information from his broker.

Item 11.  Executive Compensation

Compensation Discussion and Analysis

General

The executive compensation and stock option committee of our board of directors is comprised entirely of independent directors and oversee all elements of compensation (base salary, annual bonus, long term incentives and perquisites) of our company’s executive officers and administers our company’s stock option plans, other than the non-employee directors stock option plan, which is self executing.

The objectives of our compensation program are designed to strike a balance between offering sufficient compensation to either retain existing or attract new executives on the one hand, and maintaining compensation at reasonable levels on the other hand. We do not have the resources comparable to the cosmetic giants in our industry, and accordingly cannot afford to pay excessive executive compensation. In furtherance of these objectives, our executive compensation packages generally include a base salary, as well as annual incentives tied to individual performance and long-term incentives tied to our operating performance.

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Mr. Madar, the Chairman and Chief Executive Officer, takes the initiative after discussions with Mr. Russell Greenberg, an Executive Vice President, Chief Financial Officer and a Director, and recommends executive compensation levels for executives in the United States. Mr. Benacin, the Chief Executive Officer of Inter Parfums, S.A., takes the initiative after discussions with Philippe Santi, the Chief Financial Officer of Inter Parfums, S.A., and recommends executive compensation levels for executives in Europe. The recommendations are presented to the compensation committee for its consideration, and the compensation committee makes a final determination regarding salary adjustments and annual award amounts to executives, including our Jean Madar and Philippe Benacin. Further, Messrs. Madar and Benacin, in addition to being executive officers and directors, are our largest shareholders, and therefore, their interests are aligned with our shareholder base in keeping executive compensation at a reasonable level.

The compensation committee believes that individual executive compensation is at a level comparable with executives in other companies of similar size and stage of development that operate in the fragrance industry and take into account our company’s performance as well as our own strategic goals. Further, the compensation committee believes that its present policies to date, with its emphasis on rewarding performance, has served to focus the efforts of our executives, which in turn permitted our company to weather the storm of this recession and put our company on track to return to a high rate of growth and profitability, which management believes will result in a substantial increase in value to our shareholders.

Elements of Compensation

General

The compensation of our executive officers is generally comprised of base salaries, annual cash bonuses and long-term equity incentive awards. In determining specific components of compensation, the compensation committee considers individual performance, level of responsibility, skills and experience, and other compensation awards or arrangements. The compensation committee reviews and approves all elements of compensation for all of our executive officers taking into consideration recommendations from the Chief Executive Officer of our company and the Chief Executive Officer of Inter Parfums, S.A., as well as information regarding compensation levels at competitors in our industry.

Our named executive officers have all been with the company for more than the past ten (10) years, with Messrs. Madar and Benacin being founders of the company in 1985. As previously disclosed, Mr. Madar for United States operations, and Mr. Benacin for European operations, each recommend executive compensation levels for executives in the respective operating segments. In addition, and also as previously reported, Messrs. Greenberg, the Chief Financial Officer of the company (as well as United States operations) and Santi, the Chief Financial Officer of European operations, also participate in recommendations for executive compensation levels for executives in the respective operating segments.

As Messrs. Madar and Greenberg for United States operations, and Benacin and Santi for European operations, are most familiar with the individual performance, level of responsibility, skills and experience of each executive officer in their respective segments, the compensation committee relies upon the information provided by such executive officers in determining individual performance, level of responsibility, skills and experience of each executive officer.

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The compensation committee views the competitive market place very broadly, which would include executive officers from both public and privately held companies in general, including fashion and beauty companies, but not limited to the “peer companies” contained in the corporate performance graph contained in this annual report. Rather than tie the compensation committee’s determination of compensation proposals to any specific peer companies, the members of our committee have used their business experience, judgement and knowledge to review the executive compensation proposals recommended to them by Mr. Madar for United States operations and Benacin for European operations. As such, compensation committee did not determine the need to “benchmark” of any material item of compensation or overall compensation.

The members of the compensation committee have extensive experience and business acumen and are well qualified in determining the appropriateness of executive compensation levels. Mr. Heilbronn is a managing partner of a business consulting firm in the area of mergers and acquisitions of large international companies in retail, consumer goods and consumer services throughout the world. Mr. Levy has over thirty years experience as an executive officer, including more than ten years as President and Chief Executive Officer of well known cosmetic companies such as Cosmair and Sanofi Beaute (France). Mr. Choël, the final committee member, is presently a business consultant and advisor, who previously worked as President and Chief Executive Officer of two divisions of LVMH Moet Hennessy Louis Vuitton S.A., which included such well known brands as Parfums Christian Dior, Guerlain, and Parfums Givenchy.

Base Salary

Base salaries for executive officers are initially determined by evaluating the responsibilities of the position held and the experience of the individual, and by reference to the competitive market place for executive talent. Base salaries for executive officers are reviewed on an annual basis, and adjustments are determined by evaluating our operating performance, the performance of each executive officer, as well as whether the nature of the responsibilities of the executive has changed.

As stated above, as Messrs. Madar and Greenberg for United States operations, and Benacin and Santi for European operations, are most familiar with the individual performance, level of responsibility, skills and experience of each executive officer in their respective segments, the committee relies upon the information provided by such executive officers in determining individual performance, level of responsibility, skills and experience of each executive officer.

For executive officers of United States operations, the bulk of their annual compensation is in base salary. However, for executive officers of European operations base salary comprises a smaller percentage of overall compensation.

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We have paid a lower percentage of overall compensation in the form of base salary to executive officers of European operations for several years, principally because European operations historically have had higher profitability than United States operations and European operations are run differently by the Chief Executive Officer of European operations, Mr. Benacin, than United States operations. As the result of this historically higher profitability, European operations have had the ability to pay higher bonus compensation in addition to base salary. As bonus compensation is and has historically been discretionary, no targets were set in order to maintain flexibility. Further, if results of operations for European operations were not satisfactory (again, no target amounts were set to maintain flexibility), then bonus compensation, as well as overall compensation could be lowered without otherwise affecting base salary. Finally, by keeping annual bonus compensation at a higher percentage of overall compensation and base salary at a lower percentage, our company benefits because the base amount for annual salary adjustments would be smaller.

Upon the recommendation of Mr. Benacin, the base salaries of Mr. Philippe Santi, the Chief Financial Officer of Inter Parfums, S.A., and Mr. Frederic Garcia-Pelayo, were each increased from 249,600 euro in 2009 to 260,400 euro in 2010, a 4% increase. Likewise, Mr. Benacin’s base compensation was increased from 249,600 euro in 2009 to 260,400 euro in 2010.

A different approach is taken for United States operations as that segment is much smaller and profitability is much more volatile. A more significant base salary is paid in order to attract and retain employees with the skills and talents needed to run the operation with a lesser emphasis placed on bonuses.  None of the executive officers for United States operations have employment agreements, as we believe that having flexibility in structuring annual base salary is a benefit, which permits us to act quickly to meet a changing economic environment.

Initially in 2009, the compensation committee had agreed to have the base salary of Mr. Madar, the Chief Executive Officer, remain at the same level of $400,000, which it has been for the past several years. Further, upon recommendation of our Chief Executive Officer, the executive compensation committee had determined to increase the base salary of Mr. Greenberg, the Chief Financial Officer, by $20,000 from $435,000 to $455,000, a 4.6%   increase and to increase the base salary of Mr. Clark, the president of Inter Parfums USA, LLC (Specialty Retail Division) by $20,000. Mr. Greenberg had received salary increases of $30,000 for the prior last four years.

Unfortunately, with the global economic downturn commencing in the fourth quarter of 2008, the market price of our common stock as reported by The Nasdaq Stock Market had decreased substantially. Further, consolidated net sales of our company for the first quarter of 2009 had decreased and visibility for the remainder of 2009 was very unclear. Based upon the recommendations of the chief executive officer, the executive compensation committee authorized a (i) rollback the $20,000 increase in the annual base salaries previously authorized for the chief financial officer and president of Inter Parfums USA, LLC (Specialty Retail Division), so that their annual base salaries would return to the levels paid in 2008, and (ii) decrease the annual base salary by $20,000 of the Chief Executive Officer, all on a pro rata basis effective as of April 16, 2009.

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For 2011,the base salaries for Mr. Greenberg and Mr. Clarke were increased by $22,000 and $20,000, respectively. The executive compensation committee believes these increases in salary were merited by the hard work and responsibility undertaken by these executive officers, as well as the increase in profitability of our company. These increase essentially restored cuts in pay for these two executive officers in 2009. Mr. Madar, the Chief Executive Officer, did not receive any increase in his base salary, which remains at $380,000.

Bonus Compensation/Annual Incentives

We have paid a higher percentage of overall compensation in the form of bonus compensation to executive officers of European operations for several years, principally because European operations historically have had higher profitability than United States operations. As the result of this historically higher profitability, European operations have had the ability to pay higher bonus compensation in addition to base salary. As bonus compensation is discretionary no targets were set in order to maintain flexibility. Further, if results of operations for European operations were not satisfactory (again, no target amounts were set to maintain flexibility), then bonus compensation, as well as overall compensation could be lowered without otherwise affecting base salary.

For 2010, Mr. Benacin, the chief decision maker for European operations, proposed and the committee concurred in the payment of bonus compensation equal to approximately 72% of base salary for executive officers of European operations. This is compared to bonus compensation as a percentage of annual salary of 58% and 71% for Mr. Benacin in 2009 and 2008, and approximately 70% for Messrs. Santi and Garcia-Pelayo in both 2009 and 2008.

A different approach is taken for United States operations as that segment is much smaller and profitability is much more volatile. A more significant base salary is paid in order to attract and retain employees with the skills and talents needed to run the operation with a lesser emphasis placed on bonuses. Based upon the recommendation of the Chief Executive Officer, Mr. Greenberg received a cash bonus or $17,500, and Mr. Clarke’s cash bonus is still under review. No cash bonus compensation was paid to executive officers of United States operations for 2009 due to the global recession. Mr. Greenberg had received a cash bonus of $35,000 for 2008. In order for Mr. Madar, the Chief Executive Officer to receive a cash bonus, United States operations has to achieve after tax profit target. In 2010, 2009 and 2008, based upon such targets, our Chief Executive Officer did not earn any cash bonus. The Executive Compensation Committee has determined to use the same after tax profit target for our company’s United States operations to calculate Mr. Madar’s bonus for 2011.

As required by French law, Inter Parfums, SA maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of our European operations other than Mr. Benacin, the Chief Executive Officer of Inter Parfums, SA. Benefits are calculated based upon a percentage of taxable income of Inter Parfums, S.A. and allocated to employees based upon salary. The maximum amount payable per year per employee is 25,000 euros, or approximately $33,130.

Calculation of total annual benefits contribution is made according to the following formula:

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50% of (Inter Parfums, S.A. net income, less 5% of shareholders equity without net income for the year) times a fraction, the numerator of which is wages, and the denominator of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses.

Contribution to individual employees is then made pro rata based upon their individual salaries for the year.

Long Term Incentives

Stock Options. We link long-term incentives with corporate performance through the grant of stock options. All options are granted with an exercise price equal to the fair market value of the underlying shares of our common stock on the date of grant, and terminate on or shortly after severance of the executive’s relationship with us. Unless the market price of our common stock increases, corporate executives will have no tangible benefit. Thus, they are provided with the additional incentive to increase individual performance with the ultimate goal of increasing our overall performance. We believe that enhanced executive incentives which result in increased corporate performance tend to build company loyalty. As a general rule, the number of options granted is determined by several factors, but most importantly, both individual and company operating results for the past year, as well as past option grants to such executives.

For executive officers of United States operations and European operations, we typically grant nonqualified stock options with a term of 6 years that vest ratably of a 5-year period on a cumulative basis, so that the option will become fully exercisable at the beginning of the sixth year from the date of grant. In addition, option grants to purchase shares of our majority-owned, French subsidiary, Inter Parfums, S.A. were also granted to Messrs. Benacin, Santi and Garcia-Pelayo under the Inter Parfums SA option plan, which have a term of 6 years and vest 4 years after the date of grant.

We believe that the vesting period of these options serve a dual purpose: 1. executives will not receive any benefit if they leave prior to such portion of the option vesting; and 2. having a vesting period, matches the service period with the potential benefits of the option. Pursuant to our stock option plan, non-qualified stock options granted to executives terminate immediately upon the executive’s termination of association with our company. This termination provision coupled with a vesting period reduces benefits afforded to an executive when an executive officer leaves our employ.

 Over the past several years, as our company has grown and the market price or our common stock has increased, Messrs. Madar and Benacin have realized substantial compensation as the result of the exercise of their options. As the two executives most responsible for continued growth and success of our company, the Committee believes the granting of options is an appropriate tool to tie a substantial portion of their compensation to the success of our company and is completely warranted.

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The actual compensation realized as the result of the exercise of options in the past, as well as the future potential of such rewards, are powerful incentives for increased individual performance and ultimately increased company performance. In view of the fact that the executive officers named above contribute significantly to our profitable operations, the compensation committee believes the option grants are valid incentives for these executive officers and are fair to our shareholders. Generally we grant options to executive officers in December of each year.

In December 2010, upon the recommendation of the company’s Chief Executive Officer, the compensation committee granted options to purchase a total of 19,000 shares of our common stock to each of Jean Madar and Philippe Benacin at the fair market value on the date of grant, which were the same number of shares for which options had been granted to Messrs. Madar and Benacin in December 2009 and December 2008. Option grants to Messrs Madar and Benacin were identical as each is the Chief Executive Officer of their respective operating segments. Also in December 2010, the compensation committee granted options to purchase 25,000 shares to Mr. Greenberg, the Chief Financial Officer, at the fair market value on the date of grant, the same number of options granted in 2009.

In December 2010, options to purchase 3,000 shares were granted to Messrs. Santi and Garcia-Pelayo, as additional compensation for the increase in operating results for European Operations and the company overall. However, no options were granted to Messrs. Santi and Garcia-Pelayo from our company during 2009 or for 2008.

For the past few years we had temporarily discontinued all option grants to purchase shares of our majority-owned, French subsidiary, Inter Parfums, S.A. to avoid a decrease in the dilution of our ownership interest in Inter Parfums, S.A. However, at the request of Messrs. Benacin and Santi, Inter Parfums, S.A. again commenced granting options to its employees and executive officers, including to Messrs. Santi and Garcia-Pelayo, as Messrs. Benacin and Santi had determined that it was more beneficial for the employees and executive officers of European operations have a stake in Inter Parfums, S.A., rather than our company. Accordingly, in December 2009 Inter Parfums, S.A. authorized a stock option plan which provides for a maximum of 3% of the outstanding shares of Inter Parfums, S.A. to be available for grant. Under the Inter Parfums S.A. stock option plan, options are granted at the fair market value at the time of grant for a term of 6 years and vest 4 years after the date of grant. In October 2010, Inter Parfums, S.A. granted of options to purchase 7,000 shares for each of Messrs. Madar, Benacin, Santi and Garcia-Pelayo and 1,500 shares for Mr. Greenberg. In December 2009, Inter Parfums, S.A. authorized grants of options to employees of Inter Parfums, S.A. for an aggregate of 0.5% of outstanding shares, including options to purchase 6,000 shares for each of Messrs. Madar, Benacin, Santi and Garcia-Pelayo and 1,200 shares for Mr. Greenberg.

Stock Appreciation Rights. Our 2004 stock option plan authorizes us to grant stock appreciation rights, or SARs. An SAR represents a right to receive the appreciation in value, if any, of our common stock over the base value of the SAR. To date, we have not granted any SARs under the 2004 plan. While the compensation committee currently does not plan to grant any SARs under our 2004 plan, it may choose to do so in the future as part of a review of the executive compensation strategy. The Inter Parfums S.A. stock option plan does not have stock appreciate rights.

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Restricted Stock. We have not in the past, and we do not have any future plans to grant restricted stock to our executive officers.However, while the compensation committee currently does not plan to authorize any restricted stock plans, the compensation committee may choose to do so in the future as part of a review of the executive compensation strategy.

Other Compensation

Mr. Benacin is the Chief Executive Officer of Inter Parfums, S.A. (European operations), as well as a founder of our company, and we believe we should recognize his responsibility, skills and experience, as well as the results of the company. In view of his service to the company, Mr. Benacin has received a housing and automobile allowance for more than the past ten (10) years. This is a way we have differentiated him from other executive officers of European operations, and acknowledged his responsibility, skills and experience, as well as the company’s operating results, while maintaining his base salary at the same level as Messrs. Santi and Garcia-Pelayo, the other named executive officers of European operations.

No Stock Ownership Guidelines

We do not require any minimum level of stock ownership by any of our executive officers. As stated above, Messrs. Madar and Benacin, are our largest shareholders, which aligns their interests with our shareholder base in keeping executive compensation at a reasonable level.

Retirement and Pension Plans

We maintain a 401(k) plan for United States operations. However, we do not match any contributions to such plan, as we have determined base compensation together with annual bonuses and stock option awards, are sufficient incentives to retain talented employees. Our European operations maintains a pension plan for it employees as required by French law.

Compensation Committee Report

We have reviewed and discussed with management the Compensation Discussion and Analysis provisions to be included in this amendment to the Annual Report on Form 10-K for fiscal year ended December 31, 2010 and the proxy statement for the upcoming annual meeting of shareholders. Based on this review and discussion, we recommend to the board of directors that the Compensation Discussion and Analysis referred to above be included in this Annual Report on Form 10-K as well as the proxy statement for the upcoming annual meeting of shareholders.

Francois Heilbronn, Jean Levy and Patrick Choël

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The following table sets forth a summary of all compensation awarded to, earned by or paid to our “named executive officers,” who are our principal executive officer, our principal financial officer, and each of the 3 most highly compensated executive officers of our Company. This table covers all such compensation during fiscal years ended December 31, 2010, December 31, 2009 and December 31, 2008. For all compensation related matters disclosed in this Item 11, all amounts paid in euro have been converted to U.S. dollars at the average rate of exchange in each year.

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SUMMARY COMPENSATION TABLE
Name and Principal Position	Year	Salary ($)		Bonus ($)		Stock Awards ($)		Option Awards ($)(1)		Non-Equity Incentive Plan Compensation ($)(2)		Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)		All Other Compensation ($)(3)		Total ($)
Jean Madar,	2010		380,000		-0-		-0-		107,000		-0-		-0-		-0-		487,000
Chairman and	2009		380,000		-0-		-0-		115,000		-0-		-0-		-0-		495,000
Chief Executive Officer	2008		400,000		-0-		-0-		98,000		-0-		-0-		-0-		498,000
Russell Greenberg,	2010		435,000		17,500		-0-		140,000		-0-		-0-		2,850		595,350
Chief Financial Officer and	2009		435,000		-0-		-0-		118,000		-0-		-0-		-0-		553,000
Executive Vice President	2008		435,000		35,000		-0-		37,000		-0-		-0-		2,214		553,214
Philippe Benacin, President Inter	2010		345,082		249,138		-0-		107,000		-0-		10,999		40,816		753,035
Parfums, Inc., Chief Executive	2009		348,492		201,052		-0-		115,000		-0-		11,496		98,850		774,890
Officer of Inter Parfums, S.A.	2008		324,489		229,258		-0-		98,000		-0-		11,757		104,039		767,543
Philippe Santi, Executive Vice	2010		345,082		249,138		-0-		17,000		34,323		10,999		-0-		656,542
President and Chief Financial	2009		348,492		238,750		-0-		30,000		29,599		11,496		-0-		658,337
Officer, Inter Parfums, SA	2008		324,489		229,258		-0-		49,000		22,632		11,757		-0-		637,000
Frédéric Garcia-Pelayo,	2010		345,082		249,138		-0-		17,000		34,323		10,999		9,011		665,553
Director Export Sales,	2009		348,492		238,750		-0-		30,000		29,599		11,496		9,550		667,887
Inter Parfums, S.A.	2008		324,489		229,258		-0-		49,000		22,632		11,757		-0-		637,136

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1 Amounts reflected under Option Awards represent the grant date fair values in 2010, 2009 and 2008 based on the fair value of stock option awards using a Black-Scholes option pricing model. The assumptions used in this model are detailed in Footnote 13 to the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2010 and filed with the SEC.

2 As required by French law, Inter Parfums, S.A. maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of  our European operations other than Mr. Benacin, the Chief Executive Officer of Inter Parfums, S.A. Benefits are calculated based upon a percentage of taxable income of Inter Parfums, S.A. and are allocated to employees  based upon salary. The maximum amount payable per year is 25,000 euro, or approximately $33,130.

Calculation of total annual benefits contribution is made according to the following formula:

50% of (Inter Parfums, S.A. net income, less 5% of shareholders equity without net income for the year) times a fraction, the numerator of which is wages, and the denominator of which is net income before taxes, + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses.

Contribution to individual employees is then made pro rata based upon their individual salaries for the year.

3 The following table identifies (i) perquisites and other personal benefits provided to our named executive officers in fiscal 2010 and quantifies those required by SEC rules to be quantified and (ii) all other compensation that is required by SEC rules to be separately identified and quantified.

Name and Principal Position	Perquisites and other Personal Benefits ($)		Personal Automobile Expense($)		Lodging Expense($)		Total ($)
Jean Madar,
Chief Executive Officer		-0-		-0-		-0-		-0-
Russell Greenberg, Chief Financial Officer		-0-		2,850		-0-		2,850
Philippe Benacin, President of Inter
Parfums, Inc. and Chief Executive
Officer of Inter Parfums, S.A.		-0-		14,312		26,504		40,816
Philippe Santi,
Executive Vice President and
Director General Delegue, Inter
Parfums, S.A.		-0-		-0-		-0-		-0-
Frédéric Garcia-Pelayo,
Director Export Sales,
Inter Parfums, S.A.		-0-		9,011		-0-		9,011

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Plan Based Awards

The following table sets certain information relating to each grant of an award made to our executive officers of our company listed in the Summary Compensation Table during the past fiscal year.

														All Other		All Other
		Grants of Plan-Based Awards												Stock		Option		Exercise
		Estimated Future Payouts Under						Estimated Future Payouts						Awards:		Awards:		or Base
		Non-Equity Incentive Plan						Under Equity Incentive Plan						Number of		Number of		Price of
		Awards						Awards						Shares of		Securities		Option
		Threshold		Target		Maximum		Threshold		Target		Maximum		Stock or		Underlying		Awards		Closing
Name	Grant Date	($)		($)		($)		($)		($)		($)		Units (#)		Options (#)		($/Sh)		Price
Jean Madar	12/31/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		19,000		19.025		18.85
Russell Greenberg	12/31/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		25,000		19.025		18.85
Philippe Benacin	12/31/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		19,000		19.025		18.85
Philippe Santi	12/31/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		3,000		19.025		18.85
Frédéric Garcia-Pelayo	12/31/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		3,000		19.025		18.85

In addition, the following table indicates Grants of Plan-Based Awards of Inter Parfums, S.A. during 2010.

		Grants of Plan-Based Awards
														All Other		All Other
														Stock		Option		Exercise
		Estimated Future Payouts Under						Estimated Future Payouts						Awards:		Awards:		or Base
		Non-Equity Incentive Plan						Under Equity Incentive Plan						Number of		Number of		Price of
		Awards						Awards						Shares of		Securities		Option
		Threshold		Target		Maximum		Threshold		Target		Maximum		Stock or		Underlying		Awards		Closing
Name	Grant Date	($)		($)		($)		($)		($)		($)		Units (#)		Options (#)		($/Sh)		Price
Jean Madar	10/8/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		7,000		30.67		36.55
Russell Greenberg	10/8/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		1,500		30.67		36.55
Philippe Benacin	10/8/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		7,000		30.67		36.55
Philippe Santi	10/8/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		7,000		30.67		36.55
Frédéric Garcia-Pelayo	10/8/10		-0-		-0-		-0-		-0-		-0-		-0-		-0-		7,000		30.67		36.55

Options

As discussed above, we typically grant nonqualified stock options with a term of 6 years that vest ratably of a 5-year period on a cumulative basis, so that the option will become fully exercisable at the beginning of the sixth year from the date of grant. As reported above, options granted to French employees under the French Addendum to our stock option plan have a term of 6 years, and vest 4 years after the date of grant. Further, options granted to French employees under the stock option plan of Inter Parfums, S.A. likewise vest 4 years after the date of grant.

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We believe that the vesting period of these options serves a dual purpose: 1. executives will not receive any benefit if they leave prior to such portion of the option vesting; and 2. having a vesting period matches the service period with the potential benefits of the option.

Under our stock option plans, the fair market value is determined by the average of the high and low price on the date of grant, not the closing price as reported by The Nasdaq Stock Market.

We also note that the Summary Compensation Table does not include income realized by the named executive officers as the result of the exercise of stock options, but rather reflects the dollar amount recognized for financial statement reporting purposes for options granted in accordance with SFAS 123R. However, value realized as the result of stock option exercises is set forth in the table entitled “Option Exercises and Stock Vested”.

Inter Parfums, S.A. Profit Sharing Plan

As required by French law, Inter Parfums, SA maintains its own profit sharing plan for all French employees who have completed three months of service, including executive officers of our European operations other than Mr. Benacin, the Chief Executive Officer of Inter Parfums, SA. Benefits are calculated based upon a percentage of taxable income of Inter Parfums, S.A. and allocated to employees based upon salary. The maximum amount payable per year per employee is 25,000 euros, or approximately $33,130.

Calculation of total annual benefits contribution is made according to the following formula:

50% of (Inter Parfums, S.A. net income, less 5% of shareholders equity without net income for the year) times a fraction, the numerator of which is wages, and the denominator of which is net income before tax + wages + taxes (other than income tax) + valuation allowances + amortization expenses + interest expenses.

Contribution to individual employees is then made pro rata based upon their individual salaries for the year.

Outstanding Equity Awards at Fiscal Year-End

The following table sets certain information relating to outstanding equity awards in our company held by the executive officers of our company listed in the Summary Compensation Table as of the end of the past fiscal year.

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OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

	Option Awards
Name	Number of Securities Underlying Unexercised Options (#) Exercisable		Number of Securities Underlying Unexercised Options (#) Unexercisable			Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)		Option Exercise Price ($)		Option Expiration Date
Jean Madar		48,000		12,000			-0-		13.103	12/14/12
		17,100		11,400			-0-		12.577	12/26/13
		5,550		8,325			-0-		11.297	2/13/14
		7,600		11,400			-0-		6.925	12/30/14
		3,800		15,200			-0-		12.14	12/30/15
		-0-		19,000			-0-		19.025	12/30/16
Russell Greenberg		30,000		7,500			-0-		13.103	12/14/12
		13,500		9,000			-0-		12.577	12/26/13
		6,000		9,000			-0-		6.925	12/30/14
		5,000		20,000			-0-		12.14	12/30/15
		-0-		25,000			-0-		19.025	12/30/16
Philippe Benacin		48,000		12,000			-0-		13.103	12/14/12
		17,100		11,400			-0-		12.577	12/26/13
		5,550		8,325			-0-		11.297	2/13/14
		7,600		11,400			-0-		6.925	12/30/14
		3,800		15,200			-0-		12.14	12/30/15
		-0-		19,000			-0-		19.025	12/30/16
Philippe Santi		6,000		1,500			-0-		13.103	12/14/12
		-0-		12,750	(2)		-0-		11.297	2/13/14
		-0-		3,000			-0-		15.62	3/28/16
		-0-		3,000			-0-		19.025	12/30/16
Frédéric Garcia-Pelayo		6,000		1,500			-0-		13.103	12/14/12
		-0-		12,750	(2)		-0-		11.297	2/13/14
		-0-		3,000			-0-		15.62	3/28/16
		-0-		3,000			-0-		19.025	12/30/16

[Footnotes from table above]

1 Except as otherwise noted, all options expire 6 years from the date of grant, and vest 20% each year commencing  one year after the date of grant.

2 Options vest 100% on 2/14/2012.

The following table sets certain information relating to outstanding equity awards granted by Inter Parfums, S.A., our majority-owned French subsidiary which has its shares traded on the Euronext, held by the executive officers of our company listed in the Summary Compensation Table as of the end of the past fiscal year.

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OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

OF INTER PARFUMS, S.A.

			Option Awards
Name	Number of Securities Underlying Unexercised Options (#) Exercisable		Number of Securities Underlying Unexercised Options (#) Unexercisable (1)		Option Exercise Price (euro)(2)		Option Expiration Date
Jean Madar		19,327				15.65	05/26/2011
		17,570				19.90	06/01/2012
				6,600		16.00	12/17/2015
				7,000		22.95	10/08/2016
Russell Greenberg		1,934				15.65	05/26/2011
		1,406				19.90	06/01/2012
				1,320		16.00	12/17/2015
				1,500		22.95	10/08/2016
Philippe Benacin		19,327				15.65	05/26/2011
		17,570				19.90	06/01/2012
				6,600		16.00	12/17/2015
				7,000		22.95	10/08/2016
Philippe Santi		5,582				15.65	05/26/2011
		10,543				19.90	06/01/2012
				6,600		16.00	12/17/2015
				7,000		22.95	10/08/2016
Frédéric Garcia-Pelayo		11,597				15.65	05/26/2011
		17,570				19.90	06/01/2012
				6,600		16.00	12/17/2015
				7,000		22.95	10/08/2016

[Footnotes from table above]

1 All options fully vest 4 years after the date of grant.

2 As of December 31, 2010 the closing price of Inter Parfums, S.A. as reported by Euronext was 27.35 euro, and the exchange rate was 1.3362 U.S. dollars to 1 euro.

Option Exercises and Stock Vested

The following table sets forth certain information relating to each option exercise effected during the past fiscal year, and each vesting of stock, including restricted stock, restricted stock units and similar instruments of our company during the past fiscal year, for the executive officers of our company listed in the Summary Compensation Table.

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OPTION EXERCISES AND STOCK VESTED
	Option Awards				Stock Awards
Name	Number of Shares Acquired on Exercise (#)		Value Realized on Exercise ($)1		Number of Shares Acquired on Vesting (#)		Value Realized On Vesting ($)
Jean Madar		75,000		423,600		-0-		-0-
Russell Greenberg		37,500		185,387		-0-		-0-
Philippe Benacin		75,000		423,600		-0-		-0-
Philippe Santi		11,250		55,946		-0-		-0-
Frédéric Garcia-Pelayo		-0-		-0-		-0-		-0-

[Footnotes from table above]

1 Total value realized on exercise of options in dollars is based upon the difference between the fair market value of the common stock on the date of exercise, and the exercise price of the option.

The following table sets forth certain information relating to each option exercise effected during the past fiscal year, and each vesting of stock, including restricted stock, restricted stock units and similar instruments during the past fiscal year, of Inter Parfums, S.A., our majority-owned French subsidiary which has its shares traded on the Euronext, for the executive officers of our company listed in the Summary Compensation Table.

OPTION EXERCISES AND STOCK VESTED
	Option Awards				Stock Awards
Name	Number of Shares Acquired on Exercise (#)		Value Realized on Exercise ($)1		Number of Shares Acquired on Vesting (#)		Value Realized On Vesting ($)
Jean Madar		24,598		72,200		-0-		-0-
Philippe Benacin		24,598		72,200		-0-		-0-
Russell Greenberg		1,407		4,100		-0-		-0-
Philippe Santi		18,667		102,900		-0-		-0-
Frédéric Garcia-Pelayo		12,652		37,100		-0-		-0-

[Footnotes from table above]

1 Total value realized on exercise of options in dollars is based upon the difference between the fair market value of the common stock on the date of exercise, and the exercise price of the option.

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Pension Benefits

The following table sets forth certain information relating to payment of benefits following or in connection with retirement during the past fiscal year, for the executive officers of our company listed in the Summary Compensation Table.

PENSION BENEFITS

Name	Plan Name	Number of Years Credited Service (#)	Present Value of Accumulated Benefit ($)		Payments During Last Fiscal Year ($)
Jean Madar	NA	NA		-0-		-0-
Russell Greenberg	NA	NA		-0-		-0-
Philippe Benacin	Inter Parfums SA Pension Plan	NA		128,500		10,999
Philippe Santi	Inter Parfums SA Pension Plan	NA		128,500		10,999
Frédéric Garcia-Pelayo	Inter Parfums SA Pension Plan	NA		128,500		10,999

Inter Parfums, S.A. maintains a pension plan for all of its employees, including all executive officers. The calculation of commitments for severance benefits involves estimating the probable present value of projected benefit obligations. This projected benefit obligations is then prorated to take into account seniority of the employees of Inter Parfums, S.A. on the calculation date.

In calculating benefits, the following assumptions were applied:

- voluntary retirement at age 65;

- a rate of 45% for employer payroll contributions for all employees;

- a 5% average annual salary increase;

- an annual rate of turnover for all employees under 55 years of age and nil above;

- the TH 00-02 mortality table for men and the TF 00-02 mortality table for women;

- a discount rate of 3.96%.

The normal retirement age is 65 years, but employees, including Messrs. Benacin, Santi and Garcia-Pelayo, can collect reduced benefits if they retire at age 60.

Nonqualified Deferred Compensation

We do not maintain any nonqualified deferred compensation plans.

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Employment Agreements

As part of our acquisition in 1991 of the controlling interest in Inter Parfums, S.A., now a subsidiary, we entered into an employment agreement with Philippe Benacin. The agreement provides that Mr. Benacin will be employed as Vice Chairman of the Board and President and Chief Executive Officer of Inter Parfums Holdings and its subsidiary, Inter Parfums. The initial term expired on September 2, 1992, and has subsequently been automatically renewed for additional annual periods. The agreement provides for automatic annual renewal terms, unless either party terminates the agreement upon 120 days notice. For 2011 Mr. Benacin presently receives an annual salary of €391,200 (approximately $523,000), and automobile expenses of €14,000 (approximately $18,700),  which are subject to increase in the discretion of the board of directors but Mr. Benacin will no longer be getting a lodging allowance. The agreement also provides for indemnification and a covenant not to compete for one year after termination of employment.

Compensation of Directors

The following table sets forth certain information relating to the compensation for each of our directors who is not an executive officer of our Company named in the Summary Compensation Table for the past fiscal year.

					DIRECTOR COMPENSATION
Name	Fees Earned or Paid in Cash ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings		All Other Compensation ($)		Total ($)
Francois Heilbronn1		12,000		-0-		4,574		-0-		-0-		-0-		16,574
Jean Levy2		14,000		-0-		4,574		-0-		-0-		-0-		18,574
Robert Bensoussan-Torres3		6,000		-0-		2,287		-0-		-0-		2,598		10,885
Serge Rosinoer4		6,000		-0-		4,574		-0-		-0-		2,883		13,457
Patrick Choël5		10,000		-0-		4,574		-0-		-0-		21,615		36,189

[Footnotes from table above]

______________

1. As of the end of the last fiscal year, Mr. Heilbronn held options to purchase an aggregate of 6,500 shares of our common stock.

2. As of the end of the last fiscal year, Mr. Levy held options to purchase an aggregate of 6,500 shares of our common stock.

3. As of the end of the last fiscal year, Mr. Bensoussan-Torres held options to purchase an aggregate of 5,500 shares of our common stock.

4. As of the end of the last fiscal year, Mr. Rosinoer held options to purchase an aggregate of 4,500 shares of our common stock.

5. As of the end of the last fiscal year, Mr. Choël held options to purchase an aggregate of 5,000 shares of our common stock.

For 2010 all nonemployee directors received $2,000 for each board meeting at which they participate. In addition, all members of the Audit Committee receive an additional annual fee of $4,000 on January 1 of each year in which they serve on the Audit Committee.

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We maintain stock option plans for our nonemployee directors. The purpose of these plans is to assist us in attracting and retaining key directors who are responsible for continuing the growth and success of our company. Under such plans, options to purchase 1,000 shares are granted on each February 1st to all nonemployee directors for as long as each is a nonemployee director on such date. However, if a nonemployee director does not attend certain of the board meetings, then such option grants are reduced according to a schedule. In addition, options to purchase 2,000 shares are granted to each nonemployee director upon his initial election or appointment to our board.

On February 1, 2011, options to purchase 1,000 shares were granted to each of Francois Heilbronn, Jean Levy and Serge Rosinoer, and an option to purchase 500 shares was granted to Patrick Choël, all at the exercise price of $17.94 per share under the 2004 plan. Such options vest ratably over a 4 year period.

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth information with respect to the beneficial ownership of our common stock by (a) each person we know to be the beneficial owner of more than 5% of our outstanding common stock, (b) our executive officers and directors and (c) all of our directors and officers as a group. As of February 23, 2011 we had 30,480,656 shares of common stock outstanding.

Name and Address of Beneficial Owner	Amount of Beneficial Ownership1			Approximate Percent of Class
Jean Madar c/o Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008 Paris, France		7,532,966	2		24.65	%
Philippe Benacin c/o Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008 Paris, France		7,233,285	3		23.52	%
Russell Greenberg c/o Inter Parfums, Inc. 551 Fifth Avenue New York, NY 10176		54,500	4	Less than 1%

1 All shares of common stock are directly held with sole voting power and sole power to dispose, unless otherwise stated. Options which are exercisable within 60 days are included in beneficial ownership calculations.

2 Consists of 3,431,275 shares held directly, 4,016,866 shares held indirectly through Jean Madar Holding SAS, a personal holding company, and options to purchase 84,825  shares.

3 Consists of 4,756,596 shares held directly, 2,391,864 shares held indirectly through Philippe Benacin Holding SAS, a personal holding company, and options to purchase 84,825 shares.

4 Consists of shares of common stock underlying options.

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Name and Address of Beneficial Owner	Amount of Beneficial Ownership1			Approximate Percent of Class
Philippe Santi Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008, Paris France		6,600	5	Less than 1%
Francois Heilbronn 60 Avenue de  Breteuil 75007 Paris, France		36,938	6	Less than 1%
Jean Levy Chez Axcess Groupe 8 rue de Berri 75008 Paris, France		6,375	7	Less than 1%
Robert Bensoussan-Torres c/o Sirius Equity LLP 52 Brook Street W1K 5DS London		13,750	8	Less than 1%
Serge Rosinoer 14 rue LeSueur 75116 Paris, France		14,866	9	Less than 1%
Patrick Choël Universite -82 7 rue de Talleyrand 75007, Paris, France		11,825	10	Less than 1%
Frederic Garcia-Pelayo Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008, Paris France		6,600	11	Less than 1%
Axel Marot Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008, Paris France		-0-		NA
Hugues de la Chevasnerie Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008, Paris France		-0-		NA

5 Consists of shares of common stock underlying options.

6 Consists of 33,563 shares held directly and options to purchase 3,375 shares.

7 Consists of 3,000 shares held directly and options to purchase 3,375 shares.

8 Consists of 10,500 shares held directly and options to purchase 3,250 shares.

9 Consists of 13,050 shares held directly and options to purchase 1,816 shares.

10 Consists of 8,450 shares held directly and options to purchase, 3,375 shares.

11 Consists of shares of common stock underlying options.

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Name and Address of Beneficial Owner	Amount of Beneficial Ownership1			Approximate Percent of Class
Henry B. (Andy) Clarke c/o Inter Parfums, Inc. 551 Fifth Avenue New York, NY 10176		21,625	12	Less than 1%
Royce & Associates, LLC13 1414 Avenue of the Americas New York, NY 10019		3,460,560			11.4	%
Fidelity Management & Research Company 14 82 Devonshire Street, Boston, Massachusetts  02109		2,977,602			9.8	%
All Directors and Officers  As a Group 13 Persons)		14,939,330	15		48.6	%

The following table sets forth certain information as of the end of our last fiscal year regarding all equity compensation plans that provide for the award of equity securities or the grant of options, warrants or rights to purchase our equity securities.

Equity Compensation Plan Information

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)		Weighted-average exercise price of outstanding options, warrants and rights (b)		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders		807,620	$	12.78		823,075
Equity compensation plans not approved by security holders		-0-		N/A		-0-
Total		807,620	$	12.78		823,075

12 Consists of 1,625 shares held directly and options to purchase 20,000 shares.

13 Information derived from an Amendment to Schedule 13G filed January 13 2011.

14 Information derived from an Amendment to Schedule 13G filed February 13, 2011.

15 Consists of 14,666,789 shares held directly or indirectly, options to purchase 272,541 shares.

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Item 13.  Certain Relationships And Related Transactions, and Director Independence

Transactions with French Subsidiaries

In connection with the acquisitions by our subsidiary, Inter Parfums, S.A., of the world-wide rights under the Burberry license agreement and the Paul Smith license agreement, we guaranteed the obligations of Inter Parfums, S.A. under the Burberry and Paul Smith license agreements. In addition, Inter Parfums, S.A. has agreed to reimburse us for the compensation expense attributed to a former French executive officer, and vested options which are granted to French employees under to our stock option plan.

Distribution and Support Arrangements

During 2010 we formed Interparfums Luxury Brands, Inc., a Delaware corporation and subsidiary of our majority-owned French subsidiary Inter Parfums SA, for distribution of prestige brands in the United States. Interparfums Luxury Brands has also entered into an agreement with Clarins Fragrance Group US (a Division of Clarins Group) effective January 1, 2011, to share and manage an expanded sales force. Logistical and administrative support is provided by Clarins Group USA from its Park Avenue offices in New York and its warehouse in Orangeburg, New York. Mr. Serge Rosinoer, a director of our Company, is presently the Vice Chairman of the Supervisory Board of Clarins SA, the parent company of Clarins Fragrance Group US.

Jimmy Choo

Inter Parfums, S.A. and J Choo Limited entered into an exclusive, worldwide license agreement commencing on January 1, 2010 and expiring on December 31, 2021, for the creation, development and distribution of fragrances under the Jimmy Choo brand. Mr. Robert Bensoussan-Torres, a director of the Corporation, is a director of J Choo Limited and has an indirect ownership interest in J Choo Limited.

Yelo and Nickel USA

Nickel USA, Inc., a wholly-owned subsidiary of our company and Yelo, LLC, a related party by virtue of the 3% equity interest in Yelo owned by Mr. Jean Madar, the Chairman of the Board and Chief Executive Officer, have entered into an agreement  to have Yelo perform management services at the spa owned and operated by Nickel in New York City for a one (1) year period, subject to subsequent annual renewals upon agreement of the parties, and Nickel is to pay Yelo a monthly base fee of $5,000, plus a monthly performance fee based upon a percentage of increased monthly revenues above a baseline.

Procedures for Approval of Related Person Transactions

Transactions between related persons, such as between an executive officer or director and our company, or any company or person controlled by such officer or director, are required to be approved by our Audit Committee of our board of directors. Our Audit Committee Charter contains such explicit authority, as required by the applicable rules of The Nasdaq Stock Market.

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Director Independence

The following are our directors who are “independent directors” within the applicable rules of The Nasdaq Stock Market:

Francois Heilbronn

Jean Levy

Robert Bensoussan-Torres

Serge Rosinoer

Patrick Choël

We follow and comply with the independent director definitions as provided by The Nasdaq Stock Market rules in determining the independence of our directors, which are posted on our company’s website. In addition, such rules are also available on The Nasdaq Stock Market’s website.  In addition, The Nasdaq Stock Market maintains more stringent rules relating to director independence for the members of our Audit Committee, and the members of our Audit Committee, Messrs. Heilbronn, Levy and Choël, are independent within the meaning of those rules.

Board Leadership Structure and Risk Management

For more than the past ten (10) years, Jean Madar has held the positions of Chairman of the Board of Directors and Chief Executive Officer of our company. Almost since inception, Mr. Madar has been allocated the responsibility of overseeing our United States operations and the operation of Inter Parfums, Inc., as a public company. Philippe Benacin, as Chief Executive Officer of Inter Parfums, S.A., has been allocated the responsibility of overseeing our European operations and its operation as a public company in France. In addition, Mr. Benacin is also the Vice Chairman of the Board of Directors of our company. Our board of directors is comfortable with this approach, as the two largest stockholders of our company are also directly responsible for the operations of our company’s two operating segments. Accordingly, our board of directors does not have a “Lead Director,” a non-management director who controls the meetings of our board of directors.

Our board of directors manages risk by (i) period operating reports and discussion with management; (ii) approval of executive compensation incentive plans through its committee, the Executive Compensation and Stock Option Committee; (iii) approval of related party transactions through its committee, the Audit Committee; and (iv) approval of material transactions not in the ordinary course of business. Since our inception, we have never been the subject of any material product liability claims, and we have had no recent material property damage claims.

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Further, 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 majorindustrialcountriesand are with largefinancial institutions, which are ratedasstronginvestmentgrade.

In addition, 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.

Item 14.  Principal Accountant Fees and Services

General

In connection with the termination of the alternative practice structure between Mazars LLP and Weiser LLP (now known as WeiserMazars LLP), the following has occurred effective September 21, 2010:

· Mazars LLP resigned as the principal accountants of Inter Parfums, Inc.

· WeiserMazars LLP, an affiliate of Mazars LLP, was engaged as the principal accountants of Inter Parfums, Inc.

· The decision to change accountants was approved by the audit committee of Inter Parfums, Inc.

Fees

The following sets forth the fees billed to us by WeiserMazars LLP, and its predecessor, Mazars LLP, as well as discusses the services provided for the past two fiscal years, fiscal years ended December 31, 2010 and December 31, 2009.

Audit Fees

During 2010 the fees billed by WeiserMazars LLP and its affiliate, Mazars S.A. for audit services and review of the financial statements contained in our Quarterly Reports on Form 10-Q were $608,000. Also, during 2010 the fees billed by Mazars LLP and its affiliate, Mazars S.A. for audit services and review of the financial statements contained in our Quarterly Reports on Form 10-Q were $301,000. During 2009 the fees billed by Mazars LLP and its affiliate, Mazars S.A. for audit services and review of the financial statements contained in our Quarterly Reports on Form 10-Q were $857,000.

Audit-Related Fees

Mazars LLP billed us $8,500 for audit related fees during 2009.

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Tax Fees

Mazars LLP did not bill us for tax services during 2010 or 2009. WeiserMazars LLP did not bill us for tax services during 2010.

All Other Fees

Mazars LLP did not bill us for any other services during 2010 or 2009. WeiserMazars LLP did not bill us for any other services during 2010.

Audit Committee Pre Approval Policies and Procedures

The Audit Committee has the sole authority for the appointment, compensation and oversight of the work of our independent accountants, who prepare or issue an audit report for us.

During the first quarter of 2010 the audit committee authorized the following non-audit services to be performed by Mazars LLP, the predecessor independent accountants.

· We authorized the engagement of Mazars LLP if deemed necessary to provide tax consultation in the ordinary course of business for fiscal year ended December 31, 2009.

· We authorized the engagement of Mazars LLP if deemed necessary to provide tax consultation as may be required on a project by project basis that would not be considered in the ordinary course of business, of up to a $5,000 fee limit per project, subject to an aggregate fee limit of $25,000 for fiscal year ending December 31, 2009. If we require further tax services from Mazars LLP, then the approval of the audit committee must be obtained.

· If we require other services by Mazars LLP on an expedited basis such that obtaining pre-approval of the audit committee is not practicable, then the Chairman of the Committee has authority to grant the required pre-approvals for all such services.

· We imposed a cap of $100,000 on the fees that Mazars can charge for services on an expedited basis that are approved by the Chairman without obtaining full audit committee approval.

· None of the non-audit services of either of the Company’s auditors had the pre-approval requirement waived in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On September 21, 2010, the audit committee authorized the same non-audit services to be performed by WeiserMazars LLP as disclosed above.

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PART IV

Item 15. Exhibits, Financial Statement Schedules

	Page
(a)(1)  Financial Statements annexed hereto
Reports of Independent Registered Public Accounting Firms	F-2
Audited Financial Statements:
Consolidated Balance Sheets as of December 31, 2010 and 2009	F-4
Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2010	F-5
Consolidated Statements of Changes in Shareholders’ Equity for each of the years in the three-year period ended December 31, 2010	F-6
Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2010	F-7
Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2010	F-8
Notes to Consolidated Financial Statements	F-9
(a)(2) Financial Statement Schedule:
Schedule II – Valuation and Qualifying Accounts	F-32

89

(a)(3) Exhibits

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December 2005:

Exhibit No.	Description
10.124	Fourth Modification of Lease, portion of 15th Floor, 551 Fifth Avenue, New York, New York

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended March 31, 2006:

Exhibit No.	Description
10.127	Avenant No. 1 Au Contrat de Licence Exclusive du 20 Juin 1997 entre ST Dupont, S.A. et Inter Parfums, S.A., dated 20 March 2006- French original (Certain confidential information in this Exhibit 10.127 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.127.1	Amendment No. 1 to Exclusive License of 20 June 1997 between ST Dupont, S.A. et Inter Parfums, S.A., dated 20 March 2006- English translation (Certain confidential information in this Exhibit 10.127.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended September 30, 2006:

Exhibit No.	Description
10.128	License Agreement Between Van Cleef & Arpels Logistics SA, and Inter Parfums, S.A., entered into on June 19, 2006 (Certain confidential information in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.128.1	Addendum No. 1 to License Agreement Between Van Cleef & Arpels Logistics SA, and Inter Parfums, S.A

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December 2006:

90

Exhibit No.	Description
3.5	Articles of Incorporation of Inter Parfums, Limited

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended March 31, 2007:

Exhibit No.	Description
10.129	Agreement between Inter Parfums, S.A. and BNP Paribas, S.A. dated 3 December 2006 - French original
10.129.1	Agreement between Inter Parfums, S.A. and BNP Paribas, S.A. dated 3 December 2006 - English translation

91

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2007:

Exhibit No.	Description
10.130	Agreement for Technical Assistance between Jeanne Lanvin, S.A and Inter Parfums, S.A. dated 30 July 2007 - French Original (Certain confidential information in this Exhibit 10.130 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.130.1	Agreement for Technical Assistance between Jeanne Lanvin, S.A and Inter Parfums, S.A. dated 30 July 2007 - English Translation (Certain confidential information in this Exhibit 10.130.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.131	Coexistence Agreement between Jeanne Lanvin, S.A and Inter Parfums, S.A. dated 30 July 2007- French Original
10.131.1	Coexistence Agreement between Jeanne Lanvin, S.A and Inter Parfums, S.A. dated 30 July 2007- English Translation

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December 2007:

Exhibit No.	Description
10.132	Manufacturing and License Agreement Between Retail Brand Alliance, Inc., D/B/A Brooks Brothers – Licensor and Inter Parfums USA, LLL. – Licensee Dated November 2007 (Certain confidential information in this Exhibit 10.132 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
4.26	Addendum [France] to 2004 Stock Option Plan
4.28	Form of Option Agreement for Options Granted to Executive Officers on February 14, 2008 with Schedule Option Holders and Number of Options Granted
4.29	Form of Option Agreement for Options Granted to Executive Officers on February 14, 2008 under French Addendum to Stock Option Plan with Schedule Option Holders and Number of Options Granted

92

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended March 31, 2008:

Exhibit No.

Description

10.133

License Agreement by and among The Gap, Inc., Banana Republic LLC, Gap (Apparel) LLC, Gap (ITM), Inc., Banana Republic (Apparel) LLC, and Banana Republic (ITM), Inc. and Inter Parfums, Inc. and Inter Parfums USA, LLC (signed April 2008 but effective as of July 1, 2007)(Certain confidential information in this Exhibit 10.133 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2008:

Exhibit No.	Description
3.6	Organizational Documents of Inter Parfums (Suisse) SA  (French original)
3.6.1	Organizational Documents of Inter Parfums (Suisse) SA  (English translation)
10.134	Licence Agreement among Paul Smith Limited, Inter Parfums, S.A. and Inter Parfums, Inc. dated July 3, 2008, but signed on July 17, 2008 (Certain confidential information in this Exhibit 10.134 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.)

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008:

Exhibit No.	Description
10.135	Bail Commercial situé au 2ème étage, 4/6 rond point des Champs Elysees, Paris, France, entre Dauchez Administrateur De Biens et Inter Parfums, S.A. [dated] le 21 janvier 2009 – [French original] (Certain confidential information in this Exhibit 10.135 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.135.1	Commercial Lease for portion of the 2nd Floor, at 4/6 rond point des Champs Elysees, Paris, France, between Dauchez Property Administrators and Inter Parfums, S.A. dated January 21, 2009 -English translation] (Certain confidential information in this Exhibit 10.135.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

93

10.136	Bail Commercial situé au 6ème étage, 4/6 rond point des Champs Elysees, Paris, France, entre Dauchez Administrateur De Biens et Inter Parfums, S.A. [dated] le 21 janvier 2009 – [French original] (Certain confidential information in this Exhibit 10.136 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.136.1	Commercial Lease for portion of the 6th Floor, at 4/6 rond point des Champs Elysees, Paris, France, between Dauchez Property Administrators and Inter Parfums, S.A. dated January 21, 2009 – [English translation] (Certain confidential information in this Exhibit 10.136.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
4.30	Form of Option Agreement for Options Granted to Executive Officers on December 31, 2008 with Schedule of Option Holders and Options Granted
21	List of Subsidiaries
23	Consent of Mazars LLP
31.1	Certification Required by Rule 13a-14 of Chief Executive Officer
31.2	Certification Required by Rule 13a-14 of Chief Financial Officer
32.1	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer
32.2	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2009:

Exhibit No.	Description
10.137	Lease Extension Agreement between 14th Street Development, LLC and Nickel USA, Inc. dated June 8, 2009

94

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended September 30, 2009:

Exhibit No.	Description
10.138	Licence Agreement between J Choo Limited and Inter Parfums, S.A. signed on September 29, 2009 (Certain confidential information in this Exhibit 10.138 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009:

Exhibit No.	Description
3.1.1	Restated Certificate of Incorporation dated September 3, 1987
3.1.2	Amendment to Restated Certificate of Incorporation dated July 31, 1992
3.1.3	Amendment to Restated Certificate of Incorporation dated July 9, 1993
3.1.4	Amendment to Restated Certificate of Incorporation, as amended, dated July 13, 1999
3.1.5	Amendment to Restated Certificate of Incorporation, as amended, dated July 12, 2000
3.1.6	Amendment to Restated Certificate of Incorporation dated August 6, 2004
3.2	Amended and Restated By-laws
4.20	1999 Stock Option Plan, as amended
4.22	2004 Stock Option Plan
10.25	Employment Agreement between the Company and Philippe Benacin dated July 29, 1991
10.26	Lease for portion of 15th Floor, 551 Fifth Avenue, New York, New York
10.26.1	Third Modification of Lease dated June 17, 2002 between Metropolitan Life Insurance Company, and Jean Philippe Fragrances, LLC (previously erroneously filed as exhibit no. 19.92 )

95

10.61	Lease for 60 Stults Road, South Brunswick, NJ between Forsgate Industrial Complex, a limited partnership, and Jean Philippe Fragrances, Inc. dated July 10, 1995
10.69	Exclusive License Agreement dated June 20, 1997 between S.T. Dupont, S.A. and Inter Parfums (Certain confidential information in this Exhibit 10.70 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
10.70	License Agreement among Paul Smith Limited, Inter Parfums, S.A. and Jean-Philippe Fragrances, Inc. (Certain confidential information in this Exhibit 10.70 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.104	Lease dated as of 1 March 2001 for 300 West 14th Street, New York, NY
10.106	Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, Ground and 1st Floor, Paris, France (French Original)
10.106.1	Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, Ground and 1st Floor, Paris, France (English Translation)
10.107	Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, 5th Floor-Left, Paris, France (French Original)
10.107.1	Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, 5th Floor-Left, Paris, France(English Translation)
10.110	Lease For 48 Rue Des Francs-Bourgeois, In Paris, 3rd District (French Original)
10.110.1	Lease For 48 Rue Des Francs-Bourgeois, In Paris,, 3rd District (English Translation)
10.112	Confidential Treatment Agreement among Burberry Ltd., Inter Parfums, S.A., Inter Parfums, Inc. and LV Capital USA, Inc., et al., dated October 12, 2004
10.113	Indemnity Agreement among Burberry Ltd., Inter Parfums, S.A. and Inter Parfums, Inc. dated October 12, 2004

96

The following additional documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009:

Exhibit No.	Description
3.3	Articles of Incorporation of Inter Parfums Holdings, S.A.
3.3.1	Articles of Incorporation of Inter Parfums Holdings, S.A. (English translation)
3.4	Articles of Incorporation of Inter Parfums, S.A.
3.4.1	Articles of Incorporation of Inter Parfums, S.A. (English translation)
4.21.3	2004 Nonemployee Director Stock Option Plan, as amended
4.30	Form of Option Agreement for Options Granted to Executive Officers on December 31, 2009 with Schedule of Option Holders and Options Granted
10.139	License Agreement between Montblanc-Simplo Gmbh and Inter Parfums, S/.A.(Certain confidential information in this Exhibit 10.139 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.140	Personal Care Agreement among The Gap, Inc., et al., and Inter Parfums, Inc. and its wholly-owned subsidiary Inter Parfums USA, LLC effective March 1, 2010 (Certain confidential information in this Exhibit 10.140 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
21	List of Subsidiaries
23	Consent of Mazars LLP
31.1	Certification Required by Rule 13a-14 of Chief Executive Officer
31.2	Certification Required by Rule 13a-14 of Chief Financial Officer
32.1	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer
32.2	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer

97

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2010:

Exhibit No.	Description
3.1	Interparfums Singapore Pte. Ltd  Memorandum and Articles of Association
3.2	Interparfums Luxury Brands, Inc. Certificate of Incorporation
10.141	License Agreement with Betsey Johnson LLC (Certain confidential information in this Exhibit 10.141 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.142	License Agreement with Nine West Development Corporation (Certain confidential information in this Exhibit 10.142 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended September 30, 2010:

Exhibit No.	Description
10.143	Collaboration Agreement between Clarins U.S.A., Inc., and Interparfums Luxury Brands Inc. (Certain confidential information in this Exhibit 10.143 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.144	Contrat de Bail Commercialet GEMFI and Inter Parfums, S.A. - French original - (Certain confidential information in this Exhibit 10.144 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
10.144.1	Commercial Lease Agreement between GEMFI and Inter Parfums, S.A. - English translation- (Certain confidential information in this Exhibit 10.144.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

98

The following documents, which have been previously filed, are filed again with this report:

Exhibit No.	Description
10.111	Licence Agreement among Burberry Ltd., Inter Parfums, S.A. and Inter Parfums, Inc. dated 12 October 2004 (Certain confidential information in Exhibit 10.111 has been omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
10.116	Logistics Service Contract (effective January 1, 2005) between Inter Parfums, S.A. and Sagatrans (French Original)
10.116.1	Logistics Service Contract (effective January 1, 2005) between Inter Parfums, S.A. and Sagatrans (English Translation)
10.119	Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Inter Parfums, S.A., 30 Jun 2005, Locaux 4 eme etage droite (French original)
10.119.1	Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Inter Parfums, S.A., 30 Jun 2005, Locaux 4 eme etage droite (English translation)
10.120	Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Inter Parfums, S.A., 30 Jun 2005, Locaux 4 eme etage gauche (French original)
10.120.1	Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Inter Parfums, S.A., 30 Jun 2005, Locaux 4 eme etage gauche (English translation)

99

The following documents are filed with this report:

Exhibit No.	Description
4.31	Form of Option Agreement for Options Granted to Executive Officers on December 31, 2010 with Schedule of Option Holders and Options Granted
10.145	Amendment Number 2 to Licence Agreement between Burberry Limited, Inter Parfums, S.A., and Inter Parfums, Inc. dated December 21, 2010 (Certain confidential information in this Exhibit 10.145 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
10.146	License Agreement between Boucheron Parfums, SAS and  Inter Parfums, S.A. dated December 17, 2010 (Certain confidential information in this Exhibit 10.146 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
10.147	$15 Million Master Promissory Note Dated as of February 1, 2011 in favor of Capital One, NA
21	List of Subsidiaries
23.1	Consent of WeiserMazars LLP
23.2	2009 Consent of Mazars LLP
31.1	Certification Required by Rule 13a-14 of Chief Executive Officer
31.2	Certification Required by Rule 13a-14 of Chief Financial Officer
32.1	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer
32.2	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer

100

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Financial Statements and Schedule

Index

	Page
Report of Independent Registered Public Accounting Firms	F-2
Audited Financial Statements:
Consolidated Balance Sheets as of December 31, 2010 and 2009	F-4
Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2010	F-5
Consolidated Statements of Changes in Shareholders’ Equity for each of the years in the three-year period ended December 31, 2010	F-6
Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2010	F-7
Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2010	F-8
Notes to Consolidated Financial Statements	F-9
Financial Statement Schedule:
Schedule II – Valuation and Qualifying Accounts	F-32

F-1

Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders

Inter Parfums, Inc.

New York, New York

We have audited the accompanying consolidated balance sheet of Inter Parfums, Inc. and subsidiaries as of December 31, 2010, and the related consolidated statements of income, changes in shareholders’ equity, comprehensive income and cash flows for the year ended December 31, 2010. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Inter Parfums, Inc. and subsidiaries as of December 31, 2010 and the results of their operations and their cash flows for the year ended December 31, 2010 in conformity with U.S. generally accepted accounting principles.

In connection with our audit of the consolidated financial statements enumerated above, we audited schedule II for the year ended December 31, 2010. In our opinion, schedule II, when considered in relation to the financial statements taken as a whole, presents fairly, in all material respects, the information stated therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Inter Parfums, Inc.’s internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 8, 2011 expressed an unqualified opinion thereon.

WeiserMazars LLP

New York, New York

March 8, 2011

F-2

Report of Independent Registered Accounting Firm

Board of Directors and Shareholders

Inter Parfums, Inc.

New York, New York

We have audited the accompanying consolidated balance sheet of Inter Parfums, Inc. and subsidiaries as of December 31, 2009, and the related consolidated statements of income, changes in shareholders’ equity, comprehensive income, and cash flows for each of the years in the two-year period ended December 31, 2009. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Inter Parfums, Inc. and subsidiaries as of December 31, 2009, and the results of their operations and their cash flows for each of the years in the two-year period ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.

In connection with our audits of the consolidated financial statements enumerated above, we audited schedule II for each of the years in the two-year period ended December 31, 2009. In our opinion, schedule II, when considered in relation to the financial statements taken as a whole, presents fairly, in all material respects, the information stated therein.

Mazars LLP

New York, New York

March 10, 2010

F-3

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31, 2010 and 2009

(In thousands except share and per share data)

	2010			2009
Assets
Current assets:
Cash and cash equivalents	$	37,548		$	100,467
Short-term investments		49,391			—
Accounts receivable, net		97,593			101,334
Inventories		109,840			85,428
Receivables, other		3,688			3,229
Other current assets		4,635			8,090
Deferred tax assets		7,230			4,088
Total current assets		309,925			302,636
Equipment and leasehold improvements, net		11,207			9,191
Trademarks, licenses and other intangible assets, net		111,402			101,799
Goodwill		3,654			3,927
Other assets		1,917			1,535
Total assets	$	438,105		$	419,088
Liabilities and Equity
Current liabilities:
Loans payable – banks	$	5,250		$	5,021
Current portion of long-term debt		11,090			11,732
Accounts payable - trade		52,694			48,138
Accrued expenses		47,413			37,440
Income taxes payable		7,905			1,646
Dividends payable		1,979			996
Total current liabilities		126,331			104,973
Deferred tax liability		6,789			8,840
Long-term debt, less current portion		5,039			17,862
Commitments and contingencies
Equity:
Inter Parfums, Inc. shareholders’ equity:
Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued
Common stock, $0.001 par value. Authorized 100,000,000 shares; outstanding, 30,445,881 and 30,171,952 shares at December 31, 2010 and 2009, respectively		30			30
Additional paid-in capital		48,887			45,126
Retained earnings		205,453			186,611
Accumulated other comprehensive income		14,757			28,022
Treasury stock, at cost, 10,009,492  and 10,056,966 common shares at December 31, 2010 and 2009, respectively		(34,151	)		(33,043	)
Total Inter Parfums, Inc. shareholders’ equity		234,976			226,746
Noncontrolling interest		64,970			60,667
Total equity		299,946			287,413
Total liabilities and equity	$	438,105		$	419,088

See accompanying notes to consolidated financial statements.

F-4

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Statements of Income

Years ended December 31, 2010, 2009, and 2008

(In thousands except share and per share data)

	2010			2009			2008
Net sales	$	460,411		$	409,464		$	446,124
Cost of sales		186,401			175,296			191,915
Gross margin		274,010			234,168			254,209
Selling, general, and administrative expenses		217,574			187,690			202,264
Impairment of goodwill		—			1,677			936
Income from operations		56,436			44,801			51,009
Other expenses (income):
Interest expense		2,116			2,647			4,940
(Gain) loss on foreign currency		2,132			(3,212	)		1,380
Interest and dividend income		(1,652	)		(982	)		(1,745	)
		2,596			(1,547	)		4,575
Income before income taxes		53,840			46,348			46,434
Income taxes		18,165			16,190			16,312
Net income		35,675			30,158			30,122
Less: Net income attributable to the
noncontrolling interest		9,082			7,791			6,357
Net income attributable to Inter Parfums, Inc.	$	26,593		$	22,367		$	23,765
Net income attributable to Inter Parfums, Inc. common shareholders’:
Basic	$	0.88		$	0.74		$	0.78
Diluted		0.87			0.74			0.77
Weighted average number of shares outstanding:
Basic		30,360,602			30,099,998			30,621,070
Diluted		30,481,991			30,121,077			30,777,985
Dividends declared per share	$	0.26		$	0.133		$	0.133

See accompanying notes to consolidated financial statements.

F-5

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity

Years ended December 31, 2010, 2009, and 2008

(In thousands except share data)

	Inter Parfums, Inc. shareholders
													Accumulated
	Common stock						Additional						other
	outstanding						paid-in			Retained			comprehensive			Treasury stock						Noncontrolling
	Shares			Amount			capital			earnings			income			Shares			Amount			interest			Total
Balance – January 1, 2008		30,798,212		$	31		$	40,023		$	147,995		$	30,955			9,303,956		$	(26,344	)	$	53,925		$	246,585
Comprehensive income:
Net income		—			—			—			23,765			—			—			—			6,357			30,122
Foreign currency translation adjustments		—			—			—			—			(9,755	)		—			—			(2,888	)		(12,643	)
Net derivative instrument gain, net of tax		—			—			—			—			4,315			—			—			1,514			5,829
Dividends		—			—			—			(4,039	)		—			—			—			(1,735	)		(5,774	)
Shares issued upon exercise of stock options including income tax benefit of $988		33,150			—			1,260			—			—			—			—			—			1,260
Stock compensation		—			—			452			304			—			—			—			134			890
Purchase of subsidiary shares from  noncontrolling interest		—			—			—			—			—			—			—			(8,462	)		(8,462	)
Sale of subsidiary shares to noncontrolling interest		—			—			215			—			—			—			—			2,463			2,678
Purchased treasury shares		(662,423	)		(1	)		—			—			—			662,423			(4,975	)		—			(4,976	)
Balance – December 31, 2008		30,168,939			30			41,950			168,025			25,515			9,966,379			(31,319	)		51,308			255,509
Comprehensive income:
Net income		—			—			—			22,367			—			—			—			7,791			30,158
Foreign currency translation adjustments		—			—			—			—			6,789			—			—			1,978			8,767
Reclassification from OCI into earnings, net														(4,423	)								(1,499	)		(5,922	)
Net derivative instrument gain, net of tax		—			—			—			—			141			—			—			32			173
Dividends		—			—			—			(3,974	)		—			—			—			(1,716	)		(5,690	)
Shares issued upon exercise of stock options including income tax benefit of $692		243,600			—			2,711			—			—			(150,000	)		476			—			3,187
Stock compensation		—			—			510			193			—			—			—			102			805
Sale of subsidiary shares to noncontrolling interest		—			—			(45	)		—			—			—			—			2,671			2,626
Purchased treasury shares		(108,100	)		—			—			—			—			108,100			(631	)		—			(631	)
Shares received as proceeds of option exercises		(132,487	)		—			—			—			—			132,487			(1,569	)		—			(1,569	)
Balance – December 31, 2009		30,171,952			30			45,126			186,611			28,022			10,056,966			(33,043	)		60,667			287,413
Comprehensive income:
Net income		—			—			—			26,593			—			—			—			9,082			35,675
Foreign currency translation adjustments		—			—			—			—			(13,348	)		—			—			(4,436	)		(17,784	)
Net derivative instrument gain, net of tax		—			—			—			—			83			—			—			74			157
Dividends		—			—			—			(7,901	)		—			—			—			(2,048	)		(9,949	)
Shares issued upon exercise of stock options and warrants including income tax benefit of $520		376,455			—			4,012			—			—			(150,000	)		493			—			4,505
Stock compensation		—			—			597			150			—			—			—			52			799
Purchase of subsidiary shares from  noncontrolling interest		—			—			(2,087	)		—			—			—			—			(2,508	)		(4,595	)
Sale of subsidiary shares to noncontrolling interest		—			—			1,239			—			—			—			—			4,087			5,326
Shares received as proceeds of option exercises		(102,526	)		—			—			—			—			102,526			(1,601	)		—			(1,601	)
Balance – December 31, 2010		30,445,881		$	30		$	48,887		$	205,453		$	14,757			10,009,492		$	(34,151	)	$	64,970		$	299,946

See accompanying notes to consolidated financial statements.

F-6

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

Years ended December 31, 2010, 2009, and 2008

(In thousands except share and per share data)

	2010			2009			2008
Net income	$	35,675		$	30,158		$	30,122
Other comprehensive income:
Net derivative instrument gain, net of tax		157			173			5,829
Reclassification from OCI into earnings, net		-			(5,922	)		-
Translation adjustments, net of tax		(17,784	)		8,767			(12,643	)
		(17,627	)		3,018			(6,814	)
Comprehensive income		18,048			33,176			23,308
Comprehensive income attributable to noncontrolling interests:
Net income		9,082			7,791			6,357
Net derivative instrument gain, net of tax		74			32			1,514
Reclassification from OCI into earnings, net		-			(1,499	)		-
Translation adjustments, net of tax		(4,436	)		1,978			(2,888	)
		4,720			8,302			4,983
Comprehensive income attributable to Inter Parfums Inc.:	$	13,328		$	24,874		$	18,325

See accompanying notes to consolidated financial statements.

F-7

INTER PARFUMS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Years ended December 31, 2010, 2009, and 2008

(In thousands)

	2010			2009			2008
Cash flows from operating activities:
Net income	$	35,675		$	30,158		$	30,122
Adjustments to reconcile net income to net  cash provided by (used in) operating activities:
Depreciation and amortization		9,188			10,963			9,925
Impairment of goodwill and trademark		—			2,213			936
Provision for doubtful accounts		3,127			1,394			148
Noncash stock compensation		895			947			1,119
Deferred tax (benefit) provision		(4,558	)		(3,079	)		4,118
Change in fair value of derivatives		(362	)		(861	)		1,759
Changes in:
Accounts receivable		(5,915	)		20,912			(8,768	)
Inventories		(29,110	)		40,628			(23,285	)
Other assets		2,127			(4,841	)		4,010
Accounts payable and accrued expenses		20,804			(18,900	)		(18,051	)
Income taxes payable, net		5,974			5,106			(8,461	)
Net cash provided by (used in) operating activities		37,845			84,640			(6,428	)
Cash flows from investing activities:
Purchases of short-term investments		(112,495	)		—			(5,144	)
Proceeds from sale of short-term investments		63,510			—			5,144
Purchase of equipment and leasehold improvements		(6,085	)		(5,526	)		(3,803	)
Payment for intangible assets acquired		(22,209	)		(775	)		(1,095	)
Net cash used in investing activities		(77,279	)		(6,301	)		(4,898	)
Cash flows from financing activities:
Proceeds from (repayment of) loans payable – banks		254			(9,005	)		7,089
Repayment of long-term debt		(10,865	)		(12,408	)		(16,292	)
Purchase of treasury stock		(106	)		(660	)		(4,975	)
Proceeds from exercise of options and warrants including tax benefits		3,009			1,648			1,260
Proceeds from sale of stock of subsidiary		5,326			2,658			2,695
Payment for acquisition of noncontrolling interests		(4,595	)		—			(18,493	)
Dividends paid		(6,918	)		(3,974	)		(4,069	)
Dividends paid to noncontrolling interests		(2,048	)		(1,716	)		(1,735	)
Net cash used in financing activities		(15,943	)		(23,457	)		(34,520	)
Effect of exchange rate changes on cash		(7,542	)		3,181			(1,784	)
Net increase (decrease) in cash and cash equivalents		(62,919	)		58,063			(47,630	)
Cash and cash equivalents – beginning of year		100,467			42,404			90,034
Cash and cash equivalents – end of year	$	37,548		$	100,467		$	42,404
Supplemental disclosures of cash flow information:
Cash paid for:
Interest	$	2,297		$	2,633		$	3,894
Income taxes		14,944			13,085			13,311

See accompanying notes to consolidated financial statements.

F-8

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

(1)           The Company and its Significant Accounting Policies

Business of the Company

Inter Parfums, Inc. and its subsidiaries (“the Company”) are in the fragrance business, and manufacture and distribute a wide array of fragrances and fragrance related products.

Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses. Revenues generated from one such license represented 53%, 57% and 56% of net sales in 2010, 2009 and 2008, respectively.

Basis of Preparation

The consolidated financial statements include the accounts of the Company, including 74% owned Inter Parfums, S.A. (“IPSA”), a subsidiary whose stock is publicly traded in France. In June 2008, IPSA formed a wholly-owned subsidiary, Inter Parfums (Suisse) SA, to hold and manage certain of its brand names and in 2010 IPSA formed two wholly-owned subsidiaries, Interparfums Singapore Pte. Ltd., and Interparfums Luxury Brands, Inc., an Asian sales and marketing office and a U.S. distribution company, respectively. All material intercompany balances and transactions have been eliminated.

Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported and disclosures included in the Consolidated Financial Statements. Actual results could differ from those assumptions and estimates. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these notes to the Consolidated Financial Statements.

Foreign Currency Translation

For foreign subsidiaries with operations denominated in a foreign currency, assets and liabilities are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Gains and losses from translation adjustments are accumulated in a separate component of shareholders’ equity.

Cash and Cash Equivalents

All highly liquid investments purchased with a maturity of three months or less are considered to be cash equivalents.

Short-term Investments

From time to time, the Company has short-term investments which consist of certificates of deposit with maturities greater than three months. The Company monitors concentrations of credit risk associated with financial institutions with which the Company conducts significant business. The Company believes our credit risk is minimal, as the Company primarily conducts business with large, well-established financial institutions.

F-9

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

Accounts Receivable

Accounts receivable represent payments due to the Company for previously recognized net sales, reduced by an allowance for doubtful accounts or balances which are estimated to be uncollectible aggregating $5.9 million and $2.4 million as of December 31, 2010 and 2009, respectively. Accounts receivable balances are written off against the allowance for doubtful accounts when they become uncollectible. Recoveries of accounts receivable previously recorded against the allowance are recorded in the consolidated statement of income when received.

Inventories

Inventories, including promotional merchandise, only includes inventory considered saleable or usable in future periods, and is stated at the lower of cost or market, with cost being determined on the first-in, first-out method. Cost components include raw materials, components, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. Promotional merchandise is charged to cost of sales at the time the merchandise is shipped to the Company’s customers. Overhead included in inventory aggregated, $3.0 million, $2.3 million and $4.1 million as of December 31, 2010, 2009 and 2008, respectively.

Derivatives

All derivative instruments are recorded as either assets or liabilities and measured at fair value. The Company uses derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in equity (as a component of accumulated other comprehensive income) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. The Company also holds certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, the changes in their fair value are also recorded in earnings immediately.

Equipment and Leasehold Improvements

Equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment, which range between three and ten years and the shorter of the lease term or estimated useful asset lives for leasehold improvements.

Goodwill and Other Long-Lived Assets

Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets.  Other indefinite-lived intangible assets principally consist of trademarks.  Goodwill and other indefinite-lived intangible assets are not amortized.

The Company evaluates goodwill and indefinite-lived intangible assets for impairment at least annually during the fourth quarter, or more frequently when events occur or circumstances change, such as an unexpected decline in sales, that would more likely than not (i) reduce the fair value of the reporting unit below its fair value or (ii) indicate that the carrying value of an indefinite-lived intangible asset may not be recoverable. Impairment of goodwill is evaluated using a two step process. The first step involves a comparison of the estimated fair value of the reporting unit to the carrying value of that unit. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, the second step of the process involves comparison of the implied fair value of goodwill (based on industry purchase and sale transaction data) with its carrying value. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized as an amount equal to the excess.

F-10

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

Testing goodwill for impairment requires us to estimate the fair value of the reporting unit using significant estimates and assumptions. The assumptions the Company makes will impact the outcome and ultimate results of the testing. In making our assumptions and estimates, the Company uses industry accepted valuation models and set criteria that are reviewed and approved by management and, in certain instances, the Company engages third party valuation specialists to advise us.

For indefinite-lived intangible assets, the evaluation requires a comparison of the estimated fair value of the asset to the carrying value of the asset. To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, impairment is recorded.

Intangible assets subject to amortization are evaluated for impairment testing whenever events or changes in circumstances indicate that the carrying amount of an amortizable intangible asset may not be recoverable. If impairment indicators exist for an amortizable intangible asset, the undiscounted future cash flows associated with the expected service potential of the asset are compared to the carrying value of the asset. If our projection of undiscounted future cash flows is in excess of the carrying value of the intangible asset, no impairment charge is recorded. If our projection of undiscounted future cash flows is less than the carrying value of the intangible asset, an impairment charge would be recorded to reduce the intangible asset to its fair value.

Concentration of Credit Risk

The Company is a worldwide manufacturer, marketer and distributor of fragrance and fragrance related products.  Domestic and international sales are made to third party distributors or direct to department stores, perfumeries and specialty retailers.  The Company grants credit to all qualified customers and does not believe it is exposed significantly to any undue concentration of credit risk.

The Company’s largest customer was its former U.S. prestige fragrance distributor which accounted for 8%, 11% and 12% of consolidated net sales in 2010, 2009 and 2008, respectively. In 2010, the Company formed a wholly-owned U.S. subsidiary which took over such distribution in the U.S. beginning January 1, 2011.

Revenue Recognition

Revenue is recognized when merchandise is shipped and the risk of loss passes to the customer. The Company, at its discretion, permits limited returns of merchandise and establishes allowances for estimated returns based upon historic trends and relevant current data. The Company does not bill its customer’s freight and handling charges. All shipping and handling costs, which aggregated $5.3 million, $5.0 million and $6.2 million in 2010, 2009 and 2008, respectively, are included in selling, general and administrative expenses in the consolidated statements of income.

F-11

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

Payments to Customers

The Company records revenues generated from purchase with purchase promotions as sales and the costs of its purchase with purchase and gift with purchase promotions as cost of sales. Certain other incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels.  These fees have been recorded as a reduction of net sales.

Advertising and Promotion

Advertising and promotional costs are expensed as incurred and recorded as a component of cost of goods sold (in the case of free goods given to customers) or selling, general and administrative expenses. Advertising and promotional costs included in selling, general and administrative expenses were $69.2 million, $55.8 million and $65.8 million for 2010, 2009 and 2008, respectively. Costs relating to purchase with purchase and gift with purchase promotions that are reflected in cost of sales aggregated $30.2 million, $29.8 million and $34.3 million in 2010, 2009 and 2008, respectively. Accrued expenses include approximately $14.7 million and $9.2 million in advertising liabilities as of December 31, 2010 and 2009, respectively.

Package Development Costs

Package development costs associated with new products and redesigns of existing product packaging are expensed as incurred.

Operating Leases

The Company recognizes rent expense from operating leases with various step rent provisions, rent concessions and escalation clauses on a straight-line basis over the applicable lease term. The Company considers lease renewals in the useful life of its leasehold improvements when such renewals are reasonably assured. In the event the Company receives capital improvement funding from its landlord, these amounts are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense.

License Agreements

The Company’s license agreements provide the Company with worldwide rights to manufacture, market and sell fragrance and fragrance related products using the licensors’ trademarks. The licenses typically have an initial term of approximately 5 years to 15 years, and are potentially renewable subject to the Company’s compliance with the license agreement provisions. The remaining terms, including the potential renewal periods, range from approximately 2 years to 15 years.  Under each license, the Company is required to pay royalties to the licensor, at least annually, based on net sales to third parties.

Most of the Company’s licenses were entered into to create additional business.  In some cases, the Company may pay an entry fee to acquire, or enter into, a license where the licensor or another licensee was operating a pre-existing fragrance business.  In those cases, the entry fee is capitalized as an intangible asset and amortized over its useful life.

 Certain license agreements may require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities.  Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred.

F-12

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

In addition, the Company is exposed to certain concentration risk. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties and our business is dependent upon the continuation and renewal of such licenses.

Income Taxes

The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is more-likely-than-not that the deferred tax assets will not be realized in the relevant jurisdiction. If the Company determines that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of net earnings at that time.

The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. The Company has no uncertaintax position at December 31, 2010. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties as a component of the provision for income taxes. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at December 31, 2010.

Issuance of Common Stock by Consolidated Subsidiary

The difference between the Company’s share of the proceeds received by the subsidiary and the carrying amount of the portion of the Company’s investment deemed sold, is reflected as an equity adjustment in the consolidated balance sheets.

Treasury Stock

The Board of Directors may authorize share repurchases of the Company’s common stock (Share Repurchase Authorizations). Share repurchases under these authorizations may be made through open market transactions, negotiated purchase or otherwise, at times and in such amounts within the parameters authorized by the Board. Shares repurchased under Share Repurchase Authorizations are held in treasury for general corporate purposes, including issuances under various employee stock option plans. Treasury shares are accounted for under the cost method and reported as a reduction of Equity. Share Repurchase Authorizations may be suspended, limited or terminated at any time without notice.

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06, “Fair Value Measurements and Disclosures (ASC Topic 820): Improving Disclosures about Fair Value Measurements” which amends ASC Subtopic 820, “Fair Value Measurements and Disclosures” (“ASU 2010-06”) to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. ASU 2010-06 also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. The new disclosure and clarifications of existing disclosures are effective for interim and annual periods beginning after December 31, 2009, except for the disclosures about purchases, sales, issuances and settlements in the roll forward activity in Level 3 fair value measurements. Those disclosures are effective for interim and annual periods beginning after December 15, 2010 and are not expected to have a material impact on the Company’s consolidated financial statements. The adoption of the applicable provisions of this guidance did not have a material impact on the Company’s consolidated financial statements.

F-13

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

There are no other new accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.

Reclassifications

For the 2009 period, the Company reclassified $2.0 million of foreign currency translation adjustments originally included as an increase to comprehensive income of Inter Parfums, Inc., to the noncontrolling interest. There was no effect on the consolidated statements of income or per share amounts. As of December 31, 2009, the balance sheet effect of this reclassification is a decrease in accumulated other comprehensive income attributable to Inter Parfums, Inc. and a corresponding increase in noncontrolling interest.

Certain prior year amounts in the accompanying consolidated statements of cash flows have been reclassified to conform to current period presentation. More specifically, proceeds from sale of stock of subsidiary and payments for acquisition of noncontrolling interests have been reclassified from net cash provided by (used in) investing activities to net cash provided by (used in) financing activities.

(2) Recent Agreements

Burberry

In December 2010, the Company entered into an amendment to the Burberry license agreement dated October 12, 2004 (the "License Agreement"). The amendment extends the term of the License Agreement for one year until December 31, 2017, and also extends for one year the time to exercise the five-year optional term of the License Agreement that requires the mutual consent of the Company and Burberry, which now must be exercised, if at all, prior to December 31, 2015. If the optional term is exercised, then the License would expire on December 31, 2022. The amendment also extends the time for Burberry to exercise its right to buy back the license for one year from December 31, 2011 to December 31, 2012.

Burberry has not exercised any buy back options to date. As previously disclosed, if Burberry were to buy back the license, then the purchase price will be the greater of the then fair market value of the unexpired term of the license or 70% of 2010 net wholesale sales of Burberry products.

Boucheron

In December 2010, the Company entered into an exclusive worldwide license agreement with Boucheron Parfums SAS to create, produce and distribute perfumes and ancillary products under the Boucheron brand. Our rights under such license agreement, which took effect on January 1, 2011 and runs through December 31, 2025, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company also paid an upfront entry fee of €15 million (approximately $20 million) for this license, and purchased the inventory of the former licensee for €1.7 million (approximately $2.3 million).

F-14

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

Nine West

In July 2010, the Company entered into an exclusive worldwide license agreement with Nine West Development Corporation for the creation, production, marketing and global distribution of women’s fragrances under the Nine West brand. The agreement, which runs through December 31, 2016, contains a provision for further renewal if certain conditions are met. The agreement also provides for direct sales to Nine West retail stores in the United States, as well as a licensing component, enabling us to sell women's fragrances to better department stores and specialty retailers worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.

Betsey Johnson

In July 2010, the Company entered into an exclusive worldwide agreement with Betsey Johnson LLC under which the Company will design, manufacture and sell fragrance, color cosmetics as well as other personal care products across a broad retail spectrum. The agreement, which runs through December 31, 2015 with a five year optional term if certain conditions are met, encompasses both direct sales to global Betsey Johnson stores and e-commerce site, as well as a licensing component, enabling us to sell these fragrance and beauty products to specialty and department stores as well as other retail outlets worldwide. Our rights under such license agreement are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry.

Montblanc

In January 2010, the Company entered into an exclusive worldwide license agreement with Montblanc International GmbH to create, produce and distribute perfumes and ancillary products under the Montblanc brand. Our rights under such license agreement, which took effect on July 1, 2010 and runs through December 31, 2020, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. The Company also paid an upfront entry fee of €1 million (approximately $1.4 million) for this license, purchased the inventory of the former licensee for €4 million (approximately $5.7 million).

Jimmy Choo

In October 2009, The Company entered into an exclusive worldwide license agreement with J Choo Limited, which commenced on January 1, 2010, for the creation, development and distribution of fragrances under the Jimmy Choo brand. Our rights under such license agreement, which runs through 2022, are subject to certain minimum sales, advertising expenditures and royalty payments as are customary in our industry. A member of the Company’s Board of Directors is also a member of the Board of Directors of J Choo Limited.

Gap Inc.

Our association with The Gap Inc. began in July 2005, when the Company entered into an exclusive agreement to develop, produce, manufacture and distribute personal care and home fragrance products for Gap and Banana Republic brand names to be sold in Gap and Banana Republic retail stores in the United States and Canada. In April 2008, the Company expanded our relationship with The Gap Inc. with the signing of a licensing agreement for international distribution of personal care products through Gap and Banana Republic stores as well as select specialty and department stores outside the United States, including duty-free and other travel related retailers.

F-15

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

The initial term of the agreement with The Gap Inc. expired on August 31, 2009, and the Company had entered into a series of short-term extension agreements to continue the relationship as it previously existed while the Company was in discussions with The Gap Inc. for a formal extension of the agreement. In March 2010, the Company signed a new specialty retail agreement with The Gap, Inc. covering the Gap and Banana Republic brands in the United States and Canada with terms and conditions similar to those of the original agreement. This new agreement and our international licensing agreement expire December 31, 2011. The Company is currently in discussion with The Gap Inc. on potential renewals of the agreements, however, no assurance can be given that such agreements will be renewed or what the terms of such renewal might be.

As an inducement to enter into the initial agreement with The Gap, Inc., in July 2005, the Company granted a five year warrant to purchase 150,000 shares of our common stock to The Gap Inc. at $16.80 per share, and in September 2006 the Company granted The Gap Inc. an additional five year warrant for 150,000 shares of our common stock exercisable at $11.46 per share. The fair market value of the warrants granted aggregated approximately $1.7 million and was determined on the date of the first grant using the Black-Scholes option pricing model. Such amount was capitalized as an intangible asset and amortized over the initial term of the agreement. Such amortization is included in selling, general and administrative expenses in the accompanying consolidated financial statements.

In May 2010, the Company received proceeds of $1.7 million upon the exercise of 150,000 of the warrants and in July 2010 the remaining 150,000 expired unexercised.

bebe Stores, Inc.

In July 2008, the Company entered into an exclusive six-year worldwide agreement with bebe Stores, Inc. under which the Company designs, manufactures and supplies fragrance, bath and body products and color cosmetics for company-owned bebe stores in the United States and Canada as well as select specialty and department stores worldwide.

(3) Acquisition of Noncontrolling Interests

In 2008, the Company acquired an additional 3.6% interest in IPSA, our majority-owned French subsidiary, from its noncontrolling shareholders for cash of approximately $18.5 million.

The allocation of the purchase price was as follows:

	2008
Trademarks	$	15,458
Noncontrolling interests		8,356
Deferred tax liability		(5,321	)
Total	$	18,493

The acquisition was accounted for under the purchase method. Beginning in 2009, all changes in our ownership interest in majority owned subsidiaries are accounted for as equity transactions. As of December 31, 2010, our ownership interest in IPSA is approximately 74%.

F-16

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

(4) Inventories

	December 31,
	2010		2009
Raw materials and component parts	$	40,809	$	29,052
Finished goods		69,031		56,376
	$	109,840	$	85,428

(5) Fair Value of Financial Instruments

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.

(In thousands)			Fair Value Measurements at December 31, 2010
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	49,391	$	—	$	49,391	$	—
Foreign currency forward exchange contracts not accounted for using hedge accounting		1,024		—		1,024		—
	$	50,415	$	—	$	50,415	$	—
Liabilities:
Interest rate swaps	$	333	$	—	$	333	$	—

(In thousands)			Fair Value Measurements at December 31, 2009
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Foreign currency forward exchange contracts not accounted for using hedge accounting	$	5,620	$	—	$	5,620	$	—
Liabilities:
Interest rate swaps	$	752	$	—	$	752	$	—

The carrying amount of cash and cash equivalents, short-term investments, accounts receivable, other receivables, accounts payable and accrued expenses approximates fair value due to the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debts with the same remaining maturities and is approximately equal to its carrying value.

F-17

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes obtained from financial institutions.

(6) Derivative Financial Instruments

The Company enters 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. Before entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued and gains and losses accumulated in other comprehensive income are reclassified to earnings. If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings. Cash-flow hedges were highly effective, in all material respects.

The following table presents gains and losses in derivatives designated as hedges and the location of those gains and losses in the financial statements (in thousands):

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)					Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)					Location of Gain (Loss) Recognized in Income on Derivative (Effective Portion)	Amount of Gain (Loss) Recognized in Income on Derivative (Effective Portion) (A)
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2010		2009				2010		2009				2010			2009
Foreign exchange contracts	$	—		(5,370	)	Gain (loss) on foreign currency	$	—		(2,792	)	Gain (loss) on foreign currency	$	(2,638	)		776

(A) The amount of gain (loss) recognized in income represents the amount excluded from the assessment of hedge effectiveness.

The following table presents gains and losses in derivatives not designated as hedges and the location of those gains and losses in the financial statements (in thousands):

Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) recognized in Income on Derivative	December 31, 2010			December 31, 2009
Interest rate swaps	Interest expense	$	362		$	85
Foreign exchange contracts	Gain (loss) on foreign currency	$	(86	)	$	77

F-18

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps resulted in a liability which is included in long-term debt on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts not accounted for using hedge accounting in 2010 and 2009 resulted in an asset and are included in other current assets on the accompanying balance sheet. Generally, increases or decreases in the fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative instrument is designated and qualifies as a cash flow hedge, the changes in fair value of the derivative instrument will be recorded as a separate component of shareholders’ equity.

At December 31, 2010, the Company had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $38 million and GB pounds 5.5 million which all have maturities of less than one year.

(7) Equipment and Leasehold Improvements

	December 31,
	2010		2009
Equipment	$	26,778	$	23,293
Leasehold improvements		2,107		2,101
		28,885		25,394
Less accumulated depreciation and amortization		17,678		16,203
	$	11,207	$	9,191

Depreciation and amortization expense was $3.5 million, $4.3 million and $3.1 million for 2010, 2009 and 2008, respectively.

(8) Trademarks, Licenses and Other Intangible Assets

2010	Gross		Accumulated		Net Book
	Amount		Amortization		Value
Trademarks (indefinite lives)	$	6,671	$	—	$	6,671
Trademarks (finite lives)		51,680		134		51,546
Licenses (finite lives)		70,250		18,881		51,369
Other intangible assets (finite lives)		13,220		11,404		1,816
Subtotal		135,150		30,419		104,731
Total	$	141,821	$	30,419	$	111,402
2009	Gross		Accumulated		Net Book
	Amount		Amortization		Value
Trademarks (indefinite lives)	$	6,864	$	—	$	6,864
Trademarks (finite lives)		55,709		128		55,581
Licenses (finite lives)		52,909		15,418		37,491
Other intangible assets (finite lives)		15,043		13,180		1,863
Subtotal		123,661		28,726		94,935
Total	$	130,525	$	28,726	$	101,799

F-19

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

In 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No other impairment charges for trademarks with indefinite useful lives were required in 2010, 2009 and 2008. Amortization expense was $5.7 million, $6.7 million and $6.9 million for 2010, 2009 and 2008, respectively. Amortization expense is expected to approximate $6.7 million in 2011, $6.6 million in 2012 and $5.7 million in 2013, 2014 and 2015. The weighted average amortization period for trademarks, licenses and other intangible assets with finite lives are 14 years, 10 years and 2 years, respectively, and 11 years in the aggregate.

In connection with the purchase of the Lanvin brand names and trademarks in 2007, Lanvin has the right to repurchase the brand names and trademarks in 2025 for the greater of €70 million or one times the average of the annual sales for the years ending December 31, 2023 and 2024.

(9) Goodwill and Other Intangible Assets

The following tables present our assets and liabilities that are measured at fair value on a nonrecurring basis, and are categorized using the fair value hierarchy.

			Fair Value Measurements at December 31, 2010
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Description
Trademark - Nickel	$	2,337	$	—	$	—	$	2,337
Goodwill	$	3,654	$	—	$	—	$	3,654

			Fair Value Measurements at December 31, 2009
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Description
Trademark - Nickel	$	2,586	$	—	$	—	$	2,586
Goodwill	$	3,927	$	—	$	—	$	3,927

The goodwill and trademarks referred to above, relates to the Company’s Nickel skin care business which is primarily a component of our European operations. As of December 31, 2009, the Company has measured fair value of goodwill to be equal to the average of purchase price indications received from several potential purchasers of the Nickel business. As a result, the carrying amount of the goodwill exceeded fair value resulting in an impairment loss of $1.7 million. The same evaluation was performed as of December 31, 2010 and no further impairment was noted. Accumulated impairment losses relating to goodwill aggregated $3.5 million as of December 31, 2010.

F-20

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

To determine fair value of indefinite-lived intangible assets, the Company uses an income approach, including the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. The relief-from-royalty calculations require us to make a number of assumptions and estimates concerning future sales levels, market royalty rates, future tax rates and discount rates. The Company uses this method to determine if an impairment charge is required relating to our Nickel brand trademarks. In 2009, an impairment charge relating to the Nickel trademark in the amount of $0.54 million was recorded. No impairment charge was required in 2010. The Company assumed a market royalty rate of 6% and a discount rate of 7.4%.

The fair values used in our evaluations are also estimated based upon discounted future cash flow projections using a weighted average cost of capital of 7.4%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions that the Company has made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets other than the Nickel trademarks referred to above. However, if future actual results do not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to our results of operations.

The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to seventeen years. If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Activity relating to the goodwill is as follows:

	December 31,
	2010			2009
Balance - beginning of year	$	3,927		$	5,470
Effect of changes in foreign currency translation rates		(273	)		134
Impairment loss		—			(1,677	)
Balance - end of year	$	3,654		$	3,927

(10) Loans Payable – Banks

Loans payable – banks consist of the following:

The Company’s foreign subsidiaries have available credit lines, including several bank overdraft facilities totaling approximately $23 million. These credit lines bear interest at the three month EURIBOR plus 0.6% (the three month EURIBOR was 1.17% at December 31, 2010). Outstanding amounts totaled $5.2 million and $0.8 million at December 31, 2010 and 2009, respectively.

The Company and its domestic subsidiaries have available a $15 million unsecured revolving line of credit due on demand, which bears interest at the prime rate minus 0.5% (the prime rate was 3.25% as of December 31, 2010). The line of credit which has a maturity date of January 2, 2012 is expected to be renewed on an annual basis. There was no balance due as of December 31, 2010 and $4.2 million was outstanding at December 31, 2009.

F-21

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

The weighted average interest rate on short-term borrowings was 1.77% and 2.50% as of December 31, 2010 and 2009, respectively.

(11) Long-term Debt

Long-term debt consists of the following:

	December 31,
	2010		2009
18 million euro fixed rate facility at 4.1%, payable in 20 quarterly installments	$	5,211	$	11,011
22 million euro variable rate facility at three month EURIBOR plus 0.40%, payable in 20 equal quarterly installments		10,621		18,183
Other		297		400
		16,129		29,594
Less current maturities		11,090		11,732
Total	$	5,039	$	17,862

In connection with the 22 million euro variable rate facility, the Company entered into a swap transaction effectively exchanging the variable interest rate to a fixed rate of 4.42%. These derivative instruments are recorded at fair value and changes in fair value which aggregated a gain of $0.3 million and $0.1 million in 2010 and 2009, respectively, are reflected in interest expense on the consolidated statements of income.

Some of the Company’s long-term debt facilities require the maintenance of certain financial covenants including a debt equity ratio of less than one and a debt to adjusted net income ratio of less than three. One facility contains cross default provisions by permitting acceleration of the debt if any affiliated company of the debtor defaults in any other debt facility, and the creditor of such other debt facility accelerates such debt and such affiliated debtor does not in good faith contest such default and acceleration. The Company is in compliance with all of the covenants and other restrictions of our debt agreements. Using December 31, 2010 exchange rates, maturities of long-term debt subsequent to December 31, 2010 are $11.1 million in 2011 and $5.0 million in 2012.

 (12) Commitments

Leases

The Company leases its office and warehouse facilities under operating leases which are subject to various step rent provisions, rent concessions and escalation clauses expiring at various dates through 2015. Escalation clauses are not material and have been excluded from minimum future annual rental payments. Rental expense, which is calculated on a straight-line basis, amounted to $10.6 million, $9.9 million and $9.9 million in 2010, 2009 and 2008, respectively. Minimum future annual rental payments are as follows:

2011	$	6,939
2012		4,649
2013		3,581
2014		2,968
2015		2,514
Thereafter		9,137
	$	29,788

F-22

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

License Agreements

The Company is party to a number of license and other agreements for the use of trademarks and rights in connection with the manufacture and sale of its products expiring at various dates through 2025. In connection with certain of these license agreements, the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments as follows:

2011	$	140,364
2012		145,081
2013		149,748
2014		153,227
2015		157,916
Thereafter		494,321
	$	1,240,657

Future advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2010, without consideration for potential renewal periods. The above figures do not reflect the fact that our distributors share our advertising obligations.Royalty expense included in selling, general, and administrative expenses, aggregated $40.2 million, $35.5 million and $37.3 million, in 2010, 2009 and 2008, respectively.

(13) Equity

Stock Split

In May 2008, the Board of Directors of the Company authorized a three-for-two stock split effected in the form of a 50% stock dividend distributed on May 30, 2008 to shareholders of record as of May 15, 2008. As a result of the stock split, the accompanying consolidated financial statements reflect an increase in the number of outstanding shares of common stock and the transfer of the par value of these additional shares from paid-in capital. All share and per share amounts for dates and periods prior to the split have been restated to reflect the retroactive effect of the stock split.

Share-Based Payments:

The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four to five-year period. The fair value of shares vested in 2010 and 2009 aggregated $0.5 million and $0.4 million, respectively. Compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. It is generally the Company’s policy to issue new shares upon exercise of stock options.

The following table sets forth information with respect to nonvested options for 2010:

	Number of Shares		Weighted Average Grant Date Fair Value
Nonvested options – beginning of year		480,598	$	3.92
Nonvested options granted		120,200	$	5.59
Nonvested options vested or forfeited		119,955	$	3.98
Nonvested options – end of year		480,843	$	4.32

F-23

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

Share-based payment expenses decreased income before income taxes by $0.9 million in both 2010 and 2009 and $1.1 million in 2008, decreased net income by $0.55 million, $0.54 million and $0.62 million in 2010, 2009 and 2008, respectively, and reduced diluted earnings per share by $0.02 in 2010, 2009 and 2008.

The following table summarizes stock option activity and related information as of December 31, 2010 and does not include information relating to options of IPSA granted by IPSA, our majority- owned subsidiary:

	Year ended December 31,
	2010					2009					2008
	Options			Weighted Average exercise price		Options			Weighted Average exercise price		Options			Weighted Average exercise price
Shares under option - beginning of year		920,825		$	11.32		1,138,375		$	11.23		1,206,600		$	12.29
Options granted		120,200			18.64		100,550			11.90		246,100			9.86
Options exercised		(226,455	)		10.00		(243,600	)		10.24		(33,150	)		8.22
Options cancelled		(6,950	)		11.27		(74,500	)		14.20		(281,175	)		14.92
Shares under options - end of year		807,620			12.78		920,825			11.32		1,138,375			11.23

At December 31, 2010, options for 823,075 shares were available for future grant under the plans. The aggregate intrinsic value of options outstanding is $4.9 million as of December 31, 2010 and unrecognized compensation cost related to stock options outstanding on Inter Parfums, Inc. common stock aggregated $1.7 million, which will be recognized over the next five years. The amount of unrecognized compensation cost related to stock options outstanding of our majority-owned subsidiary, IPSA, was 1.0 million euro. Options under IPSA plans vest four years after grant.

The weighted average fair values of the options granted by Inter Parfums, Inc. during 2010, 2009 and 2008 were $5.59, $4.40 and $3.36 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value of options granted. The assumptions used in the Black-Scholes pricing model for the years ended December 31, 2010, 2009 and 2008 are set forth in the following table. Expected volatility is estimated based on historic volatility of the Company’s common stock. The Company uses the simplified method in developing its estimate of the expected term of the option as historic data regarding employee exercise behavior is incomplete for the new vesting parameters recently instituted by the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price continue to increase.

	Year Ended December 31,
	2010			2009			2008
Weighted-average expected stock-price volatility		39	%		49	%		41	%
Weighted-average expected option life	4.5 years			4.5 years			4.7 years
Weighted-average risk-free interest rate		2.1	%		2.6	%		2.3	%
Weighted-average dividend yield		1.7	%		2.0	%		1.25	%

F-24

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

Stock-based employee compensation determined under the fair value based method, net of related tax effects, includes compensation incurred by IPSA, our majority-owned subsidiary whose stock is publicly traded in France. No options were granted by IPSA in 2008. The weighted average fair values of the options granted by IPSA during 2010 and 2009 were 6.55 euro per share and 4.27 euro per share, respectively, on the date of grant using the Black-Scholes option pricing model.

Cash proceeds, tax benefits and intrinsic value related to stock options exercised were as follows:

	Year Ended December 31,
	2010		2009		2008
Cash proceeds from stock options exercised	$	771	$	956	$	272
Tax benefits	$	520	$	692	$	988
Intrinsic value of stock options exercised	$	1,195	$	407	$	158

The following table summarizes additional stock option information as of December 31, 2010:

				Options outstanding
		Number		weighted average remaining	Options
Exercise prices		outstanding		contractual life	exercisable
$	6.15 – $6.93		81,530	3.96 years		31,940
$	11.30 – $11.41		155,775	3.08 years		14,475
$	12.14 – $12.64		214,165	3.80 years		92,675
$	13.10 – $13.45		237,450	1.97 years		185,888
$	15.62		6,000	5.24 years		—
$	18.00		3,000	2.41 years		1,800
$	19.03		109,700	6.00 years		—
Totals			807,620	3.44 Years		326,778

As of December 31, 2010 the weighted average exercise price of options exercisable was $12.27 and the weighted average remaining contractual life of options exercisable is 2.54 years. The aggregate intrinsic value of options exercisable at December 31, 2010 is $2.1 million.

The Chief Executive Officer and the President each exercised 75,000 outstanding stock options of the Company’s common stock in both 2010 and 2009. The aggregate exercise prices of $1.5 million in both 2010 and 2009 were paid by them tendering to the Company in 2010 and 2009 an aggregate of 95,744 and 129,984 shares, respectively, of the Company’s common stock, previously owned by them, valued at fair market value on the dates of exercise. All shares issued pursuant to these option exercises were issued from treasury stock of the Company. In addition, the Chief Executive Officer tendered in 2010 and 2009 an additional 6,782 and 2,503 shares, respectively, for payment of certain withholding taxes resulting from his option exercises.

Treasury Stock

As of December 31, 2008, the Board of Directors of the Company authorized the repurchase of up to 1,031,863 shares of the Company’s common stock. During 2009, the Company repurchased 108,100 shares of its common stock at an average price of $5.84 per common share.

Dividends

The quarterly dividend of $2.0 million ($0.065 per share) declared in December 2010 was paid in January 2011. Furthermore, in January 2011 the Board of Directors of the Company authorized a 23% increase in the annual dividend to $0.32 per share. The first quarterly dividend of $0.08 per share will be paid on April 15, 2011 to shareholders of record on March 31, 2011.

F-25

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

(14)  Net Income Attributable to Inter Parfums, Inc. Common Shareholders

Net income attributable to Inter Parfums, Inc. per common share (“basic EPS”) is computed by dividing net earnings attributable to Inter Parfums, Inc. by the weighted-average number of shares outstanding. Net earnings attributable to Inter Parfums, Inc. per share assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options and warrants using the treasury stock method. All share and per share amounts for dates and periods prior to the stock split discussed in Note 13 have been restated to reflect the retroactive effect of the stock split. The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:

	Year ended December 31,
	2010			2009			2008
Numerator:
Net income attributable to Inter Parfums, Inc.	$	26,593		$	22,367		$	23,765
Effect of dilutive securities of consolidated subsidiary		(86	)		(18	)		(99	)
Numerator for diluted earnings per share	$	26,507		$	22,349		$	23,666
Denominator:
Weighted average shares		30,360,602			30,099,998			30,621,070
Effect of dilutive securities:
Stock options and warrants		121,389			21,079			156,915
Denominator for diluted earnings per share		30,481,991			30,121,077			30,777,985
Earnings per share:
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	0.88		$	0.74		$	0.78
Diluted		0.87			0.74			0.77

Not included in the above computations is the effect of anti-dilutive potential common shares which consist of outstanding options to purchase 154,160, 889,000, and 541,000 shares of common stock for 2010, 2009, and 2008, respectively, and outstanding warrants to purchase 81,250, 300,000 and 187,500 shares of common stock for 2010, 2009 and 2008, respectively.

(15)  Segments and Geographic Areas

The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. European operations primarily represent the sales of the prestige brand name fragrances and United States operations primarily represent the sale of specialty retail and mass market fragrances.

F-26

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

Information on the Company’s operations by segments is as follows:

	Year ended December 31,
	2010		2009			2008
Net sales:
United States	$	55,535	$	47,810		$	59,657
Europe		404,876		361,662			389,009
Eliminations of intercompany sales		—		(8	)		(2,542	)
	$	460,411	$	409,464		$	446,124
Net income attributable to inter Parfums, Inc.:
United States	$	769	$	(178	)	$	1,960
Europe		25,803		22,482			21,862
Eliminations		21		63			(57	)
	$	26,593	$	22,367		$	23,765
Depreciation and amortization expense:
United States	$	582	$	1,116		$	1,283
Europe		8,606		9,847			8,642
	$	9,188	$	10,963		$	9,925
Interest and dividend income:
United States	$	2	$	—		$	4
Europe		1,650		982			1,741
	$	1,652	$	982		$	1,745
Interest expense:
United States	$	71	$	177		$	142
Europe		2,045		2,470			4,798
	$	2,116	$	2,647		$	4,940
Income tax expense (benefit):
United States	$	596	$	148		$	1,087
Europe		17,554		15,996			15,263
Eliminations		15		46			(38	)
	$	18,165	$	16,190		$	16,312

	December 31,
	2010			2009			2008
Total assets:
United States	$	40,896		$	45,580		$	56,320
Europe		398,547			382,628			380,058
Eliminations of investment in subsidiary		(1,338	)		(9,120	)		(11,241	)
	$	438,105		$	419,088		$	425,137
Additions to long-lived assets:
United States	$	305		$	190		$	479
Europe		27,990			6,111			19,877
	$	28,295		$	6,301		$	20,356
Total long-lived assets:
United States	$	5,335		$	5,612		$	6,537
Europe		120,929			109,305			111,525
	$	126,264		$	114,917		$	118,062
Deferred tax assets:
United States	$	1,580		$	1,399		$	586
Europe		5,650			2,689			2,802
	$	7,230		$	4,088		$	3,388

F-27

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

United States export sales were approximately $25.7 million, $14.0 million and $22.5 million in 2010, 2009 and 2008, respectively. Consolidated net sales to customers by region are as follows:

	Year ended December 31,
	2010		2009		2008
North America	$	91,200	$	96,800	$	108,600
Europe		211,800		184,900		204,100
Central and South America		41,900		29,300		38,000
Middle East		45,500		42,300		39,200
Asia		66,500		53,600		53,000
Other		3,500		2,600		3,200
	$	460,400	$	409,500	$	446,100

Consolidated net sales to customers in major countries are as follows:

	Year Ended December 31,
	2010		2009		2008
United States	$	86,000	$	88,000	$	101,000
United Kingdom	$	35,000	$	31,000	$	25,000
France	$	37,000	$	37,000	$	38,000

(16) Income Taxes

The Company or its subsidiaries file income tax returns in the U.S. federal, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state, and local or non-U.S. income tax examinations by tax authorities for years before 2006. The French Tax Authorities commenced an examination of the French subsidiary’s income tax returns for 2006 through 2008 in the first quarter of 2010 that was completed early 2011. As of December 31, 2010, no significant adjustments were reported by the French Tax Authorities on the subsidiary’s income tax positions. Management is currently evaluating those proposed adjustments and if accepted, the Company does not anticipate the adjustments would result in a material change to its financial position.

The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company did not recognize any increase in the liability for unrecognized tax benefits and has no uncertain tax position at December 31, 2010. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties as a component of the provision for income taxes. No interest or penalties were recognized during the periods presented and there is no accrual for interest and penalties at December 31, 2010.

The components of income before income taxes consist of the following:

	Year ended December 31,
	2010		2009			2008
U.S. operations	$	1,364	$	(30	)	$	3,047
Foreign operations		52,476		46,378			43,387
	$	53,840	$	46,348		$	46,434

F-28

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

The provision for current and deferred income tax expense (benefit) consists of the following:

	Year ended December 31,
	2010			2009			2008
Current:
Federal	$	515		$	280		$	56
State and local		112			119			86
Foreign		22,096			18,870			12,052
		22,723			19,269			12,194
Deferred:
Federal		22			(260	)		886
State and local		(53	)		9			59
Foreign		(4,527	)		(2,828	)		3,173
		(4,558	)		(3,079	)		4,118
Total income tax expense	$	18,165		$	16,190		$	16,312

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

	December 31,
	2010			2009
Deferred tax assets:
State net operating loss carryforwards	$	433		$	508
Federal net operating loss carryforwards		—			150
Foreign net operating loss carryforwards		1,725			785
Alternative minimum tax credit carryforwards		514			282
Inventory and accounts receivable		372			817
Profit sharing		1,575			1,121
Stock option compensation		610			360
Effect of inventory profit elimination		3,605			1,011
Other		514			450
Total gross deferred tax assets		9,348			5,484
Valuation allowance		(2,118	)		(1,396	)
Net deferred tax assets		7,230			4,088
Deferred tax liabilities (long-term):
Property, plant, and equipment		(8	)		(13	)
Trademarks and licenses		(6,473	)		(7,731	)
Unrealized gains on hedging transactions		—			(995	)
Other		(308	)		(102	)
Total deferred tax liabilities		(6,789	)		(8,841	)
Net deferred tax assets (liabilities)	$	441		$	(4,753	)

At December 31, 2010 state net operating loss carry-forwards, subject to applicable state apportionment, for New York State and New York City tax purposes of approximately $7.2 million and for New Jersey tax purposes of approximately $5.2 million expire at various dates through 2012. Valuation allowances had been provided on the potential benefit of such state net operating loss carry-forwards as it was determined that future tax benefits from option compensation deductions might prevent the net operating loss carry-forwards from being fully utilized. In 2010, 2009 and 2008, $0.2 million, $0.6 million and $1.1 million, respectively of such valuation allowances were realized which are equal to the benefits realized from the utilization of net operating loss carry-forwards. The amount realized and any future realization of the valuation allowance is credited to additional paid-in capital.

F-29

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

In addition, valuation allowances of $0.9 million and $0.8 million have been provided in 2010 and 2009, respectively, against certain foreign net operating loss carry-forwards, as it was determined that future profitable operations from certain foreign subsidiaries might not be sufficient to realize the full amount of net operating loss carry-forwards recognized. In 2008, one of our foreign subsidiaries was merged into IPSA and as a result of the merger the Company recognized a tax benefit of $0.7 million from the utilization of certain foreign operating loss carry-forwards including those for which valuation allowances had been previously recorded.

No further valuation allowances have been provided as management believes that it is more likely than not that the asset will be realized in the reduction of future taxable income.

The Company has not provided for U.S. deferred income taxes on $182 million of undistributed earnings of its non-U.S. subsidiaries as of December 31, 2010 since the Company intends to reinvest most of these earnings in its foreign operations indefinitely and the Company believes it has sufficient foreign tax credits available to offset any potential tax on amounts that have been and are planned to be repatriated.

Differences between the United States Federal statutory income tax rate and the effective income tax rate were as follows:

	Year ended December 31,
	2010			2009			2008
Statutory rates		34.0	%		34.0	%		34.0	%
State and local taxes, net of Federal benefit		0.1			0.2			0.3
Effect of foreign taxes greater than (less than) U.S. statutory rates		(0.5	)		0.6			1.0
Other		0.1			0.1			(0.2	)
Effective rates		33.7	%		34.9	%		35.1	%

(17) Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income consists of the following:

	Year ended December 31,
	2010			2009			2008
Net derivative instruments, beginning of year	$	130		$	4,412		$	97
Reclassification adjustment for gains included in net income		—			(4,423	)
Gain (loss) on derivative instruments		83			141			4,315
Net derivative instruments, end of year		213			130			4,412
Cumulative translation adjustments, beginning of year		27,892			21,103			30,858
Translation adjustments		(13,348	)		6,789			(9,755	)
Cumulative translation adjustments, end of year		14,544			27,892			21,103
Accumulated other comprehensive income	$	14,757		$	28,022		$	25,515

F-30

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2010, 2009 and 2008

(In thousands except share and per share data)

(18) Net Income Attributable to Inter Parfums, Inc. and Transfers from the Noncontrolling Interest

	Year ended December 31,
	2010			2009			2008
Net income attributable to Inter Parfums, Inc.	$	26,593		$	22,367		$	23,765
Increase (decrease) in Inter Parfums, Inc.'s additional paid-in capital for subsidiary share transactions		(848	)		(45	)		215
Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest	$	25,745		$	22,322		$	23,980

F-31

Schedule II

INTER PARFUMS, INC. AND SUBSIDIARIES

Valuation and Qualifying Accounts

(In thousands)

Column A	Column B		Column C						Column D			Column E
			Additions
				(1)		(2)
					Charged to
	Balance at		Charged to		other
	beginning of		costs and		accounts –				Deductions –			Balance at
Description	period		expenses		describe				describe			end of period
Allowance for doubtful accounts:
Year ended December 31, 2010	$	2,096		3,147		(106	)	(d)		770	(a)		4,367
Year ended December 31, 2009	$	1,185		1,295		57		(d)		441	(a)		2,096
Year ended December 31, 2008	$	2,228		198		(59	)	(d)		1,182	(a)		1,185
Sales return accrual:
Year ended December 31, 2010	$	296		1,496		-				232	(b)		1,560
Year ended December 31, 2009	$	118		385		-				207	(b)		296
Year ended December 31, 2008	$	124		724		-				730	(b)		118
Inventory Reserve:
Year ended December 31, 2010	$	7,150		1,766		(405	)	(d)		2,269	(c)		6,242
Year ended December 31, 2009	$	7,394		2,237		195		(d)		2,676	(c)		7,150
Year ended December 31, 2008	$	7,063		3,703		(386	)	(d)		2,986	(c)		7,394

(a)	Write off of bad debts.
(b)	Represents actual returns.
(c)	Disposal of inventory
(d)	Foreign currency translation adjustment

See accompanying reports of independent registered public accounting firms.

F-32

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) 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.

Inter Parfums, Inc.
By:	/s/ Jean Madar
Jean Madar, Chief Executive Officer
Date: March 8, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

Signature	Title	Date
/s/ Jean Madar	Chairman of the Board of Directors	March 8, 2011
Jean Madar	and Chief Executive Officer
/s/ Russell Greenberg	Chief Financial and Accounting Officer	March 8, 2011
Russell Greenberg	and  Director
/s/ Philippe Benacin	Director	February 28, 2011
Philippe Benacin
/s/ Philippe Santi	Director	March 1, 2011
Philippe Santi
/s/ Francois Heilbronn	Director	March 1, 2011
Francois Heilbronn
/s/ Jean Levy	Director	March 7, 2011
Jean Levy
/s/ Robert Bensoussan-Torres	Director	March 8, 2011
Robert Bensoussan-Torres
/s/ Serge Rosinoer	Director	March 1, 2011
Serge Rosinoer
/s/ Patrick Choël	Director	February 27, 2011
Patrick Choël

EXHIBIT INDEX

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December 2005:

Exhibit No.	Description
10.124	Fourth Modification of Lease, portion of 15th Floor, 551 Fifth Avenue, New York, New York

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended March 31, 2006:

Exhibit No.	Description
10.127	Avenant No. 1 Au Contrat de Licence Exclusive du 20 Juin 1997 entre ST Dupont, S.A. et Inter Parfums, S.A., dated 20 March 2006- French original (Certain confidential information in this Exhibit 10.127 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.127.1	Amendment No. 1 to Exclusive License of 20 June 1997 between ST Dupont, S.A. et Inter Parfums, S.A., dated 20 March 2006- English translation (Certain confidential information in this Exhibit 10.127.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended September 30, 2006:

Exhibit No.	Description
10.128	License Agreement Between Van Cleef & Arpels Logistics SA, and Inter Parfums, S.A., entered into on June 19, 2006 (Certain confidential information in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.128.1	Addendum No. 1 to License Agreement Between Van Cleef & Arpels Logistics SA, and Inter Parfums, S.A

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December 2006:

Exhibit No.	Description
3.5	Articles of Incorporation of Inter Parfums, Limited

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended March 31, 2007:

Exhibit No.	Description
10.129	Agreement between Inter Parfums, S.A. and BNP Paribas, S.A. dated 3 December 2006 - French original
10.129.1	Agreement between Inter Parfums, S.A. and BNP Paribas, S.A. dated 3 December 2006 - English translation

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2007:

Exhibit No.	Description
10.130	Agreement for Technical Assistance between Jeanne Lanvin, S.A and Inter Parfums, S.A. dated 30 July 2007 - French Original (Certain confidential information in this Exhibit 10.130 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.130.1	Agreement for Technical Assistance between Jeanne Lanvin, S.A and Inter Parfums, S.A. dated 30 July 2007 - English Translation (Certain confidential information in this Exhibit 10.130.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.131	Coexistence Agreement between Jeanne Lanvin, S.A and Inter Parfums, S.A. dated 30 July 2007- French Original
10.131.1	Coexistence Agreement between Jeanne Lanvin, S.A and Inter Parfums, S.A. dated 30 July 2007- English Translation

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December 2007:

Exhibit No.	Description
10.132	Manufacturing and License Agreement Between Retail Brand Alliance, Inc., D/B/A Brooks Brothers – Licensor and Inter Parfums USA, LLL. – Licensee Dated November 2007
	(Certain confidential information in this Exhibit 10.132 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
4.26	Addendum [France] to 2004 Stock Option Plan
4.28	Form of Option Agreement for Options Granted to Executive Officers on February 14, 2008 with Schedule Option Holders and Number of Options Granted
4.29	Form of Option Agreement for Options Granted to Executive Officers on February 14, 2008 under French Addendum to Stock Option Plan with Schedule Option Holders and Number of Options Granted

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended March 31, 2008:

Exhibit No.

Description

10.133

License Agreement by and among The Gap, Inc., Banana Republic LLC, Gap (Apparel) LLC, Gap (ITM), Inc., Banana Republic (Apparel) LLC, and Banana Republic (ITM), Inc. and Inter Parfums, Inc. and Inter Parfums USA, LLC (signed April 2008 but effective as of July 1, 2007)(Certain confidential information in this Exhibit 10.133 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2008:

Exhibit No.	Description
3.6	Organizational Documents of Inter Parfums (Suisse) SA  (French original)
3.6.1	Organizational Documents of Inter Parfums (Suisse) SA  (English translation)
10.134	Licence Agreement among Paul Smith Limited, Inter Parfums, S.A. and Inter Parfums, Inc. dated July 3, 2008, but signed on July 17, 2008 (Certain confidential information in this Exhibit 10.134 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.)

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008:

Exhibit No.	Description
10.135	Bail Commercial situé au 2ème étage, 4/6 rond point des Champs Elysees, Paris, France, entre Dauchez Administrateur De Biens et Inter Parfums, S.A. [dated] le 21 janvier 2009 – [French original] (Certain confidential information in this Exhibit 10.135 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.135.1	Commercial Lease for portion of the 2nd Floor, at 4/6 rond point des Champs Elysees, Paris, France, between Dauchez Property Administrators and Inter Parfums, S.A. dated January 21, 2009 -English translation] (Certain confidential information in this Exhibit 10.135.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

10.136	Bail Commercial situé au 6ème étage, 4/6 rond point des Champs Elysees, Paris, France, entre Dauchez Administrateur De Biens et Inter Parfums, S.A. [dated] le 21 janvier 2009 – [French original] (Certain confidential information in this Exhibit 10.136 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.136.1	Commercial Lease for portion of the 6th Floor, at 4/6 rond point des Champs Elysees, Paris, France, between Dauchez Property Administrators and Inter Parfums, S.A. dated January 21, 2009 – [English translation] (Certain confidential information in this Exhibit 10.136.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
4.30	Form of Option Agreement for Options Granted to Executive Officers on December 31, 2008 with Schedule of Option Holders and Options Granted
21	List of Subsidiaries
23	Consent of Mazars LLP
31.1	Certification Required by Rule 13a-14 of Chief Executive Officer
31.2	Certification Required by Rule 13a-14 of Chief Financial Officer
32.1	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer
32.2	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2009:

Exhibit No.	Description
10.137	Lease Extension Agreement between 14th Street Development, LLC and Nickel USA, Inc. dated June 8, 2009

The following document heretofore filed with the Commission is incorporated by reference to the Company's Quarterly Report for the quarterly period ended September 30, 2009:

Exhibit No.	Description
10.138	Licence Agreement between J Choo Limited and Inter Parfums, S.A. signed on September 29, 2009 (Certain confidential information in this Exhibit 10.138 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009:

Exhibit No.	Description
3.1.1	Restated Certificate of Incorporation dated September 3, 1987
3.1.2	Amendment to Restated Certificate of Incorporation dated July 31, 1992
3.1.3	Amendment to Restated Certificate of Incorporation dated July 9, 1993
3.1.4	Amendment to Restated Certificate of Incorporation, as amended, dated July 13, 1999
3.1.5	Amendment to Restated Certificate of Incorporation, as amended, dated July 12, 2000
3.1.6	Amendment to Restated Certificate of Incorporation dated August 6, 2004
3.2	Amended and Restated By-laws
4.20	1999 Stock Option Plan, as amended
4.22	2004 Stock Option Plan
10.25	Employment Agreement between the Company and Philippe Benacin dated July 29, 1991
10.26	Lease for portion of 15th Floor, 551 Fifth Avenue, New York, New York
10.26.1	Third Modification of Lease dated June 17, 2002 between Metropolitan Life Insurance Company, and Jean Philippe Fragrances, LLC (previously erroneously filed as exhibit no. 19.92 )

10.61	Lease for 60 Stults Road, South Brunswick, NJ between Forsgate Industrial Complex, a limited partnership, and Jean Philippe Fragrances, Inc. dated July 10, 1995
10.69	Exclusive License Agreement dated June 20, 1997 between S.T. Dupont, S.A. and Inter Parfums (Certain confidential information in this Exhibit 10.70 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
10.70	License Agreement among Paul Smith Limited, Inter Parfums, S.A. and Jean-Philippe Fragrances, Inc. (Certain confidential information in this Exhibit 10.70 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.104	Lease dated as of 1 March 2001 for 300 West 14th Street, New York, NY
10.106	Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, Ground and 1st Floor, Paris, France (French Original)
10.106.1	Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, Ground and 1st Floor, Paris, France (English Translation)
10.107	Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, 5th Floor-Left, Paris, France (French Original)
10.107.1	Lease effective as of 1 April 2004 for 4-6 Rond Point des Champs Elysees, 5th Floor-Left, Paris, France(English Translation)
10.110	Lease For 48 Rue Des Francs-Bourgeois, In Paris, 3rd District (French Original)
10.110.1	Lease For 48 Rue Des Francs-Bourgeois, In Paris,, 3rd District (English Translation)
10.112	Confidential Treatment Agreement among Burberry Ltd., Inter Parfums, S.A., Inter Parfums, Inc. and LV Capital USA, Inc., et al., dated October 12, 2004
10.113	Indemnity Agreement among Burberry Ltd., Inter Parfums, S.A. and Inter Parfums, Inc. dated October 12, 2004

           The following additional documents heretofore filed with the Commission are incorporated by reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009:

Exhibit No.	Description
3.3	Articles of Incorporation of Inter Parfums Holdings, S.A.
3.3.1	Articles of Incorporation of Inter Parfums Holdings, S.A. (English translation)
3.4	Articles of Incorporation of Inter Parfums, S.A.
3.4.1	Articles of Incorporation of Inter Parfums, S.A. (English translation)
4.21.3	2004 Nonemployee Director Stock Option Plan, as amended
4.30	Form of Option Agreement for Options Granted to Executive Officers on December 31, 2009 with Schedule of Option Holders and Options Granted
10.139	License Agreement between Montblanc-Simplo Gmbh and Inter Parfums, S/.A. (Certain confidential information in this Exhibit 10.139 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.140	Personal Care Agreement among The Gap, Inc., et al., and Inter Parfums, Inc. and its wholly-owned subsidiary Inter Parfums USA, LLC effective March 1, 2010 (Certain confidential information in this Exhibit 10.140 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
21	List of Subsidiaries
23	Consent of Mazars LLP
31.1	Certification Required by Rule 13a-14 of Chief Executive Officer
31.2	Certification Required by Rule 13a-14 of Chief Financial Officer
32.1	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer
32.2	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended June 30, 2010:

Exhibit No.	Description
3.1	Interparfums Singapore Pte. Ltd  Memorandum and Articles of Association
3.2	Interparfums Luxury Brands, Inc. Certificate of Incorporation
10.141	License Agreement with Betsey Johnson LLC (Certain confidential information in this Exhibit 10.141 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.142	License Agreement with Nine West Development Corporation (Certain confidential information in this Exhibit 10.142 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).

The following documents heretofore filed with the Commission are incorporated by reference to the Company's Quarterly Report for the quarterly period ended September 30, 2010:

Exhibit No.	Description
10.143	Collaboration Agreement between Clarins U.S.A., Inc., and Interparfums Luxury Brands Inc. (Certain confidential information in this Exhibit 10.143 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc).
10.144	Contrat de Bail Commercialet GEMFI and Inter Parfums, S.A. - French original - (Certain confidential information in this Exhibit 10.144 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).
10.144.1	Commercial Lease Agreement between GEMFI and Inter Parfums, S.A. - English translation- (Certain confidential information in this Exhibit 10.144.1 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).

The following documents, which have been previously filed, are filed again with this report:

		Page
Exhibit No.	Description	Number
10.111	Licence Agreement among Burberry Ltd., Inter Parfums, S.A. and Inter Parfums, Inc. dated 12 October 2004 (Certain confidential information in Exhibit 10.111 has been omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).	152
10.116	Logistics Service Contract (effective January 1, 2005) between Inter Parfums, S.A. and Sagatrans (French Original)	407
10.116.1	Logistics Service Contract (effective January 1, 2005) between Inter Parfums, S.A. and Sagatrans (English Translation)	426
10.119	Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Inter Parfums, S.A., 30 Jun 2005, Locaux 4 eme etage droite (French original)	445
10.119.1	Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Inter Parfums, S.A., 30 Jun 2005, Locaux 4 eme etage droite (English translation)	452
10.120	Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Inter Parfums, S.A., 30 Jun 2005, Locaux 4 eme etage gauche (French original)	459
10.120.1	Renouvellement de Bail Commercial entre Civile Immobiliere du 4/6 Rond Point des Champs Elysees et Inter Parfums, S.A., 30 Jun 2005, Locaux 4 eme etage gauche (English translation)	466

The following documents are filed with this report:

		Page
Exhibit No.	Description	Number
4.31	Form of Option Agreement for Options Granted to Executive Officers on December 31, 2010 with Schedule of Option Holders and Options Granted	149
10.145	Amendment Number 2 to Licence Agreement between Burberry Limited, Inter Parfums, S.A., and Inter Parfums, Inc. dated December 21, 2010 (Certain confidential information in this Exhibit 10.145 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).	473
10.146	License Agreement between Boucheron Parfums, SAS and  Inter Parfums, S.A. dated December 17, 2010 (Certain confidential information in this Exhibit 10.146 was omitted and filed separately with the Securities and Exchange Commission with a request for confidential treatment by Inter Parfums, Inc.).	476
10.147	$15 Million Master Promissory Note Dated as of February 1, 2011 in favor of Capital One, NA	751
21	List of Subsidiaries	756
23.1	Consent of WeiserMazars LLP	757
23.2	2009 Consent of Mazars LLP	758
31.1	Certification Required by Rule 13a-14 of Chief Executive Officer	759
31.2	Certification Required by Rule 13a-14 of Chief Financial Officer	762
32.1	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer	763
32.2	Certification Required by Section 906 of the Sarbanes-Oxley Act by Chief Executive Officer	764

EX-10.111

[Certain confidential information in Exhibit 10.111 was omitted EXHIBIT and filed separately with the Securities and Exchange Commission 10.111 ("SEC") with a request for confidential treatment by Inter Parfums, Inc.]

Licence Agreement

between

Burberry Limited

as Burberry

Inter Parfums, S.A.

as Licensee

and

Inter Parfums, Inc.

as Guarantor

relating to

the development, production, manufacture, marketing, distribution and sale of certain products

CONTENTS

1. INTERPRETATION	3
2. GRANT OF LICENCE	15
3. TERM AND TERMINATION OF THE ORIGINAL LICENCE AGREEMENT	18
4. APPROVAL OF LICENSED PRODUCTS	18
5. RETAILERS AND DISTRIBUTORS	20
6. LIST PRICES AND RECOMMENDED RETAIL PRICE	23
7. APPROVALS	23
8. BUSINESS PLAN	23
9. CERTAIN ADDITIONAL OBLIGATIONS OF THE LICENSEE	24
10. LICENCE FEES	35
11. REPORTING AND ACCOUNTING	40
12. DEFECTIVE STOCK	43
13. PRODUCT RECALL	43
14. SUPPLY OF LICENSED PRODUCTS TO BURBERRY AND ITS GROUP	44
15. ADVERTISING AND MARKETING	45
16. WARRANTIES AND COMPLIANCE	50
17. INTELLECTUAL PROPERTY	51
18. CHANGE IN CONTROL/MANAGEMENT AND COMPETITORS	56
19. APPROVED CONTRACTORS	56
20. TERMINATION	59
21. CONSEQUENCES OF TERMINATION	61
22. SELL-OFF PERIOD	65
23. GUARANTEE	66
24. BUSINESS ETHICS AND ENVIRONMENTAL POLICY	68
25. REMEDIES	69
26. CONFIDENTIALITY	69

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27.	RELATIONSHIP BETWEEN THE PARTIES	71
28.	NOTICES	72
29.	ENTIRE AGREEMENT	72
30.	SEVERABILITY	73
31.	NO WAIVER	73
32.	NO BROKERAGE FEE	73
33.	COUNTERPARTS	73
34.	NO ASSIGNMENT	74
35.	GOVERNING LAW AND JURISDICTION	74
36.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	75
APPENDIX A:	INFORMATION	76
APPENDIX B:	ASSIGNMENT	77
APPENDIX C:	APPROVED CONTRACTORS UNDERTAKING	80
ANNEX TO APPENDIX C
APPENDIX D:	QUESTIONNAIRE	90
APPENDIX E:	CODE OF BUSINESS PRINCIPLES	93
APPENDIX F:	ENVIRONMENTAL AND SOCIAL RESPONSIBILITY	95
APPENDIX G:	BANNED SUBSTANCES	103
SCHEDULE 1 :	LICENSED TRADE MARKS	106
SCHEDULE 2 :	LICENSED PRODUCTS	232
SCHEDULE 3 :	THE LVMH AGREEMENT	238
SCHEDULE 4 :	COMPETING BRANDS	247
SCHEDULE 5 :	PRESIDENT OF BURBERRY FRAGRANCES	248
SCHEDULE 6 :	MINIMUM LICENCE FEE	249
SCHEDULE 7 :	THE DISTRIBUTORS	250

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THIS AGREEMENT is dated 12 October 2004 and made

BETWEEN:

(1) BURBERRY LIMITED, a company incorporated under the laws of England with Number 162636 having its registered office at 18/22 Haymarket, London SW1Y 4DQ ("Burberry");

(2) INTER PARFUMS, S.A., a company incorporated under the laws of France, having its principal office at 4, rond point des Champs Elysees, 75008 Paris, France (the "Licensee"); and

(3) INTER PARFUMS, INC., a company incorporated under the laws of the State of Delaware, USA, having its principal office at 551, Fifth Avenue, New York, USA (the "Guarantor").

WHEREAS:-

(A) Burberry wishes to appoint the Licensee as its exclusive licensee for the development, production, manufacture, marketing, distribution and sale of the licensed products under and subject to the terms set out in this Agreement;

(B) The parties hereto entered into a licence agreement on 15 July 1993 as subsequently amended (the "Original Licence Agreement") which the parties agree shall terminate immediately prior to the Effective Date and it is the parties' intention that this Agreement replaces the Original Licence Agreement;

(C) Burberry requires the Guarantor to guarantee and assume joint and several liability for the performance of the Licensee's obligations under this Agreement and the Guarantor is willing to do so.

IT IS HEREBY AGREED as follows:

1. INTERPRETATION

1.1 In this Agreement the following expressions shall have the following meanings:

"ACTUAL NET WHOLESALE PRICE" means the total price at which Licensed Products (excluding GWPs) are sold less any sales or similar taxes and less any Discounts invoiced, or to be invoiced:

(A) by a Distributor to a Retailer, if the Distributor sells directly to a Retailer; or

(B) by the Licensee or the Licensee's Subsidiaries to a Retailer, if the Licensee or the Licensee's Subsidiaries sells directly to a Retailer;

"ACTUAL NET WHOLESALE SALES" means the aggregate of the Actual Net Wholesale Prices of Licensed Products (excluding GWPs) sold in the relevant period and a sale shall be deemed to have taken place on the date on which Licensed Products are delivered Ex-Factory by the Licensee, a Subsidiary of the Licensee or a Distributor (as the case may be) to a Retailer;

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"ADDITIONAL BRANDS" shall have the meaning given to that term in clause 9.24;

"ADVERTISING" means advertising space in newspapers, magazines, television, radio and external billboards, excluding all other forms of advertising including without limitation direct mail advertising, display, point of sale and/or promotional materials and also excluding Co-operative Advertising, and the terms "ADVERTISEMENTS", and "ADVERTISE" shall be construed accordingly;

"AFFILIATES" means in respect of any company, any other company which is (a) a Holding Company of such former company; (b) a Subsidiary of such former company; or (c) under common control with such former company, but for the purposes of clauses 5.14, 9.34, 9.36, 18.4, 19.5, 21.1(E), 21.1(F) and for the definition of Licensee's Group in clause 1.1 shall not, in respect of the Licensee and/or the Guarantor, include LVMH Moet Hennessy Louis Vuitton SA;

"ANNUAL ACCOUNT", "MONTHLY ACCOUNT", "QUARTERLY ACCOUNT", "FINAL ACCOUNT" and shall have the respective meanings given to those expressions in clause 11, and "ACCOUNT" shall mean any of the foregoing;

"APPROVAL" means prior written approval, which shall not be unreasonably withheld or delayed, given on behalf of Burberry by the Authorised Business Representative or the Authorised Legal Representative (as the case may be) or other person authorised in writing by the Authorised Business Representative or the Authorised Legal Representative respectively and the granting or withholding of such approval, and/or any limitations, reservations or conditions applicable thereto being at Burberry's sole discretion and "APPROVED" means the object of any Approval or that Approval has been given (as appropriate) and "Approve" means the verb of Approval or the action of granting Approval;

"APPROVED CONTRACTOR" means any person, firm or company appointed as a contractor to carry out work on behalf of the Licensee which is Approved in accordance with clause 19 or which was approved in accordance with the Original Licence Agreement prior to the Effective Date;

"AUTHORISED BUSINESS REPRESENTATIVE" means the Chief Executive or President of Burberry or any person appointed by the Chief Executive or President of Burberry from time to time to fulfil such a function;

"AUTHORISED LEGAL REPRESENTATIVE" means the General Counsel of Burberry or any person appointed by the General Counsel of Burberry from time to time to fulfil such a function;

"BABY PRODUCTS" shall mean all Licensed Products which are baby fragrance products, details of which are set out in paragraph D of schedule 2;

"BASE INDEX" shall have the meaning given to that term in clause 10.9;

"BURBERRY AGENTS" means Burberry's agents and its employed sales force from time to time authorised by Burberry to take orders for the Licensed Products on behalf of the Licensee from Retailers;

"BURBERRY FRAGRANCES" means an operating or trading division of the Licensee described in clause 9.38;

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"BURBERRY GROUP" means Burberry and its Affiliates from time to time;

"BURBERRY INTELLECTUAL PROPERTY" means:

(A) all trade marks and designs registered (or applied for) in the name of Burberry anywhere in the world from time to time including without limitation the Licensed Trade Marks and any Varied Trade Names and New Trade Names which have been registered;

(B) all other trading names, brand names and/or trade marks (whether registered or not) which have been and/or which are used and/or owned by Burberry from time to time in which Burberry from time to time is entitled to claim any rights including without limitation the Licensed Trade Marks, any Varied Trade Names and any New Trade Names;

(C) all designs (whether registered or not) which have been and/or which are used and/or owned by Burberry from time to time in which it is entitled to claim any rights, including but not limited to check designs in whatever size, in whatever colour, in whatever pattern and in whatever material;

(D) any works in which copyright vests in Burberry from time to time;

(E) all patents and patent applications in the name of Burberry from time to time; and

(F) all other Intellectual Property Rights which are stated to vest in Burberry in clause 17.

"BURBERRY ITEMS" means all and any Licensed Products, raw materials and components for Licensed Products bearing any Burberry Intellectual Property, and all and any stationery, advertising materials and other materials of any kind which bear any Burberry Intellectual Property;

"BURBERRY REPRESENTATIVES" means representatives of Burberry including, without limitation, an employee of any member of the Burberry Group and any Burberry Agent;

"BURBERRY STORE" means any separate "Burberry" branded retail store (including without limitation a retail concession) owned, operated, or otherwise occupied by any member of the Burberry Group or operated by a third party pursuant to any franchise or other right granted by any member of the Burberry Group;

"BURBERRY WEBSITE" means any website, operated (directly or through a third party) by any member of the Burberry Group, distributed via the Internet, which relates to the sale of Burberry branded products;

"BUSINESS PLAN" means the business plan proposed for each Licensed Year pursuant to clause 8, which term shall include the Marketing Plan;

"CHANGE OF CONTROL" means:

(A) in respect of the Licensee, when:

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(i) the Guarantor ceases to hold a percentage shareholding equal to or greater than 25% of the beneficial interest in the issued share capital in the Licensee; or

(ii) any person or persons acting together acquire(s) a percentage shareholding equal to or greater than 32% of the beneficial interest in the issued share capital in the Licensee; or

(iii) the Guarantor ceases to hold voting rights equal to or greater than 25% of the voting rights in the Licensee; or

(iv) any person or persons acting together acquire(s) voting rights equal to or greater than 32% of the voting rights in the Licensee; or

(v) any person or persons acting together acquire(s) a percentage shareholding of the beneficial interest in the issued share capital of the Licensee equal to or greater than that of the Guarantor;or

(vi) any person or persons acting together acquire(s) voting rights in the Licensee equal to or greater than the voting rights in the Licensee held by the Guarantor; or

(vii) there is a Change of Management Control;

(B) In respect of the Guarantor, when:

(i) Philippe Benacin and Jean Madar together cease to hold a percentage shareholding equal to or greater than 25% of the beneficial interest in the issued share capital in the Guarantor; or

(ii) any person or persons acting together (other than Philippe Benacin and Jean Madar) acquire(s) a percentage shareholding greater than 32% of the beneficial interest in the issued share capital in the Guarantor; or

(iii) Philippe Benacin and Jean Madar together cease to hold voting rights equal to or greater than 25% of the voting rights in the Guarantor; or

(iv) any person or persons acting together (other than Philippe Benacin and Jean Madar) acquire(s) voting rights equal to or greater than 32% of the voting rights in the Guarantor; or

(v) any person or persons acting together acquire(s) a percentage shareholding of the beneficial interest in the issued share capital of the Guarantor of more than Philippe Benacin and Jean Madar; or

(vi) any person or persons acting together acquire(s) voting rights in the Guarantor equal to or greater than the voting rights in the Guarantor held by Philippe Benacin and Jean Madar; or

(vii) there is a Change of Management Control;

6

"CHANGE OF MANAGEMENT CONTROL" means

(A) in respect of the Licensee, when :

(i) the Guarantor ceases to hold Management Control of the Licensee; or

(ii) any person or persons acting together (other than Philippe Benacin and Jean Madar) subsequently acquires Management Control of the Licensee; or

(iii) there is a Change of Control of the Guarantor, pursuant to clause (B) below; or

(iv) either or both Philippe Benacin or Jean Madar cease to be a director or both Philippe Benacin and Jean Madar cease to be governing officers or both cease to hold their current management positions of the Licensee save that if due to:

(a) the death or permanent incapacity of; or

(b) serious breach of fiduciary duty or misconduct by,

Philippe Benacin or Jean Madar (but not both), Philippe Benacin or Jean Madar (as the case may be) ceases to be a director or other governing officer of the Licensee, such event shall not constitute a change of Management Control of the Licensee.

(B) in respect of the Guarantor, when:

(i) Philippe Benacin and Jean Madar cease to hold Management Control of it; or

(ii) if any person or persons together (other than Philippe Benacin and Jean Madar) acquire(s) Management Control of the Guarantor; or

(iii) either or both of Philippe Benacin or Jean Madar cease to be a director or both Philippe Benacin and Jean Madar cease to be governing officers or both cease to hold their current management positions of the Guarantor save that if due to:

(a) the death or permanent incapacity of; or

(b) serious breach or fiduciary duty or misconduct by,

Philippe Benacin or Jean Madar (but not both), Philippe Benacin or Jean Madar (as the case may be) ceases to be a director or other governing officer of the Guarantor such events shall not constitute a change of Management Control of the Guarantor.

"COMPETING BRANDS" means the brands set out in schedule 4;

"COMPETITOR" means any person or any Affiliate thereof whose business or any material part thereof consists of manufacturing or selling products bearing Competing Brands;

7

"CO-OPERATIVE ADVERTISING" means advertising of the Licensed Products by the Licensee in magazines and store catalogues produced by or on behalf of Retailers which is Approved;

"DEFECTIVE STOCK" means second quality, defective or damaged Licensed Products;

"DIRECT PRODUCTION COSTS" means all direct production costs in respect of Advertising, including but without limitation, costs of models (including their expenses and respective agency fees photographs and their usage rights, and;

"DISCOUNT" means any standard and customary discount (which for the avoidance of doubt shall not include any discount for early or prompt payment of any invoice) against List Price which a Retailer is allowed in respect of a Licensed Product on all sales of Licensed Products save that such discount by value of sales in the Territory (solely for the purposes of calculating Licence Fees) shall not exceed [——————](1) of the List Price less any sales or similar taxes at which the Licensed Products (excluding GWPS) are sold.

"DISTRIBUTORS" means distributors or Subsidiaries of the Licensee who are appointed by the Licensee to sell Licensed Products to Retailers and who are Approved pursuant to clause 5.1;

"EFFECTIVE DATE" means 1 July 2004;

"ENCUMBRANCE" shall mean any interest or equity of any person (including, without limitation, any right to acquire, option or right of pre-emption); any mortgage, charge, pledge, lien, assignment, hypothecation, security interest (including any created by law), title retention or other security agreement or arrangement; and any rental, hire purchase, credit or conditional sale or other agreement for payment on deferred terms;

"ENVIRONMENTAL AND SOCIAL POLICY" means Burberry's environmental and social policy attached hereto at appendix F (as such policy may be updated by Burberry from time to time, provided that the Licensee receives advance notice from Burberry of such updating);

"ESTIMATED MAJOR MARKET SALES" means, in respect of:

(A) sales of Licensed Products by the Licensee whether to Distributors or to Retailers in the Major Markets; and

(B) sales of Licensed Products by the Licensee to duty free Retailers in the Territory,

the value of all such sales of Licensed Products calculated by reference to the Licensee's best estimate of the relevant Actual Net Wholesale Prices where such sale shall be deemed to have taken place when the Licensed Product is delivered Ex-Factory to the Retailer or Distributor as the case may be;

"ESTIMATED MONTHLY LICENCE FEE" means:

(1) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:1.

8

(A) [——](2) of Estimated Major Market Sales in the relevant Month; and

(B) [——](3) of Estimated Other Markets Sales in the relevant Month,

provided that if the Estimated Monthly Licence Fee is less than one-twelfth of the Minimum Licence Fee applicable in the relevant Licensed Year (the "Applicable Licence Fee"), the Estimated Monthly Licence Fee shall be the Applicable Licence Fee;

"ESTIMATED OTHER MARKET SALES" means, in respect of sales of Licensed Products by the Licensee whether to Distributors or to Retailers in the Other Markets (other than sales of Licensed Products to duty free Retailers in the Territory), the value of all such sales of Licensed Products calculated by reference to the Licensee's best estimate of the relevant Actual Net Wholesale Prices where such sale shall be deemed to have taken place when the Licensed Product is delivered Ex-Factory to the Retailer or Distributor as the case may be;

"EXCLUDED STORES" means:

(A) any Burberry Store;

(B) any Burberry Website; or

(C) any mail order operation of any member of the Burberry Group;

"EXCLUSIVITY" has the meaning given in clause 2.5 and "EXCLUSIVE" shall be construed accordingly;

"EX-FACTORY" means ex-works as such term is defined by the Incoterms 2000;

"EX-FACTORY PRICE" means the price at which Licensed Products are sold by the Licensee to Distributors (net of any sales taxes only) in the currency in which the Licensee invoices Distributors;

"FACTORY" means any factories wholly owned and controlled by an Approved Contractor or the Licensee and which has been Approved or may be Approved from time to time or which were approved in accordance with the Original Licence Agreement prior to the Effective Date;

"FORMULAE" means any and all of the formulae, lists of ingredients, technical information, recipes, processes and instructions (held in whatever form) reasonably necessary to enable the Licensed Products to be manufactured from time to time;

"GWP" means products which are not Products:

(A) bearing Burberry Intellectual Property; and

(2) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:2.

(3) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:3.

9

(B) which are in all respects of a type and specification which have been specifically Approved for manufacture, supply and sale under this Agreement; and

(C) which are intended to be given by Retailers to consumers upon the purchase of a Licensed Product;

"HOLDING COMPANY" means, in respect of any company, any other company of which such company is a Subsidiary;

"INDEX" means, in respect of any Month, the HICP (Harmonised Index for Consumer Prices) European Index of Consumer Prices for the countries of the European Union denominated in Euros, or any amended or successor index which includes any additional European Union jurisdiction or countries;

"INTELLECTUAL PROPERTY RIGHTS" means all patents, copyright, database rights, design rights, trade marks, service marks, rights in trade dress and rights of confidence in relation to any information or know-how, in any case whether registered or unregistered, along with any applications for registration thereof, and along with any rights similar or analogous thereto in any part of the world;

"INTERNET" means the global data network comprising interconnected networks using TCP/IP ("Transmission Control Protocol/Internet Protocol");

"LARGE RETAILERS" means a list of no more than 50 Retailers to be notified by Burberry to the Licensee from time to time, such list to be reviewed annually by Burberry and for the avoidance of doubt, the term "Retailer" includes (subject to clause 5.2) a Retailer which trades at a number of retail outlets;

"LAUNCH PRODUCT" means a Licensed Product which is being marketed and/or sold in any part of the Territory for the first time;

"LICENCE FEE" means the licence fee payable by the Licensee to Burberry calculated in accordance with clause 10;

"LICENCE RIGHTS" means the rights granted to the Licensee under clauses 2.1 and 2.3;

"LICENSED PRODUCTS" means such products as are manufactured or to be manufactured by the Licensee or by an Approved Contractor which:

(A) are Products which:

(1) feature the Licensed Trade Marks and such other of the Burberry Intellectual Property as may be Approved;

(2) are in all respects of a type and specification which have been specifically Approved for manufacture, supply and sale under this Agreement; and

(B) are Products which were approved in accordance with the Original Licence Agreement prior to the Effective Date; and

(C) GWPs;

10

"LICENSED TRADE MARKS" means the trade marks of Burberry described in schedule 1 (excluding any such trade marks as Burberry from time to time notifies to the Licensee as being withdrawn therefrom by reason of Burberry no longer intending to maintain the registration of such trade marks in the Territory or any part thereof because in the sole opinion of Burberry such registration is no longer necessary in the Territory) and Varied Trade Names and New Trade Names but excludes, for the avoidance of doubt, any other trade marks, graphic signs or symbols, whether related to or comprising elements of such trade marks or otherwise which are at any time acquired or used by Burberry or any member of the Burberry Group;

"LICENSED YEAR" means each calendar year during the term of this Agreement except that the first Licensed Year shall be the period from and including the Effective Date up to and including 31 December 2004 and the last Licensed Year shall be the period from and including 1 January in the last Licensed Year up to and including the termination date, and "LICENSED YEARLY" shall be construed accordingly;

"LICENSEE'S GROUP" means the Licensee and its Affiliates from time to time;

"LIST PRICE" means the total price (net of any sales taxes) at which Licensed Products are intended to be sold by the Licensee or Distributors to Retailers which shall be:

(A) exclusive of any settlement discount or other discount, allowance or rebate which the Licensee or any Distributor may allow any particular Distributor or Retailer; and

(B) in the currency in which the Retailers are invoiced;

provided, however, if the maximum price which is charged by the Licensee, or Distributors to Retailers for the Licensed Products in the relevant jurisdiction in the Territory is higher than such price then the List Price shall be the maximum price as aforesaid.

"LVMH AGREEMENT" means the agreement set out at schedule 3;

"MAJOR MARKETS" means France, Spain, Germany, Italy, U.K., U.S.A., Japan, the People's Republic of China, Hong Kong and South Korea and any other countries which individually account for more than 5% of all Actual Net Wholesale Sales made in any Licensed Year;

"MANAGEMENT CONTROL" means the possession, directly or indirectly, of the right or power to cause the direction of the management of a business by means of shares, contract or otherwise and in particular (without limitation) in respect of the Licensee or the Guarantor the ability to appoint more than one-third of the directors or other governing officers of the Licensee and/or the Guarantor shall constitute Management Control of the Licensee and/or the Guarantor, as the case may be.

"MARKETING PLAN" shall have the meaning given to that term in clause 8;

"MINIMUM LICENCE FEE" means the minimum Licence Fee that is to be paid by the Licensee to Burberry in respect of each Licensed Year, details of which are set out in Part A of schedule 6;

11

"MINIMUM NET WHOLESALE SALES" means the minimum Actual Net Wholesale Sales to be made by the Licensee from 1 January 2008 to 31 December 2008 and from 1 January 2012 to 31 December 2012 as set out in clauses 10.7 and 10.8 respectively, and for every other Licensed Year shall be the amounts set out in Part B of schedule 6, which is headed "Marketing Threshold Sales";

"MONTH" means a calendar month, save that:

(A) the first Month of this Agreement shall commence on the Effective Date and end on the last day of the calendar month in which the Effective Date falls; and

(B) the final Month of this Agreement shall commence on the first day of the calendar month in which the date of termination of this Agreement falls and end on the date that this Agreement terminates,

and "MONTHLY" shall have the corresponding meaning;

"NEW TRADE NAMES" shall have the meaning given to it in clause 17.12;

"ORIGINAL LICENCE AGREEMENT" means the licence agreement dated 15 July 1993 (as amended) made between the parties;

"OTHER MARKETS" means all jurisdictions in the Territory other than the Major Markets;

"PACKAGING" means all packaging and components for packaging of Licensed Products, excluding bottles and caps but including labels and any other words, signs, symbols or marks which are fixed, printed or reproduced thereon;

"PLAN DATE" shall have the meaning given to that term in clause 8;

"POISON CONTROL CENTRE" means any competent authority, whether supranational, national, regional or local, with responsibility for the control of poisons or the provision of toxicological information and advice;

"PRESIDENT OF BURBERRY FRAGRANCES" means the position of president of Burberry Fragrances as described in clause 9.41 and schedule 5;

"PROCEDURES" shall have the meaning given to that term in clause 9.30(C);

"PRODUCTS" means the products (including the Packaging and bottles and caps for such products) which are described in schedule 2;

"PROMOTION" means all forms of promotion and marketing (including, without limitation, any Co-operative Advertising or promotion or marketing at any trade show) excluding Advertising and the terms "PROMOTE", "PROMOTIONAL MATERIALS" and "PROMOTIONAL ACTIVITIES" shall be construed accordingly;

"PROJECTED SALES" means the Actual Net Wholesale Sales projected in the Business Plan in the relevant part of the Territory;

"QUARTER" means a period of three consecutive Months, save that:

12

(A) the first Quarter of this Agreement shall commence on the Effective Date and end on 30 September 2004; and

(B) the final Quarter of this Agreement shall commence on whichever of 1 January, 1 April, 1 July or 1 October is closest to the date on which this Agreement terminates and shall end on the date that this Agreement terminates,

and "QUARTERLY" shall have the corresponding meaning;

"QUESTIONNAIRE" means an environmental and social responsibility questionnaire signed by an Approved Contractor, the current form of which is set out in appendix D;

"RECOMMENDED RETAIL PRICE" or "RRP" means :

(A) the recommended retail price, if any, of each Licensed Product applicable in each jurisdiction in the Territory; or

(B) where, in any particular jurisdiction, recommended retail prices are not permissible under local law, the List Price for that jurisdiction together with the mark up customarily used in the relevant jurisdiction to arrive at the retail price.

"RETAILER" shall mean any retailer and/or retail outlet within the Territory Approved pursuant to clause 5.1 which will sell Licensed Products to consumers in the Territory for personal use either (i) at the Licensee's discretion subject to clause 5, or (ii) at Burberry's own initiative (including without limitation Burberry Stores which the Licensee has been requested to supply in accordance with clause 14) provided that the Licensee shall not be required to obtain Approval for the retailers supplied by the Licensee prior to the Effective Date under the Original Licence Agreement until 1 January 2005;

"RETURNED" means:

(A) in respect of any Licensed Products manufactured by any Approved Contractor, those products which have been returned (for whatever reason) by the Licensee to the relevant Approved Contractor; and

(B) in respect of any Licensed Products manufactured by any Approved Contractor or by the Licensee, those products which have been returned by a Retailer, Distributor, Burberry or any member of the Burberry Group;

"SELL-OFF PERIOD" shall have the meaning given to that term in clause 22.1;

"SUBSIDIARY" means, in respect of any company, any other company:

(A) in which such former company holds a majority of the voting rights; or

(B) in which such former company owns any stock or shares and in respect of which such company has the right to appoint or remove a majority of its board of directors or other managing body; or

13

(C) in which such former company owns any stock or shares and in which such former company controls a majority of the voting rights, pursuant to an agreement with other stockholders or shareholders; or

(D) which is either directly or indirectly controlled in any way by such former company,

and shall include any company which is a Subsidiary of a Subsidiary of such former company according to the foregoing definition;

"TERM" means, subject to clause 20 of this Agreement, the period from the Effective Date to 31 December 2016, save that if the parties so agree prior to 31 December 2014 the Agreement may be extended for a further 5 years until 31 December 2021 but in the absence of any such agreement by 31 December 2014 this Agreement shall terminate on 31 December 2016;

"TERRITORY" means the world;

"TESTERS" means testers, minis and/or samples of Licensed Products, other than GWPs;

"UNDERTAKING" means an undertaking in Burberry's favour signed by an Approved Contractor, the current form of which is set out in appendix C;

"VARIED TRADE NAME" shall have the meaning given to it in clause 17.12;

"WORKING DAY" shall mean any day on which banks are open for business in London, England other than a Saturday or Sunday.

1.2 In this Agreement where the context admits references to:

(A) the "Agreement" or to any other agreement or document referred to in this Agreement mean this agreement or such other agreement or document as amended, varied, supplemented, modified or novated from time to time and includes the appendices and schedules hereto;

(B) a "person" include any individual, company, body corporate, corporation sole or aggregate, government, state or agency of a state, firm, partnership, joint venture, association, organisation or trust (in each case, whether or not having separate legal personality and irrespective of the jurisdiction in or under the law of which it was incorporated or exists) and a reference to any of them shall include a reference to the others;

(C) clause(s), sub-clause(s), appendice(s), schedule(s) and parties are references to clauses and sub-clauses of, appendices to, schedules of and parties to this Agreement, respectively;

(D) the singular includes the plural and vice versa (unless the context requires otherwise);

(E) any one gender includes the other gender;

14

(F) any statutory provision or enactment or any provision of any treaty, legislation, statute, directive, regulation, judgement, decision, decree, order, instrument, by-law, or any other law of or having effect in any jurisdiction "LAWS" shall be construed also as references to all other Laws made under the Law referred to, and to all such Laws as amended, re-enacted, consolidated or replaced, or as their application is modified by other Laws from time to time, and whether before or after the date of this Agreement;

(G) references to any party include any person who at any time is entitled, by assignment, novation, merger, division, reconstruction, reorganisation or otherwise, to that party's rights under this Agreement or any interest in those rights, or who, as an insolvency practitioner or otherwise, is entitled to exercise those rights (and, in the case of a novation or similar event, references herein to any party's rights shall include the novated rights to which another person is entitled as a result of that event); and

(H) Burberry giving any form of notice, notification, consent or agreement shall be construed so that such notice, notification, consent or agreement shall only be validly given by Burberry if in writing signed by the Authorised Business Representative or the Authorised Legal Representative.

1.3 JOINT AND SEVERAL LIABILITY

All warranties, representations, indemnities, covenants, agreements and obligations given or entered into by more than one person in this Agreement are given or entered into jointly and severally.

1.4 HEADINGS

The headings and sub-headings are inserted for convenience only and shall not affect the construction of this Agreement.

1.5 SCHEDULES AND APPENDICES

Each of the schedules and appendices shall have effect as if set out in this Agreement.

2. GRANT OF LICENCE

TO MANUFACTURE

2.1 Subject always to clause 2.6 below, Burberry hereby grants to the Licensee, subject to the terms and conditions of this Agreement, a personal, non-transferable and Exclusive (other than in respect of GWPs) licence:

(A) to develop, and to produce and manufacture Licensed Products at the Factory strictly in accordance with the type and specifications from time to time Approved and to use:

(i) the Licensed Trade Marks in connection with the Products;

(ii) such other parts of the Burberry Intellectual Property, including the Formulae, as may be Approved from time to time only for the purpose of such manufacture; and

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(B) to use such information as may at Burberry's sole discretion from time to time be provided by Burberry concerning the development, production and manufacture of products of the same type of merchandise as the Licensed Products, such information to be used only in connection with the development, production and manufacture of the Licensed Products and such information shall be know how and trade secret information of Burberry and subject to clause 26, and all goodwill howsoever arising from all such use shall accrue to Burberry.

2.2 The use in respect of any Licensed Products of any Burberry Intellectual Property pursuant to clause 2.1(A)(ii) in addition to the Licensed Trade Marks shall be limited to its use as Approved pursuant to clause 2.1(A)(ii) which Approval shall be in addition to the Approval required pursuant to clause 2.1(A)(i) and shall be limited to the single Product for which such Approval was specifically given.

TO SELL

2.3 Burberry hereby grants to the Licensee subject to the terms and conditions of this Agreement, a personal, non-transferable and Exclusive (other than in respect of GWPs) licence:

(A) to market, distribute and sell in the Territory Licensed Products to Retailers either directly or through Burberry Representatives or Distributors PROVIDED THAT:

(1) nothing in this Agreement:

(a) entitles the Licensee to establish and operate; or

(b) restricts Burberry or any other member of the Burberry Group from establishing and operating or granting any third party the right to establish and operate, Burberry Stores and/or a Burberry Website in the Territory; and

(2) subject to clause 14, nothing shall be deemed to grant any distribution rights to Licensed Products to Burberry or any other member of the Burberry Group; and

(B) to use such Burberry Intellectual Property in such a manner as is specifically Approved but in any event only in relation to the marketing, distribution and sale of the Licensed Products, and all goodwill howsoever arising from all such marketing, distribution and sales and use shall accrue to Burberry.

2.4 The Licensee shall consider in good faith such factors as Burberry considers relevant to the marketing, distribution and sale of the Licensed Products within the Territory.

2.5 Except as otherwise provided in this Agreement, Burberry shall not during the Term:

(A) market, distribute and sell; or

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(B) license any person (including any other member of the Burberry Group) other than the Licensee to market, distribute and sell, or

(C) develop, produce and manufacture or license any person (including any other member of the Burberry Group) other than the Licensee to develop, produce and manufacture, except with the prior approval of the Licensee, in the Territory any Products bearing the Licensed Trade Marks except for the purposes of sales to and by Excluded Stores, the restriction in this clause 2.5 being referred to as "Exclusivity" and clauses 2.1 and 2.3 shall be construed accordingly.

In the event that Burberry requests the Licensee to manufacture and/or supply Products (including without limitation limited production items) to the Excluded Stores ("Excluded Products") and the Licensee does not confirm its agreement to do so within 28 days of Burberry's request, the provisions of this clause 2.5 shall not apply to Burberry in respect of such Excluded Products.

2.6 Notwithstanding clause 2.1 above and without prejudice to clauses 2.3 and 2.5(A) and (B), Burberry may at any time notify the Licensee that it has reasonable grounds to believe it might terminate this Agreement at a future date, whether pursuant to the provisions of clause 20 or by reason of the expiry of the Term provided that in the case of possible termination pursuant to clause 20 such notice shall be given not earlier than 18 months before the possible termination date and shall specify the grounds relied on by Burberry. Burberry shall have the right, and the other members of the Burberry Group shall have the right, forthwith from the date of such notification to develop, produce and manufacture or have developed, produced and manufactured any Products whether or not bearing any Burberry Intellectual Property in the Territory.

NO SUB-LICENSING

2.7 Subject to the Licensee's right to appoint Distributors in accordance with clause 5, the Licence Rights are non-transferable and personal to the Licensee accordingly and without prejudice to clause 34, the Licensee shall not have any rights to grant sub-licences in respect of all or any part of the Licence Rights and accordingly only the Licensee is entitled to develop, produce and manufacture pursuant to clause 2.1 and only the Licensee is entitled to market, distribute and sell pursuant to clause 2.3.

2.8 The rights granted under this Agreement are granted to the Licensee only and no members of the Licensee's Group (other than those which are Distributors) shall be entitled to exercise the rights granted to the Licensee. In addition, without prejudice to the foregoing, the Licensee shall procure that no company within the Licensee's Group does anything which is contrary to the Licensee's obligations under this Agreement.

2.9 Burberry is entitled and shall be in no way restricted from doing or causing to be done anything which is not expressly prohibited by clause 2.5.

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3. TERM AND TERMINATION OF THE ORIGINAL LICENCE AGREEMENT

3.1 This Agreement shall come into force on the Effective Date and, unless terminated as provided for in this Agreement, shall continue in force until the expiry of the Term, when it shall automatically terminate.

3.2 The Original Licence Agreement shall, subject to clause 15.1, terminate immediately prior to the Effective Date.

3.3 The agreement dated 8 February 2000 among Burberry, the Licensee, the Guarantor, LV Capital USA, Inc., and Messrs. Jean Madar, Philippe Benacin, Philippe Santi and Jean Cailliau shall be superseded by the LVMH Agreement but only when it has been signed by all the aforementioned parties and until such time it shall continue in force by reference to the terms of this Agreement mutatis mutandis.

4. APPROVAL OF LICENSED PRODUCTS

4.1 The provisions of this clause 4 shall apply in respect of all Licensed Products to be sold pursuant to the rights granted under this Agreement within the Term commencing on the Effective Date.

4.2 The Licensee shall work in close co-operation with Burberry including without limitation on matters relating to the overall design of the Licensed Products with a view to agreeing upon any additions or changes to the range of Licensed Products.

4.3 The Licensee shall not manufacture or have manufactured any Products bearing any Burberry Intellectual Property or sell any such Products manufactured by or on behalf of the Licensee except such Products which have been Approved as Licensed Products for manufacture and sale.

4.4 The Licensee shall:

(A) provide full written details to Burberry of:

(i) the proposed Formulae for the particular Licensed Product concerned; and

(ii) the name and address of the creator of the proposed Formulae before commencement of manufacture of any Licensed Product,

(B) revise the Packaging used in respect of the Licensed Products in accordance with the reasonable directions received from Burberry from time to time, provided that the Licensee shall be entitled to exhaust its existing stock of Packaging and in respect of the Licensed Products approved in accordance with the Original Licence Agreement prior to the Effective Date only, no such directions will take effect before 31 December 2006, except as otherwise agreed. In the event that the Licensee does not accept that the directions given by Burberry are reasonable, it shall give written notice to Burberry within 14 days of receipt of the directions from Burberry setting out details of its objections. The parties shall in good faith endeavour to resolve the objections and in the event that no resolution is reached, the Licensee shall implement Burberry's revisions to the Packaging and the parties shall agree an appropriate reduction to the Minimum Net Wholesale Sales. In considering what might be an appropriate reduction to Minimum Net Wholesale Sales the parties shall have regard to the proportion of the Actual Net Wholesale Sales represented by the particular Licensed Product affected by the revision to the Packaging;

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(C) subject to clause 9.3, not commence manufacture of any Licensed Product (other than for the purposes of manufacturing samples) unless and until the Formulae for that Licensed Product, the proposed Licensed Product, the proposed Approved Contractor and the proposed Factory have been Approved;

(D) provide full written details to Burberry of any proposed changes in any of the Formulae for any Licensed Product for Approval of such changes before any such changes are implemented (save to the extent that such changes are required by applicable law); and

(E) not commence manufacture of any Licensed Product in accordance with any varied Formulae (other than for the purpose of manufacturing samples) unless and until such Formulae have been Approved.

4.5 The Licensee shall submit in writing all concepts, designs, specifications, pre-prototype samples and prototype samples for Licensed Products to Burberry for Approval (together with proposed Recommended Retail Prices) in sufficient time to allow Burberry to examine and consider the same, and to make any such changes thereto as Burberry requests prior to the commencement of manufacture of Licensed Products.

4.6 Burberry's Approval of any Products as Licensed Products and of the elements of such of Burberry's Intellectual Property as is to be used therewith:

(A) shall be limited to such Products conforming with the relevant Approved samples and/or specifications in all respects, including without limitation in respect of (i) aroma (ii) Formula; (iii) quality, (iv) design, (v) materials (including the ingredients, pattern, colour, composition and weight thereof), (vi) Packaging, (vii) the elements of the Burberry Intellectual Property to be used therewith, and (viii) the combinations and manner of use of such Burberry Intellectual Property (including where relevant the location, juxtaposition and size of any Licensed Trade Marks appearing thereon); and

(B) unless otherwise expressly provided, shall be given only in respect of the Products for which such Approval is given.

4.7 The Licensee shall procure that the Licensed Products are manufactured in accordance with their concepts, designs and specifications to a high standard of quality and in accordance with all conditions to which Approval of particular Licensed Products may be subject.

4.8 Where it is the Licensee's intention that any Products (or any part thereof) which the Licensee proposes to be Licensed Products are to be manufactured by any Approved Contractor(s), the Licensee shall at the same time as submitting to Burberry any concepts, designs or specifications of such proposed Licensed Products, notify Burberry of the identity of such Approved Contractor(s) and the location of the factory at which it is proposed such Licensed Products are to be manufactured. No Products will be Approved as Licensed Products where the same (or any component of the same bearing any Burberry Intellectual Property) is to be manufactured by any party other than the Licensee or the Approved Contractor(s) notified to Burberry as aforesaid.

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5. RETAILERS AND DISTRIBUTORS

5.1 (A) Subject to the provisions of clauses 5.12 and 5.15 below, the Licensee may, subject to Approval, appoint such distributors as Distributors as it deems appropriate, save that it should, prior to such appointment submit to the Authorised Business Representative, information in respect of each such distributor, including, without limitation, ownership data, details of the other brands distributed by the proposed distributor and financial and credit data. The Licensee acknowledges that Burberry will rely on such information and all other information provided by the Licensee in respect of a distributor in deciding whether to Approve such a distributor as a Distributor. For the avoidance of doubt:

(1) if the Licensee wishes to reappoint any of the Distributors listed in schedule 7 it shall first seek Approval of Burberry to any such reappointment in accordance with this clause 5.1(A); and

(2) subject to clauses 5.12 and 5.15, members of the Licensee's Group which act as distributors require Approval in accordance with this clause.

(B) The Licensee may, subject to Approval, appoint such retailers as it deems appropriate, and prior to the commencement of each Licensed Year it shall submit to the Authorised Business Representative a list of those Retailers it wishes to continue to use and/or appoint for the forthcoming Licensed Year. Such list of Retailers and their retail outlets to which the Licensee wishes to supply Licensed Products for Approval should show those retailers and retail outlets which have not been supplied with Licensed Products in previous Licensed Years, and for the avoidance of doubt, members of the Licensee's Group which act as retailers (and their retail outlets) require Approval in accordance with this clause.

5.2 Burberry's Approval of any retailer as a Retailer is limited to such retailer's retail outlets as are Approved and the Licensee shall only supply Licensed Products to Retailers in respect of the Retailer's retail outlets that are Approved and the term "Retailer" used in respect of such retailer shall be limited to such retailer trading at such retail outlets.

5.3 All Retailers shall be first class stores dealing in products bearing brands of a similar quality and prestige to the Burberry brand.

5.4 The Licensee shall inform all Retailers and Distributors of the provisions of this Agreement which are relevant to their role as Retailer or Distributor including, without limitation, clauses 5.6 and 5.7(E).

5.5 The Licensee shall not sell or otherwise supply Licensed Products to customers other than:

(A) Retailers; or

(B) Distributors for resale to Retailers; or

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(C) customers of the Burberry Group pursuant to orders obtained by Burberry Representatives and members of the Burberry Group.

5.6 The Licensee shall take all commercially reasonable steps, including by means of the imposition of contract terms, to ensure that Retailers only sell to consumers for personal use or to other Retailers.

5.7 The Licensee shall enter into a distribution agreement or commercial arrangement with each Distributor and shall ensure that each such agreement or arrangement shall incorporate legally binding provisions which:

(A) are equivalent to the Licensee's obligations under this Agreement;

(B) give effect to the Licensee's obligations under this Agreement;

(C) reflect Burberry's rights under this Agreement;

(D) restrict the Distributor to sell the Licensed Products in a jurisdiction or jurisdictions within the Territory (to the extent such provision is permitted by law);

(E) ensure that Retailers only sell to consumers for personal use or to other Retailers;

(F) procure that Burberry shall have the right to enforce the obligations of each Distributor directly, provided that Burberry shall consult with the Licensee before exercising such right; and

(G) to the extent possible taking into account the governing law, legal best practice of the relevant jurisdiction and the subject matter of the Agreement, follow the general structure and order of provisions of this Agreement and use identical definitions of terms.

5.8 The Licensee shall submit a sample distribution agreement (the "Sample Agreement") to the Authorised Legal Representative for Approval on or before 30 October 2004. Provided that the Sample Agreement is Approved, the Licensee may enter into an agreement in the form of the Sample Agreement with any Distributor. For the avoidance of doubt, the Licensee shall not be entitled to enter into a distribution agreement with a Distributor which is not materially in the form of the Sample Agreement, without specific Approval of the terms of such agreement. Burberry's Approval of the Sample Agreement does not and will not constitute any representation or warranty that such agreement adequately protects the Licensee who should seek independent legal advice in respect of the terms of its distribution agreements.

5.9 In respect of Distributors listed in schedule 7, the Licensee shall use all reasonable endeavours to enter into an agreement not later than 31 December 2004 in the form of the Sample Agreement terminating on or before 31 December 2006.

5.10 The Licensee shall ensure that each Distributor adheres to the provisions of its distribution agreement and in particular (but without limiting the above) that no Distributor does anything which if done by the Licensee would be a breach of clause 17 or which would result in the Licensee being unable to comply with clause 17. For all agreements between the Licensee and (i) Distributors and/or (ii) Retailers the Licensee shall procure that Burberry shall, notwithstanding the provisions of clause 36, have the right to enforce the terms of such agreements under the Contracts (Rights of Third Parties) Act 1999, or to the extent that any agreement between the Licensee and a Distributor or Retailer is not subject to English law, under provisions equivalent to the Contracts (Right of Third Parties) Act 1999.

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5.11 (A) At any time prior to 31 December 2006, Burberry may withdraw its Approval of any Distributor immediately on reasonable grounds by giving written notice to the Licensee and promptly on receipt of such notice, the Licensee and Burberry shall consult with a view to the Licensee taking steps to terminate promptly its agreement or arrangement with such Distributor in accordance with the terms of its agreement or its arrangement with such Distributor and/or all applicable Laws.

(B) At any time on or after 31 December 2004, Burberry may withdraw its Approval of any Distributor immediately if Burberry reasonably believes that such a Distributor is in breach of its distribution agreement or arrangement with the Licensee and the Licensee shall terminate promptly its agreement or arrangement with such Distributor in accordance with the terms of such agreement or arrangement or otherwise in accordance with Burberry's directions.

5.12 The distributors listed in schedule 7 are deemed to be Approved by Burberry as Distributors as at the Effective Date, provided that on or before 31 December 2005, Burberry may request on reasonable grounds the termination of any arrangements with any of such Distributors, such termination to take effect on 31 December 2006.

5.13 If Burberry has notified the Licensee that it does not Approve, on reasonable grounds, the reappointment of any Retailer in any Licensed Year, the Licensee shall not reappoint such Retailer. The Licensee shall ensure that within one month of the date of such notice such Retailer shall cease to be a Retailer, shall cease to be supplied with Licensed Products and cease to stock Licensed Products. Furthermore Burberry may withdraw its Approval of any Retailer forthwith pursuant to clauses 15.9.1(B) and 15.9.2(B) or if Burberry reasonably believes that such Retailer has sold or is likely to sell the Licensed Products to third parties other than consumers or Retailers. In the event that the Licensee does not accept that the grounds given by Burberry are reasonable, it shall give written notice to Burberry setting out details of its objections within 14 days of receipt of such notice, the parties shall in good faith endeavour to resolve the objections and in the event that no resolution is reached, the parties shall refer the dispute to an expert in the retail fragrance business for determination. The expert's determination shall be final and binding. If the expert concludes that Burberry's grounds were not reasonable, the parties will agree an appropriate reduction to the Minimum Net Wholesale Sales. In considering what might be an appropriate reduction to Minimum Net Wholesale Sales the parties shall have regard to the proportion of the Actual Net Wholesale Sales sold in the prior Licensed Year by the relevant Retailer.

5.14 The Licensee shall not sell or otherwise supply Licensed Products to any of its Affiliates unless that Affiliate has been Approved as a Distributor or as a Retailer.

5.15 Notwithstanding anything to the contrary in this clause 5, the Licensee undertakes that:

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[  ] (4)

6.   LIST PRICES AND RECOMMENDED RETAIL PRICE

6.1 By no later than the  commencement of the sale of Licensed  Products to Distributors for each Licensed Year by the Licensee, the Licensee shall provide details of and discuss in good faith with Burberry:

(A) the Recommended Retail Price; and

(B) the List Price, in each Licensed Year for each Licensed Product in each part of the Territory.

6.2 The Licensee shall at all times procure that all Retailers which are supplied with any Licensed Products are aware at all times of the Recommended Retail Price in respect thereof.

6.3 For the avoidance of doubt, nothing in this clause 6 shall prohibit the Licensee from selling any Licensed Products at any price as the Licensee freely determines, or prohibit any Retailer or Distributor from selling any Licensed Products at any price as that Retailer or Distributor freely determines.

7. APPROVALS

7.1 Any request by the Licensee for Approval pursuant to this Agreement must be made in writing and addressed to the Authorised Business Representative or the Authorised Legal Representative (as required pursuant to the terms of this Agreement).

7.2 Where any Approval is given subject to any conditions or limitations, the Licensee shall at all times comply with such conditions or limitations. Any Approval which is stated to be limited in time shall automatically terminate and be of no further effect from the end of the period for which such Approval is stated to be effective.

8. BUSINESS PLAN

8.1 Annually before 31 October (the "Plan Date") in each year prior to each Licensed Year commencing on 1 January 2005, the Licensee shall deliver to the Authorised Business Representative and the Authorised Legal Representative a Business Plan for the following Licensed Year, such Business Plan to set out:

(A) the Licensee's plans for the development, production and manufacture of the Licensed Products;

(B) the Licensee's plans for the Promotion, Advertising, marketing, distribution and sale of the Licensed Products ("Marketing Plan"), such Marketing Plan shall set out the Licensee's proposed spending on Promotion and Advertising during that Licensed Year (together with a detailed breakdown of such proposed spending), the media in which it is intended such Advertising and Promotion is to be placed, the proposed timing of the planned Advertising and Promotional Activities, and the proposed contents of any proposed Advertising and Promotional Material, including any common themes which it is intended will be pursued in them;

(4) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:4.

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(C) the projected Actual Net Wholesale Sales of Licensed Products; and

(D) the projected retail sales, and the parties shall, at the request of Burberry, meet to discuss in good faith Burberry's comments and observations on each Business Plan.

8.2 Each Business Plan (which, for the avoidance of doubt, shall include each Marketing Plan) is subject to Approval.

8.3 Once Burberry has Approved the contents of each Marketing Plan, the Licensee shall carry out the Advertising and Promotional Activities set out therein and shall not without Approval (given in accordance with clause 15.3) conduct any Advertising and Promotional Activities other than in accordance with the same.

9. CERTAIN ADDITIONAL OBLIGATIONS OF THE LICENSEE

MANUFACTURE OF LICENSED PRODUCTS

9.1 The Licensee shall not manufacture any Licensed Products (or any part thereof) other than at a Factory and shall procure (in the case of manufacture by an Approved Contractor) that the relevant Approved Contractor does not manufacture any Licensed Products (or any part thereof) other than at the Factory Approved in such Approved Contractor's Undertaking.

9.2 The Licensee undertakes that the materials used in the manufacture of the Licensed Products do not and shall not contain any materials from time to time notified by Burberry to the Licensee including without limitation the materials listed in appendix G.

9.3 Notwithstanding the foregoing and clause 4.4(C), Burberry shall all times be entitled to withdraw the Approval in respect of a Factory or an Approved Contractor, and each shall for the purposes of this Agreement cease to be a Factory or act as an Approved Contractor respectively, forthwith, if it has a bona fide reasonable belief that any such Approved Contractor or Factory:

(A) has produced Licensed Products that are not in accordance with the Formulae, are not of satisfactory quality or do not meet Burberry's qualitative standards as notified by Burberry to the Licensee from time to time;

(B) has used any of the substances listed in appendix G in the production or manufacture of the Licensed Products;

(C) has or is engaged in unauthorised production of Licensed Products or other products which represent an infringement of the Intellectual Property Rights of Burberry or any other person; or

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(D) has infringed or is infringing the Business Ethics and Environmental Policy.

SALE OF LICENSED PRODUCTS

9.4 Subject to clause 15, the Licensee shall use its best endeavours to Advertise, Promote, market and extend sales of Licensed Products in the Territory, and take into account such factors as Burberry considers relevant to the Promotion, Advertising, marketing and sale of Licensed Products in the Territory.

9.5 The Licensee shall not:

(A) offer for sale, sell, solicit orders, take orders for or otherwise dispose of any Licensed Products other than in the fulfilment of orders from the customers referred to in clause 5.5 hereof in the Territory for sale in the Territory;

(B) sell Licensed Products to any Retailer or Distributor in respect of which Approval has been withdrawn pursuant to clause 5.11; or

(C) knowingly sell Licensed Products to Retailers other than for direct sale to consumers for personal use or to other Retailers.

9.6 The Licensee shall accept the return of and replace or give credit for any Licensed Products delivered to any Retailers or Distributors by or on behalf of the Licensee where such Licensed Products have been lawfully Returned or rejected by such Retailer or Distributor (whether due to late delivery, defect in such Licensed Products, any other breach by the Licensee of the applicable conditions of sale or otherwise).

9.7 The Licensee:

(A) shall not and shall use its best endeavours to procure that Retailers (other than the Large Retailers) and Distributors do not market, advertise, promote or sell any of the Licensed Products by means of any electronic or digital medium, including without limitation by the use of the "Internet", the "World Wide Web" or any other telecommunications or information network or service of any description without Approval; and

(B) shall use its best endeavours to procure that its Distributors and/or Retailers (but in the case of the Large Retailers, subject to clause 9.7(A)) do not Advertise or Promote any Licensed Products without Approval.

9.8 The Licensee shall procure that its Distributors each nominate and maintain a senior employee dedicated to the sale, marketing and delivery of the Licensed Products to Retailers and who shall have suitable experience and expertise in the fragrance business.

9.9 The Licensee shall at all times be adequately represented, by reference to the market conditions for the Products from time to time, throughout the Territory by Distributors so as to comply with its obligations under this Agreement.

9.10 The Licensee shall procure that its and its Distributors' showrooms at which or environments in which the promotion and/or sale of Licensed Products takes place (i) are commensurate with the high quality and prestige nature of Burberry's business and their location and furnishings shall not diminish the reputation of the Burberry Intellectual Property and (ii) have an area dedicated to the Licensed Products. The Licensee shall provide to Burberry in June of each Licensed Year photographs of all such showrooms and environments of the Licensee and its Distributors at which the Licensed Products are promoted and/or sold (including, without limitation, photographs of the exterior and interior of such environments or showrooms and environments).

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9.11 The Licensee shall maintain during this Agreement sufficient production and other capacity to enable it to meet all orders in all material respects for Licensed Products from Distributors and/or Retailers.

TRACKING AND RECORDING

9.12 (A) The Licensee shall as soon as practicable, and in any event by no later than 1 July 2005, ensure that it has put in place the necessary measures to identify with certainty, track and record by reference to each Licensed Product the Distributor to which the Licensee or another Distributor (as the case may be) sold such Licensed Product (the "Distributor Tracking Measures").

(B) (1) The Licensee shall use its best endeavours to put in place by 31 December 2005 the necessary measures to identify with certainty, track and record by reference to each Licensed Product the Retailers in the Major Markets to which such Distributors as are described in clause 9.12(A) above sold such Licensed Products (the "Major Retailer Tracking Measures").

(2) The Licensee shall use its reasonable endeavours to put in place by 30 June 2006 the necessary measures to identify with certainty, track and record by reference to each Licensed Product the Retailers in the Other Markets to which such Distributors as are described in clause 9.12(A) above sold such Licensed Products (the "Other Retailer Tracking Measures").

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(C) The Licensee shall discuss the Distributor Tracking Measures, the Major Retailer Tracking Measures and the Other Retailer Tracking Measures with Burberry. Burberry, shall, upon reasonable notice, be permitted access to and/or be supplied with copies of the Licensee's databases and other records and information relating to such tracking measures. The Licensee shall also use all reasonable efforts to ensure that all Distributors comply with the provisions of this clause 9.12 and to the extent that the Licensee may obtain records or other information related to the destination of Licensed Products from its Distributors, the Licensee shall allow Burberry to have access to such records and information.

INTELLECTUAL PROPERTY

9.13 The Licensee shall not use or disclose any information or any of the Formulae or use any Burberry Intellectual Property (or anything identical or confusingly similar to anything comprised therein) other than:

(A) as may from time to time be both necessary and Approved in connection with the manufacture of Licensed Products and sale of Licensed Products under this Agreement; or

(B) as specifically authorised in this Agreement.

9.14 The Licensee shall not in the manufacture, supply, Advertising, Promotion, marketing, distribution or sale of any Licensed Products permit any trade marks, names or other markings to be used on or in connection with or applied to such Licensed Products other than:

(A) such of the Burberry Intellectual Property as is Approved to be used in respect of such Licensed Products under clauses 2.1(A) and 2.3(B); and

(B) any such markings as are required by the Laws of or generally accepted codes of practice in any relevant part of the Territory PROVIDED THAT any such markings shall be applied in a manner which is as discrete as is reasonably possible, and no such markings shall be applied to the exterior or the interior of any Licensed Products without Approval subject to the requirements of any applicable Laws of or generally accepted codes of practice in any relevant part of the Territory.

9.15 In the event that Burberry does not supply labels, point of sale material or packaging bearing Burberry Intellectual Property (for which Burberry shall be entitled to charge), the Licensee shall not purchase any such labels, point of sale material or packaging from any party other than from such third party suppliers as Burberry shall designate as an Approved Contractor.

9.16 The Licensee shall:

(A) use its best endeavours to provide to the Authorised Business Representative within six months of the date of this Agreement details of all uses it has made of Burberry Intellectual Property in the six (6) Months prior to the date of this Agreement whether on or in relation to the Products, stationery or otherwise;

(B) not use any Burberry Intellectual Property on any of its business documentation (including but not limited to, all advertising materials, stationery, order forms, invoices, credit notes, labels, business cards, signage and the like) unless such use of the Burberry Intellectual Property has been Approved.

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(C) as soon as possible, and in any event within 30 days of receipt of notice from Burberry of a variation or modification of or any addition to any trade mark or trade name forming part of the Burberry Intellectual Property including without limitation the Licensed Trade Marks, cease to use any previous or outdated versions of the relevant trade mark or trade name on any of the Licensee's business documentation. For the avoidance of doubt, once notice is given in accordance with this clause 9.16(C) any prior Approval given under clause 9.16(B) shall be deemed to have been withdrawn to the extent that it relates to previous or outdated versions of Burberry's brand or logos.

9.17 The Licensee shall not (and shall procure that no Affiliate of the Licensee shall unless Burberry otherwise agrees) engage directly or indirectly in the development, production, manufacture, supply, marketing, distribution or sale of any:

(A) products other than the Licensed Products bearing or sold in connection with:

(i) any Burberry Intellectual Property;

(ii) any trade marks or trade names identical or confusingly similar to or otherwise infringing any Burberry Intellectual Property;

(iii) any Varied Trade Names which do not include the "Burberry" name (for example, in the case of "Burberry Brit", the word "Brit" may not be used on its own or in conjunction with any other word or words other than "Burberry"); or

(B) products of the same design as that of any of the Licensed Products; or

(C) products of a design substantially similar to that of any of the Licensed Products; or

(D) products in the same or confusingly similar packaging or presentation as any of the Licensed Products; or

(E) products with a confusingly similar fragrance as any of the Licensed Products; or

(F) products using the same Formulae as any of the Licensed Products.

9.18 The Licensee shall, on request, deliver to Burberry copies of all stationery, point of sale materials and any other materials bearing Burberry Intellectual Property used for or in connection with the manufacture, distribution or sale of the Licensed Products in the relevant Licensed Year ("Materials") and the Licensee shall, in any event, archive copies of the Materials and shall provide copies of such Materials to Burberry at Burberry's request.

9.19 The Licensee shall not use any of the Licensed Trade Marks or any other Burberry Intellectual Property on or in connection with any products or in connection with any services other than the Licensed Products and then subject always to the Approvals which are required under this Agreement.

9.20 Without prejudice to clause 5.10, the Licensee shall procure that its

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Distributors:

(A) comply with clauses 9.5, 9.7, 9.8, 9.17, 9.18, 9.19, 9.25 and 9.28; and

(B) do not use any Burberry Intellectual Property for any purpose other than in connection with the distribution of the Licensed Products in accordance with the terms of this Agreement and of any distribution agreement entered into under clause 5.8.

9.21 The Licensee shall work in close co-operation with Burberry to enhance the goodwill and reputation of the Burberry Intellectual Property and the Formulae.

PROVISION OF INFORMATION

9.22 The Licensee shall supply such information and documentation as Burberry may reasonably request in connection with the development, production and manufacture of Licensed Products and the Promotion, Advertising (including advertising expenditure), marketing, distribution and sale of Licensed Products.

9.23 (A) If the Licensee ceases to be listed on a recognised stock exchange, the Licensee shall promptly provide full details to Burberry in writing in respect of (i) the beneficial and legal ownership of the Licensee and (ii) the directors and management of the Licensee, each as at the date hereof. Thereafter the Licensee shall forthwith give Burberry written notice of:

(i) any material change in the issued share capital of the Licensee including any change of beneficial or legal ownership including without limitation each occasion when a person or persons acting in concert first hold or cease to hold interests (legal or beneficial, direct or indirect) in the share capital of the Licensee, which represent or could represent ten percent (10%) or more of the issued share capital of the Licensee, and where any such person or persons holds any such interest, any increase in such interest;

(ii) any material change in the directors and/or management of the Licensee (including, but not limited to, any material change in the role of or the departure from the Licensee of the member of its senior management); and/or

(iii) any other fact matter or thing affecting the Licensee during the continuance of this Agreement of which the Licensee is aware and which might materially affect the interests of Burberry or the performance by the Licensee of its obligations under this Agreement.

(B) If the Guarantor ceases to be listed on a recognised stock exchange, the Guarantor shall promptly provide full details to Burberry in writing in respect of (i) the beneficial and legal ownership of the Guarantor and (ii) the directors and management of the Guarantor, each as at the date hereof. Thereafter the Guarantor shall forthwith give Burberry written notice of:

(i) any material change in the issued share capital of the Guarantor, including any change of beneficial or legal ownership including without limitation each occasion when a person or persons acting in concert first hold or cease to hold interests (legal or beneficial, direct or indirect) in the share capital of the Guarantor, which represent or could represent ten percent (10%) or more of the issued share capital of the Guarantor and where any such person or persons holds any such interest, any increase in such interest;

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(ii) any material change in the directors and/or management of the Guarantor (including, but not limited to, any material change in the role of or the departure from the Guarantor of the member of its senior management); and/or

(iii) any other fact matter or thing affecting the Guarantor during the continuance of this Agreement of which the Guarantor is aware and which might materially affect the interests of Burberry or the performance by the Guarantor of its obligations under this Agreement.

9.24 The Licensee shall notify Burberry of the following information in writing within 60 days of the end of each Licensed Year:

(A) a list of each person for which the Licensee or a member of the Licensee's Group acts as a licensee (such persons being the "Other Licensor");

(B) all other brands in respect of which it or a member of the Licensee's Group acts as licensee or in any other capacity from time to time on behalf of Other Licensors, such brands as at the date of this Agreement being the "Additional Brands";

(C) the duration of the agreements with the Other Licensors; and

(D) the territories in which the Licensee may manufacture and sell pursuant to the licence agreements with the Other Licensors.

All information received by Burberry pursuant to this clause 9.24 shall be subject to the provisions of clause 26.

9.25 The Licensee shall not make or give any representations or warranties in relation to the Licensed Products other than those which are true and accurate in all material respects.

9.26 The Licensee shall notify Burberry in writing forthwith if:

(A) 5% or more by value calculated by reference to the Actual Net Wholesale Sales of a particular Licensed Product in any range of Licensed Products in any six month period are Returned to the Licensee; or

(B) 10% or more by value calculated by reference to the Actual Net Wholesale Sales of a particular Licensed Product in any range of Licensed Products in any six month period are Returned to any Distributor; or

(C) a material amount of any particular component of any Licensed Product in any six month period are Returned to an Approved Contractor.

The Licensee shall provide Burberry with such details as Burberry may reasonably require in respect of such Returned Licensed Products and the reason for their return.

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ACCESS

9.27 The Licensee shall permit Burberry and/or its representatives to have access to the premises of the Licensee (including without limitation any Factories) and shall procure that Burberry and/or its representatives have access to any relevant premises of any Approved Contractor (including without limitation any Factories) at any time during business hours, upon reasonable advance notice, to inspect all the operations of the Licensee and/or any Approved Contractor in manufacturing and dealing in Burberry Items, to assess the amounts of the Licensee's and/or Approved Contractors' stocks of Burberry Items and generally for the purposes of ensuring the compliance of the Licensee with this Agreement, including without limitation the conformance of any of the Burberry Items with the required standards of quality.

COMPLIANCE WITH LAWS

9.28 The Licensee shall at its own expense:

(A) comply in all material respects with all applicable Laws and similar requirements in the Territory in so far as they relate to Licensed Products, including without limitation as to their manufacture, labelling and raw material content, supply, importation and/or sale and in particular without limitation labelling as to jurisdiction of origin, product liability, product safety and cosmetic products legislation;

(B) obtain and maintain in full force and effect all licences, permissions and consents and comply in all material respects with all requirements necessary for the importation of any items provided to the Licensee by Burberry for the purpose of this Agreement, including but not limited to the payment of all duties, taxes and other charges;

(C) procure and be able to demonstrate to the reasonable satisfaction of Burberry that, for the purposes of sales of Licensed Products in the Territory, if a jurisdiction of origin label is required under all relevant Laws, business practices or codes of practice applicable in the relevant part of the Territory, such Licensed Products shall be manufactured (and comprise only such components) so as to be able lawfully to bear a jurisdiction of origin label subject to clause 9.14(B).

9.29 The Licensee shall conform and comply with and shall use its best endeavours to cause all Approved Contractors and Distributors to conform and comply with all relevant international and national conventions and all relevant Laws, rules and regulations relating to the employment of labour (in particular without limitation child and forced labour) and employees' terms and conditions of employment and shall comply with and procure that all Approved Contractors and Distributors comply with general environmental responsibilities and good practice.

9.30 The Licensee shall comply in all material respects with all applicable Laws, rules and notices having the force of law in the Territory and any codes of practice and regulatory advice (together the "Regulations") insofar as they relate to the Licensed Products including, but not limited to, the following:

(A) the Licensee shall hold at the address that appears on the packaging of the Licensed Product a dossier in respect of each Licensed Product (the "Dossiers"). The Dossiers shall contain product information including, without limitation, safety assessment data and details of the composition of the Licensed Product in question;

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(B) the Licensee shall appoint a designated individual who shall be responsible for preparing, maintaining and up-dating the Dossiers (the "Designated Individual"). The Licensee shall notify Burberry within thirty (30) days of the appointment or replacement of such individual of the name, address and contact telephone numbers of the current Designated Individual;

(C) the Licensee shall maintain (i) a proper and appropriate procedure for monitoring, recording, managing and responding to all complaints and (ii) a product recall procedure, in each case to monitor any undesirable effects and adverse reactions on consumers caused by the Licensed Products (together the "Procedures"). The Procedures shall specify details of the individuals within the Licensee's organisation who have been given overall responsibility for their implementation including, without limitation, their names and contact telephone numbers;

(D) the Licensee shall on or before 30 September 2004 provide a copy of the current Procedures to Burberry for Approval. Any amendments to such Procedures shall be submitted to Burberry for Approval;

(E) the Licensee shall review the Procedures regularly and in any event at least once per Licensed Year; and

(F) the Licensee shall procure that all appropriate safety data and information shall be sent on a confidential basis to Poison Control Centres and other relevant authorities as may be required by any Regulations;

9.31 The Licensee shall within thirty (30) days of receipt of a request from Burberry (such a request to be made by Burberry no more than once in each Licensed Year):

(A) certify in writing to Burberry that (i) all Regulations insofar as they relate to the Licensed Products, the Dossiers and the Procedures have been complied with; and (ii) all required registrations, consents, approvals, certifications and submissions in respect of the Licensed Products, Dossiers and Procedures have been obtained by the Licensee; and

(B) provide copies of supporting documentation providing evidence to the reasonable satisfaction of Burberry of such compliance.

9.32 The Licensee shall permit Burberry to inspect all documentation relating to the Licensed Products including, but not limited to, Formulae and data at any time during normal business hours, upon reasonable advance notice, for the purposes of ensuring compliance of the Licensee with the Agreement and all Regulations and the Licensee shall grant Burberry access to its premises for the purposes of permitting Burberry to carry out this inspection. In carrying out such inspections, Burberry will endeavour to minimise any disruption to the normal business operations of the Licensee.

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INSURANCE

9.33 The Licensee shall obtain from a reputable insurance company and maintain in force product liability insurance for death, personal injury and property damage in respect of all Licensed Products sufficient to fully indemnify Burberry and all members of the Burberry Group in respect of any claim arising whether during the Term or at any time after the termination of this Agreement. Such insurance shall provide cover for at least (euro)6,000,000 in respect of any one claim or such higher amount as shall be recommended by a leading firm of international insurance brokers having regard to what is customary in the fragrance industry who shall be informed prior to their appointment that they are appointed on the basis that they will not be instructed in respect of obtaining the insurance cover itself. Burberry shall be named as "loss payee" on every policy of such insurance. Each year on or before 31 January the Licensee shall supply to Burberry evidence of such insurance and the payment of all premiums therefor.

INDEMNITY

9.34 The Licensee shall fully indemnify Burberry and keep it indemnified against all damage, losses, claims, actions, proceedings, demands, liabilities, costs, damages, compensation, fines, personal injuries (including death), damage to private property, orders and out-of-pocket expenses (including, without limitation, reasonable legal and other professional fees) (hereinafter the "Indemnified Events") to the extent incurred or suffered by Burberry as a result of the negligence, act or omission of the Licensee, its Affiliates or its or their employees, agents and contractors (including Distributors) arising out of or in connection with this Agreement or to the extent incurred or suffered by Burberry as a result of the breach by the Licensee or its Affiliates or its or their employees, agents and sub-contractors of its obligations and/or warranties under this Agreement save, in any such case, to the extent that such Indemnified Events are caused by any negligence or wilful default on the part of Burberry, its employees, agents and contractors (excluding the Licensee).

MISCELLANEOUS

9.35 The Licensee shall devote sufficient resources (whether in terms of employees, premises, facilities or otherwise) to fulfil its obligations under this Agreement in their entirety.

9.36 The Licensee shall not and shall procure that any employee or representative of the Licensee shall not and shall use all reasonable endeavours to procure that its Approved Contractors and Distributors shall not:-

(A) make or attempt to make directly or indirectly any payment or gift of any description (whether or not such payment or gift is solicited), except for reasonable business meals as may be customary in accordance with the relevant locale, to:

(i) any employee or representative of Burberry, or of any other known member of the Burberry Group or of any of their respective Affiliates; or

(ii) to any known family relation of any person described in sub-clause (i) above; or

(B) in any way induce or attempt to induce (whether by means of a payment of money or otherwise) any employee or representative of Burberry to conceal from Burberry or to overlook any act, omission or other circumstances which would amount to a breach by the Licensee or a Distributor of this Agreement (or a breach by an Approved Contractor of its Undertaking); or

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(C) fail to notify Burberry in writing promptly if the management of Licensee, its employees or representatives have actual knowledge that any such employee or representative referred to in clause 9.36(A) has indicated that he/she may so overlook or conceal a breach of this Agreement if so induced; or

(D) pay any brokers' fees, bribes, pay-offs, commissions (other than customary sales commissions or finders' fees in the ordinary course of business), royalty sharing or the like to any third party which relates in any way to this Agreement or the Licensee's relationship with Burberry.

9.37 The Licensee agrees to be bound by the LVMH Agreement and also to use its best endeavours to procure that the LVMH Agreement is signed by 30 September 2004 by all the parties other than Burberry who are stated to have obligations under that agreement.

BURBERRY FRAGRANCES

9.38 Certain of the Licensee's obligations under this Agreement will be performed by Burberry Fragrances. Burberry Fragrances' sole function will be to perform in whole or in part the Licensee's obligations and Burberry Fragrances will not provide any services for any other person.

9.39 Burberry Fragrances shall have a dedicated sales and marketing team and shall outsource such of its obligations as the President of Burberry Fragrances shall deem appropriate, provided that Burberry Fragrances shall be entitled to use the production, logistic, accounting, administrative and other services of the Licensee or the Licensee Group, as the Licensee deems appropriate.

9.40 The Licensee shall ensure that it employs in Burberry Fragrances at all times sales and marketing personnel dedicated to developing the duty-free business.

9.41 The Licensee shall, subject to any recommendation made by Burberry, propose for Burberry's Approval a person with suitable experience and expertise in the fragrance business to be the President of Burberry Fragrances. If Burberry Approves such proposal, the Licensee shall, and the Guarantor shall procure that the Licensee shall, appoint such person as is nominated by Burberry to hold the position of President of Burberry Fragrances. The terms of such appointment (including, without limitation, remuneration incentives and principal place of work if the principal place of work is to be other than Paris) shall be subject to Approval by Burberry.

9.42 Subject to the applicable laws of the principal place of work, the Licensee shall not dismiss or reassign the President of Burberry Fragrances without the Approval of Burberry and Burberry shall be entitled to require by notice to the Licensee that any President of Burberry Fragrances is dismissed and another person is appointed in his/her place within six months of the date of Burberry's notice. The Licensee shall provide Burberry with all information requested by Burberry in respect of the circumstances surrounding any requested dismissed or reassignment of the President of Burberry Fragrances. The Licensee shall indemnify and keep Burberry indemnified against all costs, claims, demands, losses, damages and expenses arising from any claim brought directly against Burberry by any proposed, current or former President of Burberry Fragrances, save, in any such case, to the extent that such indemnified events are directly caused by any negligence or wilful default on the part of Burberry, its employees, agents and contractors (excluding the Licensee).

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9.43 The President of Burberry Fragrances shall be the principal point of contact for Burberry with Burberry Fragrances and such person shall devote all of his/her time to the development of the Licensee's business in respect of the Licensed Products. Notwithstanding anything to the contrary the President of Burberry Fragrances shall report, and shall be subordinate to, the President of the Licensee, provided that the President of the Licensee shall not give directions to the President of Burberry Fragrances which are inconsistent with the terms of the President of Burberry Fragrances' appointment and his/her role and responsibilities. The responsibilities and role of the President of Burberry Fragrances are set out in schedule 5.

9.44 For the avoidance of doubt the provisions of clause 9.38 to 9.43 and any recommendation or any Approval given by Burberry pursuant to it shall not limit, reduce or exclude the Licensee's or the Guarantor's liability under this Agreement.

10. LICENCE FEES

CALCULATION OF LICENCE FEE

10.1 In consideration of the Licence Rights granted by Burberry and the obligations undertaken by Burberry under this Agreement, the Licensee shall pay to Burberry :

(A) on or before 31 December 2004 the sum of (euro)3,000,000 as an inducement for Burberry to enter into this Agreement which, for the avoidance of doubt, is payable in addition to the Licence Fee; and

(B) subject to clause 14.1 from the Effective Date, the Licence Fee, which shall be calculated by multiplying the Actual Net Wholesale Sales in each Month by [____________________________](5) ("Calculation A"), save that, in respect of the Other Markets only, the parties may agree to calculate the Licence Fee by reference to the Ex-Factory Price of the Licensed Products sold in such Other Markets ("Calculation B"). The parties shall:

(1) within 150 days of the Effective Date, in respect of the first Licensed Year; and

(2) by no later than 90 days prior to the beginning of each Licensed Year, in respect of subsequent Licensed Years,

agree whether Calculation A or Calculation B shall apply in respect of the Licence Fee in the Other Markets in the next following Licensed Year and, if Calculation B is chosen, the method and criteria applied and data used in such calculation. If the parties fail to agree within the time limits set out above, Calculation A shall apply.

(5) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:5.

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10.2 The Licence Fee shall become due on the last day of each Month provided that the Licence Fee shall not be payable by the Licensee in respect of Licensed Products which have been Returned to the Licensee by a Distributor or Retailer.

10.3 Estimated Monthly Licence Fee

The Estimated Monthly Licence Fee shall become due at the end of each Month and be payable to Burberry within 30 days after the end of each Month, provided that the Estimated Monthly Licence Fee for the period from the Effective Date until the date of signature of this Agreement shall be payable to Burberry within 30 days after the end of the Month in which the date of signature of this Agreement falls. Except as provided in clause 10.5 below, each Monthly payment shall be made without any deduction or set off of any kind.

10.4 Six-Monthly and Annual Reconciliation

(A) In respect of the Major Markets, the Licensee shall, within 45 days of the end of every six Month period (the first such period commencing on the Effective Date, and ending on 31 December 2004) pay to Burberry an amount representing the difference between the Estimated Monthly Licence Fee paid during such six Month period and the Licence Fee due and payable for such six Month period.

(B) In respect of the Other Markets, the Licensee shall, within 45 days of the end of each Licensed Year, pay to Burberry an amount representing the difference between the Estimated Monthly Licence Fee paid during the Licensed Year and the Licence Fee due and payable for such Licensed Year, such Licence Fee to be calculated with reference to clause 10.1 to 10.3 inclusive.

10.5 At the same time as delivery of an Annual Account to Burberry, the Licensee shall pay the Licence Fee shown to be due by such Annual Account, without any deduction or set off of any kind, if and to the extent that it has not already then been paid together with interest thereon calculated in accordance with clause 10.12. In the event that the Annual Account in respect of any Licensed Year discloses that the Licence Fee paid by the Licensee in respect of that Licensed Year under clause 10.1 exceeds the Licence Fee which was correctly required to be paid under this Agreement in respect of such Licensed Year, Burberry shall credit to the Licensee the amount of such excess, which credit, at the option of the Licensee:

(A) may be applied by the Licensee so as to reduce the Licensee's Monthly payments of Estimated Licence Fees in respect of the next following Licensed Year (if any); or

(B) will be refunded in full to the Licensee within thirty (30) days of such request.

Except as provided above Burberry shall have no obligation to credit or refund to the Licensee any overpayment of Licence Fee.

MINIMUM LICENCE FEES AND ACTUAL NET WHOLESALE SALES

10.6 In the event that the Licence Fee paid by the Licensee to Burberry in any Licensed Year ("Received Fee") is less than the Minimum Licence Fee, the Licensee shall remit to Burberry within ninety (90) days of the later of the end of such Licensed Year or such date that the difference between the Received Fee and the Minimum Licence Fee for such Licensed Year has been determined.

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10.7 If the aggregate of the Actual Net Wholesale Sales from 1 January 2008 until 31 December 2008:

(A) in respect of Licensed Products is less than[________________](6) (subject to indexation in accordance with clause 10.9 below); or

(B) in respect of those Licensed Products described in paragraph C of schedule 2 ("Men's and Women's Skin Care Products") is less than [____________________](7) (subject to indexation in accordance with clause 10.9 below),

Burberry shall, with effect from 31 December 2009, be entitled, by giving at least nine months' notice expiring on or before 31 December 2009, to terminate this Agreement (in respect of (A) above) or the Licence Rights for Men's and Women's Skin Care Products (in respect of (B) above).

10.8 If the aggregate of the Actual Net Wholesale Sales from 1 January 2012 until 31 December 2012:

(A) in respect of Licensed Products is less than [____________________](8) (subject to indexation in accordance with clause 10.9 below); or

(B) in respect of Men's and Women's Skin Care Products is less than [____________________](9) (subject to indexation in accordance with clause 10.9 below),

Burberry shall, with effect from 31 December 2013, be entitled, by giving at least nine months' notice expiring on or before 31 December 2013, to terminate this Agreement (in respect of (A) above) or the Licence Rights for Men's and Women's Skin Care Products (in respect of (B) above).

(6) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:6.

(7) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:7.

(8) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:8.

(9) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:9.

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10.9 The Minimum Licence Fee, the Minimum Net Wholesale Sales and the figures set out in clauses 10.7 and 10.8 (as the same may have been previously increased pursuant to this clause 10.9) shall be increased in each Licensed Year for inflation by taking into account the increase in the Index from the Index last published in the previous Licensed Year (or, in respect of the first Licensed Year, the Index last published in the calendar year prior to the first Licensed Year ("Base Index") but only if the Index increases in such Licensed Year by more than [___](10) and the first [___](10) of any such increase in any Licensed Year shall be disregarded for the purposes of this clause 10.9. The adjustment shall be accomplished by multiplying the relevant amount, by a fraction, the numerator of which shall be the Index last published prior to the end of the relevant period and the denominator of which shall be in each instance the Base Index. There shall be no decrease of such amounts in the case of deflation.

PAYMENT DETAILS

10.10 All Licence Fees, and other amounts due to Burberry under this Agreement shall be exclusive of value added tax, sales tax, use tax or any and all other similar taxes which shall be paid by the Licensee to Burberry at the applicable rate in addition to such amounts, except to the extent that the Licensee satisfies Burberry that the conditions are met for the relevant supply to be outside the scope of such tax. Accordingly, the Licensee shall notify Burberry immediately if it has or establishes a place of business or fixed establishment within the European Union at which any rights licensed under this Agreement are or are to be used or to which any of such rights are supplied or may be supplied.

10.11 All payments which are to be made by the Licensee to Burberry under this Agreement whether they be Licence Fees or otherwise shall be made in Euros and shall be paid:

(a) by telegraphic transfer into Burberry's bank account at Lloyds TSB Bank plc, City Office, PO Box 72, Bailey Drive, Gillingham Business Park, Kent ME8 0LS or such other account as Burberry may nominate in writing from time to time and at the same time the Licensee shall fax a copy of the payment slip to the Authorised Business Representative; or

(b) if requested by Burberry by remittance of a bankers draft to Burberry at 18-22 Haymarket London SW1Y 4DQ (or such other address as Burberry may from time to time notify to the Licensee) marked for the attention of the Authorised Business Representative and a copy thereof shall be sent to the Authorised Legal Representative.

10.12 Interest shall accrue on all sums due from the Licensee to Burberry and outstanding beyond the date of payment specified in this Agreement. Such interest shall accrue:

(A) at the rate of [____________________](11) per annum above the base rate for pounds sterling of Lloyds TSB Bank Plc (or such other major UK bank as Burberry may from time to time designate in writing) from time to time in effect; and

(B) on a daily basis both before and after any judgment of any court of law.

(10) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:10.

(11) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:11.

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CURRENCY

10.13 (A) The Estimated Licence Fee and the Licence Fee shall always be paid in euros ("Euro Amount").

(B) The Euro Amount shall be calculated as follows :

(1) if the Actual Net Wholesale Sales are made in any currency other than pounds sterling ("Other Currency"), the Licence Fee shall be calculated in the relevant Other Currency and converted into pounds sterling at the relevant Other Currency's Due Mid Market Rate (the "Sterling Amount"); and

(2) the Licensee shall convert the Sterling Amount referred to in clause 10.13(B)(1) above into euros at the Payment Mid Market Rate on the date it pays.

(C) The Euro Amount for the Estimated Monthly Licence Fee shall be calculated as follows :

(1) If the Estimated Major Market Sales and Estimated Other Market Sales are determined in an Other Currency, the Estimated Monthly Licence Fee shall be calculated in the relevant Other Currency and converted into the Sterling Amount at the relevant Other Currency's Due Mid Market Rate; and

(2) The Licensee shall convert the Sterling Amount referred to in clause 10.14(C)(1) above into euros at the Payment Mid Market Rate on the date it pays.

(D) The amount payable in respect of the Actual Net Wholesale Sales of sales made in the Other Markets (except in the case of sales made in any jurisdiction falling within the Other Markets where the Licensee receives an account of such sales at the end of each Month for the sales made in that Month) shall be converted into the Sterling Amount at the end of the Quarter in which the relevant sales are made and the Licensee shall convert the Sterling Amount into euros at the Payment Mid Market Rate prior to the date it pays the Licence Fee.

(E) For the purposes of this clause 10.13:

(1) "Payment Mid Market Rate" means the relevant currency's mid market rate as determined by reference to the exchange rate published in the London Financial Times on the last Working Day prior to the date the Licensee pays the Licence Fee or Estimated Monthly Licence Fee (as the case may be) or, in the case of clause 10.13(D) above, the amounts referred to in clauses 10.5, 10.6 and 10.12; and

(2) "Due Mid Market Rate" means the relevant currency's mid market rate as determined by reference to the exchange rate published in the London Financial Times:

(a) on the last Working Day prior to the date on which the relevant payment first became due for Licence Fees calculated on a Monthly basis and for Estimated Monthly Licence Fees; and

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(b) the last Working Day prior to the end of the Quarter for Licence Fees calculated Quarterly.

11. REPORTING AND ACCOUNTING

11.1 The Licensee shall, within thirty (30) days after the last day of each Month send by facsimile transmission or email, to be followed by a hard copy sent by post to Burberry at St Albans House, 10 St Albans Street, London, SW1Y 4SQ (or such other address as Burberry shall from time to time specify in writing) marked for the attention of the Authorised Business Representative, a full and accurate account in respect of that Month (the "Monthly Account") in writing certified as correct by the Chairman, President, Chief Executive Officer or Chief Financial Officer of the Licensee. The Monthly Account shall set out those details of the Licensee's activities which are described in appendix A as being reportable on a Monthly basis

11.2 The Licensee shall, within thirty (30) days after the last day of each Quarter, send by facsimile transmission or email, to be followed by a hard copy sent by post to Burberry at St Albans House, 10 St Albans Street, London, SW1Y 4SQ (or such other address as Burberry shall from time to time specify in writing) marked for the attention of the Authorised Business Representative, a full and accurate account in respect of that Quarter (the "Quarterly Account") in writing certified as correct by the Chairman, President, Chief Executive Officer or Chief Financial Officer of the Licensee. The Quarterly Account shall set out those details of the Licensee's activities which are described in appendix A as being reportable on a Quarterly basis and every other Quarterly Account shall also set out those details of the Licensee's activities which are described in appendix A as being reportable on a semi-annual basis.

11.3 The Licensee shall within ninety (90) days after the end of each Licensed Year deliver to Burberry (marked for the attention of the Authorised Business Representative) a full and accurate account in the format of the Quarterly Account unless otherwise specified by Burberry from time to time (the "Annual Account") specifying in respect of such information in relation to Licensed Products manufactured and/or Returned and/or sold during such Licensed Year as is required in respect of Quarterly Accounts under clause 11.2 and details and documentary proof of all amounts actually spent in respect of Advertising and Promotional Activities. The Licensee shall also deliver with the Annual Account the documentary evidence referred to in appendix A. Each Annual Account shall be certified as correct by:

(A) the Chairman, President, Chief Executive Officer or Chief Financial Officer of the Licensee; and

(B) one of the four largest international firms or an Approved firm of certified public accountants (and, for the purposes of this clause 11.3 any accounting firm that is a nationally recognised firm in France and regarded as an auditor to French publicly traded companies or a member of, and in good standing with the U.S. Public Company Accounting Oversight Board is Approved);

and in the event of any inconsistency between the Annual Account and the Quarterly Accounts for the Licensed Year in question, the Annual Account shall prevail.

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11.4 Within ninety (90) days of the termination of this Agreement (or, where there is a Sell-Off Period, the termination of such Sell-Off Period), the Licensee shall submit an account (the "Final Account") to Burberry in respect of the period from the date of the last Annual Account up to the date of termination. The Final Account shall be prepared in accordance with the requirements of this Agreement applicable to Annual Accounts.

11.5 The Licensee shall for seven years from the date of their creation:

(A) keep, and use its reasonable endeavours to procure that all Approved Contractors and Distributors shall at all times keep, in accordance with generally accepted accounting principles applicable to the relevant party complete and accurate (in all material respects) books and records in a form (computerised or otherwise) which is readily retrievable and easily interpreted relating to all of the dealings of the Licensee or such Approved Contractor or Distributor in relation to any Licensed Products and other Burberry Items, including without limitation but to the extent relevant to the party in question as to:

(i) all purchases and sales or other disposals or dealings by the Licensee, any Approved Contractor or Distributor of all and any Licensed Products and other Burberry Items;

(ii) all Burberry Items manufactured by the Licensee and/or any Approved Contractor;

(iii) production, manufacturing and distribution records;

(iv) the Licensee's, Approved Contractors' and Distributors' labour practices and environmental obligations and corresponding compliance with all relevant Laws;

(v) the number of Licensed Products and other Burberry Items held in stock by the Licensee, Approved Contractors and Distributors;

(vi) copies of all Quarterly Accounts and Annual Accounts and supporting documentation in respect thereof;

(vii) if the party's accounts were audited, copies of its audited accounts for the previous two (2) years;

(viii) if the party's accounts were audited, working papers that support the key balances included on each set of audited accounts including, without limitation, an analysis of stock held as at the date of the accounts (by product line identifying the stock of Burberry Items held) and an analysis of sales and cost of sales of Licensed Products;

(ix) management accounts for each Quarter;

(x) stock and production records for all transactions relating to the Licensed Products;

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(xi) standard costing sheets agreed with contractors for transactions relating to the Licensed Products;

(xii) list of Approved Contractors, Distributors and Retailers and copies of all contracts with such Approved Contractors and Distributors;

(xiii) purchase records for all transactions relating to the Licensed Products or raw materials therefor, including without limitation, invoices, statements and goods received notes;

(xiv) sales records including without limitation invoices, statements and despatch records; and

(xv) copies of all brochures and price lists relating to the Licensed Products; and

(B) procure that Burberry and/or its employees, agents or professional advisers are permitted with respect to the Licensee, and to use reasonable commercial endeavours with respect to its Approved Contractors and Distributors during normal business hours and upon reasonable advance notice, to inspect and make and retain copies of such books and records as are referred to at clause 11.5(A) and all and any other books of account and business records as are kept by the Licensee, any Approved Contractor and/or any Distributor which relate to the Burberry Items, that Burberry and/or such employees, agents or professional advisers are given such access to the Licensee's, any such Approved Contractor's and/or Distributor's employees and auditors as is required in order to interview the same for the purposes of gaining access to, interpreting and/or verifying such books and records, and that full co-operation is given by the Licensee, any such Approved Contractor and Distributor and their employees and auditors in relation to any such inspection and/or interview and that Burberry and/or such employees, agents or professional advisors are given access to the Licensee's Approved Contractors' and Distributors' premises at which Licensed Products and/or other Burberry Items are stored in order to establish the number of such items held in stock.

11.6 If any such investigation as is described in clause 11.5(B) shows that the relevant Account(s) rendered by the Licensee had underestimated the Licence Fees due to Burberry then any underpayment shall be paid forthwith on Burberry's demand or, if Burberry so agrees, together with the next Quarterly payment of Licence Fees, together with interest thereon calculated in accordance with clause 10.12, and in the event that the amount of such underpayment in respect of any Quarter exceeds 3% (three per cent) of the Licence Fee found to be payable in respect of that Quarter or in the event that the documents and information referred to in clause 11.5(A) above have not been maintained and retained by the Licensee and made available to Burberry and/or its employees, agents or professional advisors in accordance with clause 11.5(B) the Licensee shall in addition pay to Burberry on demand the cost of and expenses incurred in connection with such investigation on a full indemnity basis. If any such investigation as is described in clause 11.5 shows that the relevant Account(s) rendered by the Licensee had overestimated the Licence Fees due to Burberry, then any overpayment shall be credited to the Licensee and dealt with as described in clause 10.5. The results of any such investigation shall be final and binding upon the parties if:

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(A) the investigation was conducted by one of the four largest international firms of certified public accountants;

(B) the Licensee was given the opportunity to discuss with such firm the conduct and results of its investigation and such firm considered the Licensee's view expressed in such discussion in good faith; and

(C) such firm conducted its investigation on an independent and objective basis.

11.7 The Licensee shall supply to Burberry a copy of:

(A) its audited accounts as soon as such accounts are circulated to its shareholders; and

(B) its tax return as soon as it is filed with the relevant authorities in accordance with French law.

12. DEFECTIVE STOCK

12.1 The Licensee shall provide to Burberry within 120 days after the end of each Licensed Year details of the nature and quantities of Defective Stock, and the amount that has been destroyed during such period.

12.2 The Licensee shall destroy and shall procure that the members of the Licensee's Group and the Distributors shall destroy all Defective Stock. Any such destruction shall be witnessed and verified by an independent observer (or at Burberry's request by such nominee in that part of the Territory as Burberry shall from time to time nominate) and shall be carried out in accordance with the Environmental and Social Policy. The Licensee shall procure that the members of the Licensee's Group and Distributors shall not sell, transfer or otherwise dispose of such Defective Stock.

13. PRODUCT RECALL

13.1 Burberry shall be entitled at any time in respect of any Licensed Product to require that:

(A) the Licensee withdraws and undertakes to use its best endeavours to ensure that all Distributors and Retailers withdraw all Licensed Products from sale as soon as possible and in any event to commence such withdrawal within 24 hours of a written notice of such requirement of Burberry in the event that any Licensed Product does not comply with its specifications, any Laws or any requirements under this Agreement (the "Notice"); and

(B) the Licensee withdraws and uses its best endeavours to ensure that all Distributors and Retailers complete the withdrawal of all the Licensed Products from the premises of all Retailers and Distributors within 48 hours of the Notice;

(C) the Licensee fully complies with and uses its best endeavours to ensure that the Distributors and Retailers fully comply with any product recall Procedures that have been Approved by Burberry in respect of the Licensed Products that are the subject of the Notice; and

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(D) in the event of any failure to comply in all material respects with the provisions of clauses 13.1(A), 13.1(B) or 13.1(C) such failure shall constitute material breach of this Agreement by the Licensee.

14. SUPPLY OF LICENSED PRODUCTS TO BURBERRY AND ITS GROUP

14.1 At the beginning of each Licensed Year the Licensee shall supply Burberry free of charge with such number of sets of samples as reasonably requested by Burberry for use at the Burberry Group's and Burberry Agents' showrooms which are representative of the Licensed Products to be offered for sale in that Licensed Year. In addition, the Licensee shall supply to Burberry such further Licensed Products as may from time to time reasonably be requested by Burberry for use as samples at no charge. The Licence Fee shall not be payable in respect of such Licensed Products.

14.2 Any category or type of Licensed Product offered by the Licensee to any Retailer or Distributor shall also be offered for sale to the Burberry Group (including without limitation for the purposes of this clause 14.2 to any third party which operates a Burberry Store from time to time), it being understood and agreed that the Licensee or its Subsidiaries may not offer any Licensed Product for sale to any Retailer or Distributor unless such Licensed Product is contemporaneously offered to the Burberry Group and the Licensee complies with this clause 14. All promotional and discount offers ("P&D Offers") relating to Licensed Products shall be offered to the Burberry Group at the same time as or before they are offered to any Retailer or Distributor. Upon the request of Burberry the Licensee shall provide Burberry with a list of all such P&D Offers offered during the 12 months prior to the request.

14.3 Burberry and any member of the Burberry Group (which term shall, for the purpose of this clause 14.3 only, include any third party which operates a Burberry Store from time to time) shall be entitled to place orders for the purchase of Licensed Products for resale at any Burberry Store or Burberry Website. The Licensee or its Subsidiaries shall promptly fulfil such orders (or shall procure that a Distributor shall promptly fulfil such orders) at a price which is the List Price applicable in the geographical market of the relevant member of the Burberry Group minus a discount of [____](12). If the discount practices of the Licensee and/or the Distributors change from the levels customarily given at the date of this Agreement so that greater discounts are given either directly or indirectly the level of discount shall be increased from [____](12) to such higher number as shall be reasonably determined by Burberry. For the avoidance of doubt, the Licence Fee shall be payable in respect of all such Licensed Products.

14.4 Because of the overriding needs of Burberry Stores for sufficient quantities of Licensed Products when and as needed, any order for Licensed Products placed with the Licensee by a member of the Burberry Group will have priority over any other order and shall be manufactured, shipped and delivered no later than shipment or delivery of any contemporaneous or subsequent orders for Licensed Products from other customers of the Licensee, unless any such member of the Burberry Group shall request a later delivery of its order.

(12) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:12.

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14.5 All supplies of Licensed Products by the Licensee to Burberry or any member of the Burberry Group pursuant to either of clauses 14.2 or 14.3 or otherwise under this Agreement shall take place on the standard terms of purchase of Burberry or the relevant member of the Burberry Group current at the date of the relevant order, a copy of which terms will on request be provided to the Licensee.

15. ADVERTISING AND MARKETING

15.1 The parties agree that, notwithstanding the termination of the Original Licence Agreement and its replacement with this Agreement, the provisions of clauses 11.1 and 11.2 of the Original Licence Agreement shall continue to have effect from the Effective Date up to and including 31 December 2004.

With effect from 1 January 2005 and for the remainder of the term of this Agreement, the Licensee shall spend the following in respect of Advertising and Promotion in accordance with clause 15.3:

(A) in respect of Launch Products the Advertising and Promotion expenditure shall be calculated on a Geographical Region by Geographical Region basis so that in each Geographical Region of the Territory, it shall be:

(1) in the first six months of the Advertising and Promotion of a Launch Product in such Geographical Region, [______](13) of the aggregate value of the Projected Sales for the first six months of sales of such Launch Product in that Geographical Region; and

(2) in the second six months of the Advertising and Promotion of a Launch Product in such Geographical Region, [______](14) of the aggregate value of the Projected Sales for the second six months sales of such Launch Product in that Geographical Region.

The aggregate of the amounts to be spent on Advertising and Promotion in all of the Geographical Region of the Territory pursuant to clauses 15.1(A)(1) and 15.1(A)(2) shall for the purposes of this clause 15.1 hereinafter be referred to as the "Aggregate Spend". If the expenditure for any Geographical Region becomes less than the amount stipulated under clauses 15.1(A)(1) or 15.1(A)(2) above (as applicable)(the "Threshold"), the Licensee must spend the difference between the Threshold and the actual Advertising and Promotion expenditure in the relevant Geographical Region in such other Geographical Region or Geographical Regions as it may choose provided that at all times the Licensee spends no less than the Aggregate Spend in the Territory.

For the purposes of clause 15.1(A), "Geographical Region" means one of the following:

(13) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:13.

(14) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:14.

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(i) Europe;

(ii) United States of America and Canada;

(iii) South America;

(iv) Asia Pacific; and

(v) Any other geographical areas or countries in the Territory other than those listed in (i), (ii), (iii) or (iv) above, and, in case of any doubt as to whether a particular geographical area or a country should fall in any one of (i), (ii), (iii), (iv) or (v) above due to its geographical location, Burberry has discretion, which it shall exercise reasonably, in allocating that particular geographical area or a country into one of the Geographical Regions.

(B) in respect of all other Licensed Products for each Licensed Year of this Agreement, [______](15) of the aggregate value of the Projected Sales for such Licensed Products in the Business Plan; and

(C) [______](16) of the expenditure in clause 15.1(A)(1) and 15.1(A)(2) and [______] (17) of the expenditure in clause 15.1(B) and the Supplementary Advertising Spend in clause 15.2 shall be spent on Direct Production Costs and Advertising.

15.2 (A) If the Actual Net Wholesale Sales in respect of Licensed Products in any Licensed Year are greater than the Projected Sales for that Licensed Year, the difference between the amount actually spent on Advertising and Promotion in that Licensed Year and the amount that would have been spent had the Advertising expenditure been calculated by reference to the Actual Net Wholesale Sales (the "Supplementary Advertising Spend") shall be used to fund additional Advertising expenditure in the next following Licensed Year. Such Supplementary Advertising Spend shall be in addition to the Advertising expenditure calculated in accordance with clause 15.1 above for that Licensed Year.

(B) If the Actual Net Wholesale Sales are greater than Projected Sales for the final Licensed Year, the Licensee shall pay the Supplementary Advertising Spend to Burberry within 7 days of the date of termination of this Agreement.

(C) Subject always to the provisions of clauses 15.2(D) and 15.2 (E) below if the Actual Net Wholesale Sales in any Licensed Year are less than the Projected Sales for that Licensed Year, the Licensee shall be entitled to deduct [______](18) of the difference between the amount actually spent on Advertising and Promotion in any such Licensed Year and the amount that should have been spent by reference to Actual Net Wholesale Sales in any Licensed Year from the amount spent on Advertising and Promotion in the next following Licensed Year.

(15) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:15.

(16) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:16.

(17) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:17.

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(D) No deduction can be made pursuant to clauses 15.2(C) that results in the amount spent on Advertising and Promotion of Licensed Products being less than [______] (19) of the amount that should have been spent pursuant to clause 15.1.

(E) In addition to clause 15.2(D), no deduction can be made pursuant to clause 15.2(C) for a Licensed Year if the Actual Net Wholesale Sales for the Licensed Year preceding such Licensed Year is less than the Minimum Net Wholesale Sales for such preceding Licensed Year.

15.3 The Licensee shall, and shall procure that any third party appointed by it shall, carry out all Advertising and Promotional Activities in respect of the Licensed Products in full consultation with Burberry and subject to Burberry's Approval and the Licensee shall not Advertise or Promote the Licensed Products in any manner without Approval as to the form and content of the Advertisement or Promotion and the particular manner in which the Advertisement or Promotion is to be published or otherwise presented to potential customers (which Approvals as are described in this clause 15.3, for the avoidance of doubt, shall be in addition to Approval of any Business Plan given pursuant to clause 8.2 above) and generally all Advertising and Promotion of the Licensed Products shall be carried out in a tasteful and appropriate manner and not in any way which might detrimentally affect Burberry's reputation for high quality prestige products. Without prejudice to the foregoing:

(A) where in conjunction with the Advertising or Promotion of the Licensed Products the Licensee wishes to display, feature or use in any way any other products of any description, where either Burberry or any licensee of Burberry manufactures and/or sells those products bearing Burberry Intellectual Property, the Licensee shall only display, feature or use those products; and

(B) where the Licensee participates in trade shows the Licensee shall;

(i) only display the Licensed Products in an area clearly identified as "Burberry";

(ii) not display the Licensed Products (in the area clearly defined as "Burberry") with any products which do not feature any Burberry Intellectual Property; and

(iii) use any fixtures provided by Burberry from time to time and otherwise use fixtures which are of an appropriate standard for the Licensed Products.

(18) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:18.

(19) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:19.

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15.4 The Licensee shall engage such advertising agency or agencies as Burberry may from time to time Approve, save that in respect of the United Kingdom, France, Italy, Spain, Germany, U.S.A., Canada, Japan, China and Korea, the Licensee shall use such advertising agency or agencies as Burberry shall direct taking account of the Licensee's written comments on the quality and cost of such agencies.

15.5 The Licensee agrees, upon the reasonable request of Burberry, to participate at the Licensee's expense in Promotional Activities jointly with Burberry and other licensees, including, without limitation, trade shows, fashion shows and special events in which Burberry chooses to participate and such expenditure shall be included in the expenditure referred to in clause 15.1.

15.6 Subject to clause 15.7, the Licensee shall, if so requested by Burberry, include in any Advertisement or Promotion at no cost to Burberry other products bearing Burberry Intellectual Property produced by or on behalf of Burberry provided that Burberry reasonably considers such products to be complementary to the Licensed Products.

15.7 For the avoidance of doubt Burberry shall be entitled to make it a condition of any Approval given in respect of this clause 15 that the Licensee uses photographs, models, photographers, campaigns and other images and materials provided by Burberry.

15.8 The Licensee shall supply to Burberry free of charge such number of Licensed Products as reasonably required by Burberry from time to time for Promotional or Advertising purposes including, without limitation, for distribution at public, charity and media events.

15.9 GWPS AND TESTERS

15.9.1 GWPS

(A) Subject to clauses 15.9.1(C) and 15.9.1(D) below, GWPs shall only be disposed of by the Licensee to Retailers, by Distributors to Retailers and by Retailers to consumers as a free promotional item with the sale of Licensed Products which are Products.

(B) If Burberry reasonably believes that any Retailer has sold or is likely to sell GWPs for money or money's worth, Burberry shall be entitled to withdraw immediately its Approval of such Retailer.

(C) If GWPs are sold for money or money's worth by the Licensee to Retailers or by Distributors or Retailers to other Distributors or Retailers, as the case may be, a Licence Fee shall be payable on such GWPs, which shall be calculated by multiplying a notional price for such GWPs (reasonably determined by Burberry) by [______](20).

(D) The Licensee may only sell GWPs to Distributors without paying a royalty, if such GWPs are sold, for money or moneys worth, for an amount no greater than the manufacturing cost price of such GWPs plus [______](21) ("GWP Distributor Cost"). In the event that GWPs are sold by the Licensee to Distributors, for money or moneys worth, for an amount greater than the GWP Distributor Cost ("Actual Sale Price"), the Licensee will pay Burberry [______](22) of the difference between the Actual Sale Price and the GWP Distribution Cost as a royalty ("GWP Royalty"), so that where:
 

(20) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:20.

(21) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:21.

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A = GWP Distributor Cost

B = Actual Sale Cost

R = GWP Royalty

R = [______](23) x (B - A).

The GWP Royalty will be paid every six months, with the first GWP Royalty payment being due on the 31 December 2004 and then every 30 June and 31 December thereafter and shall be payable within 30 days of such date. The provisions of clauses 10.10, 10.11, 10.12 and 10.13 shall apply, and the provisions of clause 11 shall apply mutatis mutandis, to such GWP Royalty.

(E) For the purposes of clause 15.9.1, GWPs shall be deemed to be Advertising and Promotional Expenditure and have a value of no more than the manufacturing cost price of such GWPs and Testers plus [______](24).

15.9.2 TESTERS

(A) Subject to clauses 15.9.2(C) and 15.9.2(D) below, Testers shall only be disposed of by the Licensee to Retailers, by Distributors to Retailers and by Retailers to consumers as a free promotional item with the sale of Licensed Products which are Products.

(B) If Burberry reasonably believes that any Retailer has sold or is likely to sell Testers for money or money's worth, Burberry shall be entitled to withdraw immediately its Approval of such Retailer.

(C) If Testers are sold for money or money's worth by the Licensee to Retailers or by Distributors or Retailers to other Distributors or Retailers, as the case may be, a Licence Fee shall be payable on such Testers, which shall be calculated by multiplying a notional price for such Testers (reasonably determined by Burberry) by [______](25).

(22) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:22.

(23) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:23.

(24) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:24.

(25) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:25.

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(D) If Testers are sold by the Licensee for money or money's worth to Distributors a royalty shall be payable on such sales of Testers, which shall be calculated by multiplying the actual total price (being the actual price payable by the Distributors in respect of such sales) of such Testers by [______](26) (the "Tester Royalty"). The Tester Royalty will be paid every six months, with the first Tester Royalty payment being due on the 31 December 2004 and then every 30 June and 31 December thereafter and shall be payable within 30 days of such date. The provisions of clauses 10.10, 10.11, 10.12 and 10.13 shall apply, and the provisions of clause 11 shall apply mutatis mutandis, to such Tester Royalty.

(E) For the purposes of clause 15.9.2, Testers shall be deemed to be Advertising and Promotional Expenditure and have a value of no more than the manufacturing cost price of such Testers plus [______](27).

16. WARRANTIES AND COMPLIANCE

16.1 The Licensee warrants and represents that the information it has provided concerning the management of, the control of and the legal and beneficial ownership of the issued share capital of the Licensee as at the Effective Date and all family interests and influence in respect of such management, control and/or ownership was when given and is now accurate and complete in all material respects and there are no omissions from such information which render such information misleading in any material respect.

16.2 The rights granted under this Agreement are granted to the Licensee only and no member of the Licensee's Group shall be entitled to exercise the rights granted to the Licensee except Subsidiaries who are Distributors to the extent necessary to perform their role as distributor. In addition without prejudice to the foregoing the Licensee shall procure that no company within the Licensee's Group does anything which if done by the Licensee would be contrary to the Licensee's obligations in this Agreement.

16.3 Without prejudice to the Licensee's obligations and Burberry's right and remedies under this Agreement, Burberry may request the Licensee at any time:

(A) to confirm in writing signed by the Chairman, President, Chief Executive Officer or Chief Financial Officer of the Licensee that it is not in breach of any of the terms and conditions of this Agreement; and

(B) to undertake in writing signed by the Chairman, President, Chief Executive Officer or Chief Financial Officer of the Licensee to continue to comply with all the terms and conditions of this Agreement, and any such confirmation and undertaking shall be provided by the Licensee within 30 (thirty) days of such request.

(26) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:26.

(27) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:27.

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17. INTELLECTUAL PROPERTY

17.1 All Intellectual Property Rights subsisting in any Licensed Products, Formulae and/or all Advertising and Promotional Materials (except that where such materials are created by third parties clause 17.18 shall apply) created and/or used in respect of the Licensed Products including (but not limited to):

(A) copyright and design right or similar rights in:

(i) the Licensed Products (including without limitation all external and internal features thereof); and

(ii) all drawings, sketches, plans, designs, artwork, illustrations, models, instructions, Formulae, computer programs, processes, tooling and moulds created for the purpose of designing and/or producing the Licensed Products; and

(iii) all corresponding photographs, drawings, designs, artwork and text in Advertising and Promotional Materials; and

(B) all patent applications and patents in respect of the Licensed Products; shall vest in Burberry, and to the extent that any of the same vest in the Licensee inadvertently or otherwise the Licensee holds the same in trust for Burberry and shall immediately assign the legal title (and where possible assigns hereby by way of a present assignment of future rights) in the same with full title guarantee to Burberry and all goodwill howsoever arising in respect of the foregoing shall accrue to Burberry. For the avoidance of doubt, any know-how relating to the Formulae created by the Licensee under this Agreement shall be immediately disclosed to Burberry and all rights of confidence in such know-how shall vest in Burberry. The Licensee shall not (and shall procure that its employees and Approved Contractors shall not) use such know-how other than for the purposes of this Agreement and shall adopt the same obligations of confidentiality in relation to that know-how as exist under clause 26.1 in relation to any other know-how or trade secrets of Burberry.

17.2 All Intellectual Property Rights in and to all names brands trade names and trade marks (both registered and unregistered) applied to or used in connection with any or all of the Licensed Products (including any Varied Trade Names and New Trade Names) shall vest in and remain with Burberry and where the same vest in the Licensee the Licensee shall assign the same with full title guarantee to Burberry subject to:

(A) the same being licensed to the Licensee in accordance with clause 2;

(B) Burberry agreeing, where the Intellectual Property Rights are registrable, to register the same at the applicable registries in the Territory at the expense of the Licensee; and

(C) the Licensee's licence in respect thereof being noted (where possible) on the relevant register, and all goodwill howsoever arising in respect of the foregoing shall accrue to Burberry.

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17.3 The Licensee shall and shall procure that:

(A) its employees, officers and/or agents;

(B) its Approved Contractors and their employees, officers and/or agents;

(C) its advertising agents and their employees, officers and/or agents; and

(D) other third parties who may from time to time carry out any creative, literary or artistic work in connection with advertising and/or marketing of the Licensed Products, shall (and in the case of any of the third parties listed in (A) to (D) above the Licensee shall use its best endeavours to procure that it is a term of the Licensee's contract with such third parties that such third parties shall) at the Licensee's expense promptly do all such acts and execute all such documents (including without limitation using its best endeavours to procure the execution of the assignment in the form annexed hereto at appendix B as amended from time to time by Burberry) as Burberry may from time to time require to vest or transfer title to all such Intellectual Property Rights as are stated to vest in Burberry in clauses 17.1 and 17.2 in or to Burberry and to perfect or confirm such title and (in respect of any works in which copyright or analogous rights subsist) shall waive and use its best endeavours to obtain waivers of all and any "moral rights" in respect of the same. In respect of any of the third parties listed in (A) to (D) above the Licensee shall use its best endeavours to procure at Burberry's request that such persons, including without limitation employees, officers and/or agents execute confidentiality undertakings directly in favour of Burberry.

17.4 Subject to clause 17.13, the Licensee shall:

(A) at Burberry's expense (unless clauses 17.2 or 17.13 apply) co-operate fully with Burberry in connection with the filing registration and prosecution of any names, brands, trade names, trade marks, designs and patents applied to or used in connection with any or all of the Licensed Products; and

(B) supply to Burberry such samples containers labels documents and things as may from time to time be required by Burberry for such purpose.

17.5 The Licensee shall not at any time during the continuation of this Agreement seek to register in any jurisdiction any Burberry Intellectual Property or any name or mark or design or any other matter whatsoever which is phonetically and/or confusingly similar to any Burberry Intellectual Property. The Licensee acknowledges the sole and exclusive rights and title of Burberry in and to the Burberry Intellectual Property and that all goodwill howsoever arising in respect of the Burberry Intellectual Property accrues to Burberry.

17.6 The Licensee shall promptly notify Burberry of any infringement or suspected infringement by a third party of any of Burberry's rights in any Burberry Intellectual Property which may come to the Licensee's attention.

17.7 The Licensee shall at the expense of Burberry give Burberry all such information and assistance (other than financial assistance) as Burberry may reasonably require to enable such proceedings or other action to be taken in relation to any infringement or suspected infringement of any Burberry Intellectual Property as Burberry may in its sole discretion deem necessary or desirable, and the Licensee shall not do or omit to do anything which may prejudice Burberry's conduct of such proceedings or other action.

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17.8 Except as provided in clause 17.9 the Licensee shall not itself institute proceedings or take any other action against any infringer or suspected infringer of the rights of Burberry in Burberry Intellectual Property without Approval.

17.9 Burberry gives no warranty or undertaking that it will take any action or commence any proceedings in any particular case of infringement or alleged infringement of the rights of Burberry in Burberry Intellectual Property PROVIDED THAT if Burberry does not take action to prevent such infringement or alleged infringement in any case involving the sale of high quality Products which are likely to be perceived (by a substantial proportion of relevant consumers in any jurisdiction) to be products manufactured by Burberry (or by a third party under licence from Burberry), to the extent that this failure to take action has a quantifiable and demonstrable impact on the Licensee's sale of Licensed Products in the relevant market in any Licensed Year, the Minimum Net Wholesale Sales will be reduced appropriately. In considering what might be an appropriate reduction to Minimum Net Wholesale Sales, the parties shall have regard to the fact that the level of Minimum Net Wholesale Sales is substantially below the parties' expectations of Actual Net Wholesale Sales as at the date of this Agreement. Where Burberry does take any such action or commence any such proceedings any sums recovered by Burberry therefrom shall be retained by Burberry. In the event that Burberry does not take any action within three months after having received notice of all the circumstances relevant to such infringement or alleged infringement then the Licensee may give notice to Burberry stating that Burberry has not taken any action and that the Licensee wishes to take action. Within twenty one (21) days of receipt of such notice Burberry may in its sole discretion either take such action in which event the Licensee shall reimburse Burberry with all costs, expenses and damages suffered and/or incurred by Burberry or notify the Licensee that it may take action in which event the Licensee may (so far as permitted by relevant law) take such action or bring such proceedings at its own expense and insofar as it recovers any damages from any such action or proceedings shall be entitled to retain those damages. In the event that the Licensee does take such action or bring such proceedings, the Licensee shall at all times promptly supply to Burberry all such information in relation thereto as is likely to be of interest to Burberry, and any other information in relation thereto as Burberry requests, and shall follow all reasonable directions given by Burberry in relation thereto. For the avoidance of doubt, in the event that the Licensee does take action or bring proceedings pursuant to this clause, the Minimum Net Wholesale Sales shall not be reduced.

17.10 Burberry warrants (except in respect of Varied Trade Names and New Trade Names) that it is and will continue to be during the Term the registered rightholder of the Licensed Trade Marks in the Territory (where the Licensed Trade Marks have been registered in the Territory) and that the use of the Licensed Trade Marks (except in respect of Varied Trade Names and New Trade Names) in accordance with this Agreement will not infringe the intellectual property rights of any third parties but Burberry gives no warranty that any registrations are valid or enforceable or that any of the applications will result in registration. Notwithstanding anything to the contrary contained in this Agreement, nothing contained herein shall prohibit the Licensee from prosecuting any claim for damages, including but not limited to any and all trade mark agents', solicitors', attorneys' and other professional fees, against Burberry or the Burberry Group in the event the Burberry Intellectual Property (except in respect of Varied Trade Names and New Trade Names) used by the Licensee or any Distributor in accordance with this Agreement infringes upon the intellectual property rights of any third parties.

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17.11 The Licensee shall at Burberry's request and expense execute, register or assist in the registration of all registered user and such other agreements or documents necessary to protect Burberry's interests in and to enable the Licensee to use any or all of the Licensed Trade Marks in respect of the Licensed Products in any part of the Territory in accordance with the terms of this Agreement.

17.12 The Licensee shall not be entitled without Approval to (i) alter or use any variation or modification of or any addition to any trade marks or trade names forming part of the Burberry Intellectual Property including without limitation the Licensed Trade Marks (including, without limitation, by the Licensee adding a reference to its own trade mark or name to a Licensed Trade Mark) (such varied or modified or added to trade marks which are Approved being the "Varied Trade Names") or (ii) use any new trade mark or trade name in connection with the Licensed Products (such new trade mark or trade name which are Approved being the "New Trade Names").

17.13 Where:

(A) the Licensee has created and intends to use a Varied Trade Name or a New Trade Name in connection with the manufacture of the Licensed Products and/or the sale of the Licensed Products; and

(B) such use has been Approved, Burberry shall at the Licensee's cost and expense use all reasonable endeavours to obtain registration in Burberry's name of the Varied Trade Name and/or New Trade Name in the classes reasonably specified by the Licensee in the Territory where such registration is in Burberry's sole opinion necessary in the Territory. Without limiting the above the Licensee shall be responsible and shall indemnify Burberry in full against all costs and expenses in connection with the Varied Trade Name and/or the New Trade Name including, but not limited to, the following: (i) search fees undertaken to check the availability for use and registration of the Varied Trade Name and/or New Trade Name; (ii) application fees; (iii) costs of overcoming any opposition during the course of registration; (iv) any premium required to be paid to a third party to obtain exclusive or concurrent use of the Varied Trade Name and/or New Trade Name; (v) registration fees; (vi) the cost of renewals; and (vii) any trade mark agents', solicitors', attorneys' and other professional fees. If and when the Varied Trade Name and/or New Trade Name is registered, Burberry and the Licensee shall file an application to record the Licensee as a registered user or licensee of the Varied Trade Name and/or New Trade Name (in accordance with the Licence Rights) where so provided by the applicable trade mark legislation and all costs (including, without limitation, legal costs) in connection with any such application shall be borne by the Licensee. If an agreement is entered into with any third party (whether or not a premium is paid) to obtain use of the Varied Trade Name and/or New Trade Name such agreement will be in favour of and for the benefit of Burberry. All goodwill howsoever arising in respect of Varied Trade Names and/or New Trade Names shall accrue to Burberry.

17.14 The Licensee shall not use and shall not permit any third party to use in any form on or in relation to any products a Varied Trade Name and/or New Trade Name other than in connection with the Licensed Products and "any form" shall include without limitation any translation from one language to another or any representation of text in a graphic form and vice versa.

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17.15 For the avoidance of doubt all rights in the Burberry Intellectual Property are reserved by Burberry for its own use and benefit or for the use of such third parties as Burberry may from time to time in its absolute discretion decide without violating any of the provisions of this Agreement.

17.16 If the Licensee becomes aware of any third party claim that the Licensee's, any Approved Contractor's or any Distributor's use of any of the Burberry Intellectual Property infringes the Intellectual Property Rights or any other rights of such third party the Licensee will:

(A) promptly notify Burberry in writing of such claim and will provide all relevant available details;

(B) not make any admission or settlement in respect of any such claim without Approval;

(C) if required by Burberry in writing, cease any use of such of the Burberry Intellectual Property as is the subject of such claim for such periods as Burberry may from time to time direct; and

(D) at the expense of Burberry, give Burberry all such information and assistance as Burberry may require to enable Burberry to defend such proceedings or take other action in relation to such claim or claims as Burberry may decide.

17.17 Burberry shall have conduct of all proceedings brought by third parties relating to the Burberry Intellectual Property and it shall in its sole discretion decide what action, if any, to take in respect of any claim brought or threatened in respect of the use or registration of any Burberry Intellectual Property, subject, however, to the provisions of clause 17.10.

17.18 The Licensee shall use all its best endeavours to procure that all third parties who may from time to time carry out any creative, literary or artistic work in connection with the creation of any and all Promotional Materials or Advertising created and/or used in relation to the Licensed Products shall assign any and all Intellectual Property Rights subsisting in such work to the Licensee including (but not limited to) copyright and design right or similar rights and the Licensee shall forthwith assign (and where possible assigns hereby by way of a present assignment of future rights) the same with full title guarantee to Burberry, in the form set out at appendix B.

17.19 Notwithstanding any provisions to the contrary in this clause 17, to the extent that the activities of the Licensee under this Agreement result in the creation of any inventions, improvements or discoveries ("Improvements") relating to the development, production or manufacture of the Licensed Products, and such Improvements can be used other than in relation to the Licensed Products (and without infringing any Intellectual Property Rights in the Licensed Products), those Improvements will be owned by the Licensee. Burberry shall be entitled to a non-exclusive worldwide royalty-free irrevocable licence without limit of time (and with a right to assign such licence and to grant sub-licences thereunder) to use any such Improvements.

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18. CHANGE IN CONTROL/MANAGEMENT AND COMPETITORS

18.1  In the event of a Change of Control of either the Licensee or the Guarantor, Burberry shall be entitled to terminate this Agreement forthwith by notice in writing (a "Termination Notice") served in accordance with clause 20.

18.2  The Guarantor and the Licensee jointly and severally undertake to provide to Burberry with written notification within ten (10) days of becoming aware of any event which is more likely than not to lead to a Change of Control of either the Guarantor or the Licensee.

18.3  The Licensee shall give Burberry written notice within ten (10) days of becoming aware of any change in the Management Control of any Approved Contractor and/or any Distributor.

18.4  In the event of any proposal for a Competitor to:

(A) enter into any agreement with the Licensee or Guarantor (or any Affiliate thereof) to manufacture, sell, market or distribute (or enter into any agreement for the manufacture, sale, marketing or distribution of) any Product bearing or sold in connection with any Competing Brand or to which any Competing Brand is or is to be applied; or

(B) acquire any position in respect of the management of the Licensee (or any Affiliate thereof) whether by a representative of a Competitor being appointed as a director or other officer of the Licensee or Guarantor (or any Affiliate thereof) or otherwise, prior to any such proposal being implemented and in any event at least thirty (30) days before any such proposal is implemented, the Licensee or Guarantor as appropriate shall notify Burberry in writing of such a proposal giving Burberry details of the name of the Competing Brand and/or Competitor and, in the case of (A) above, the duration and geographic scope of the agreement in question and in the case of (B) above, the title of the position acquired by the Competitor and any other information as Burberry may require in relation to such a proposal.

18.5 The implementation of any proposal described in clauses 18.4(A) or 18.4(B) shall be subject to Approval and if Approval is not given and such a proposal is implemented this shall be a material breach of the Agreement by the Licensee or Guarantor respectively, except that the appointment of Patrick Choel, as a member of the board of the Licensee, shall be deemed to be Approved for the first Licensed Year as of the Effective Date and thereafter such appointment shall be Approved annually for each Licensed Year of this Agreement on or prior to the commencement of such Licensed Year. Such Approval for the first Licensed Year is solely on the basis that he is a consultant of LVMH (as such term is defined in schedule 3) and such appointment shall not constitute a breach of clause 3.1 of the LVMH Agreement, for the purposes of which he shall, for the duration of such Approval only, be deemed to be an LVMH Representative.

19. APPROVED CONTRACTORS

19.1 Subject to obtaining Approval and the provisions of this clause 19, the Licensee may use the services of Approved Contractors in the manufacture of Burberry Items,

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PROVIDED ALWAYS THAT

(A) approval of any Approved Contractors shall in no way diminish the Licensee's obligations to Burberry under this Agreement; and

(B) Approved Contractors do not sub-contract the manufacture of any Burberry Items except to Approved Contractors who have been Approved to manufacture those specific Burberry Items and notice of such sub-contracting is provided to Burberry.

19.2 In the event that the Licensee wishes to use any party as a contractor as described in clause 19.1, the Licensee shall prior to placing any order with such party:

(A) supply Burberry with the name and address of the proposed contractor and such information as Burberry may reasonably require as to the financial stability, ownership, management and general stability of the proposed contractor;

(B) supply Burberry with the address of such premises at which it is proposed that the proposed contractor shall be manufacturing Burberry Items, and the type of Burberry Items which it is proposed shall be manufactured at such premises, and such further information as Burberry may reasonably require in relation to such premises and such Burberry items;

(C) if requested by Burberry, provide evidence satisfactory to Burberry that the use of such contractor by the Licensee will not affect the Licensee's ability to comply with the Laws and codes of practice referred to in clauses 9.28 to 9.30;

(D) seek in writing and obtain Approval for the proposed contractor as an Approved Contractor; and

(E) obtain and deliver to Burberry a signed Undertaking and a signed Questionnaire from the proposed contractor to Burberry in the then current form used by Burberry, and Burberry shall within 15 Working Days of receiving the Licensee's written request seeking Approval for a proposed Approved Contractor together with all information in relation thereto requested by Burberry either give Approval or refuse Approval in writing.

19.3 The Licensee shall promptly notify Burberry in writing when it ceases to use the services of any Approved Contractor and the reasons for such cessation.

19.4 The Licensee shall:

(A) exercise proper supervision over the operations of each Approved Contractor including (but not limited to) quality control and strict control of all labels and similar materials so that at all times all Burberry Items manufactured by that Approved Contractor are of the quality required under this Agreement;

(B) procure that no Approved Contractor at any time supplies any Burberry Items to any party other than the Licensee, Burberry or a member of the Burberry Group except as Approved;

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(C) use its best endeavours to supply to Burberry as soon as possible any such information in relation to any Approved Contractor as may from time to time be reasonably requested by Burberry;

(D) promptly if so requested by Burberry and provided that Burberry can demonstrate a bona fide reason for such a request, procure that any Approved Contractor sign such amended form of Undertaking or complete such amended form of Questionnaire as Burberry shall specify and if the relevant Approved Contractor does not do so Burberry will be deemed to have withdrawn Approval under 19.6;

(E) use its best endeavours to procure that each Approved Contractor at all times observes and complies with either:

(i) the terms of such form of Undertaking in Burberry's favour as has been signed by that Approved Contractor; or

(ii) at any time as any Approved Contractor has not signed an Undertaking in Burberry's favour, the terms of the form of undertaking which appears at appendix C or such replacement therefor as Burberry shall have notified the Licensee; and

(F) assist Burberry or its authorised representatives so that they can enter and inspect all premises where Licensed Products have been, are being or are intended to be manufactured and/or stored whether owned or controlled by the Licensee, any Approved Contractor or otherwise.

19.5 For the avoidance of doubt the Licensee shall not have manufactured any Burberry Items or permit to be manufactured any Burberry Items by any third party (including, without limitation, any Affiliate of the Licensee) other than an Approved Contractor and then only in accordance with the terms of the relevant Approval and in respect of the Burberry Items for which the relevant Approved Contractor has been Approved.

19.6 Without prejudice or limitation to any other right or remedy which Burberry may have:

(A) in the event of any breach of either of clauses 18.4 or 18.5; or

(B) if Burberry determines that the Approved Contractor is not meeting Burberry's standards with regard to quality or delivery; or

(C) if the Approved Contractor has in any way infringed Burberry's Intellectual Property Rights, Burberry shall be entitled by notice to the Licensee to withdraw forthwith its Approval of all or any Approved Contractor(s) whereupon the Licensee shall:

(i) place no further orders with that contractor;

(ii) use its best endeavours to procure that such contractor ceases forthwith the manufacture of Burberry Items;

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(iii) use its best endeavours to recover all items incorporating any Burberry Intellectual Property from that contractor; and

(iv) certify to Burberry in writing signed by its Chairman, President, Chief Executive Officer or Chief Financial Officer that the requirements of sub-clauses (A), (B) and (C) above have been complied with in full.

19.7 For the purposes of clauses 19.4(A), 19.4(B), 19.4(C) and 19.4(E), Approved Contractor shall include any contractors of the Licensee or sub-contractors of any Approved Contractor which would have qualified as an Approved Contractor if Burberry had Approved them.

20. TERMINATION

20.1 In this clause 20.1, a "material breach" may either be a single event, or a series of events which are together a material breach. In the event that any of the following events occurs:

(A) the Licensee fails to pay any sum due to Burberry under this Agreement on the due date for such payment and fails to remedy such breach within 5 days of a notice from Burberry to do so; or

(B) the Licensee commits any material breach of this Agreement which is not capable of remedy; or

(C) the Licensee commits any material breach of this Agreement (other than non-payment) which is capable of remedy and fails to remedy such breach within 30 days of a notice from Burberry to do so; or

(D) the Licensee commits a breach of this Agreement (other than non-payment) which is capable of remedy (for the avoidance of doubt, failure to perform an obligation which is not capable of being performed shall not constitute a breach which is capable of remedy) and fails to remedy such breach within thirty (30) days of a notice from Burberry to do so; or

(E) the Licensee or Guarantor:

(i) is unable to pay its debts or appears to be unable to pay or to have no reasonable prospect of being able to pay his debts, or is insolvent within the meaning of any applicable law; or

(ii) is required to repay any borrowed money (where the borrowed money is in excess of one million (1,000,000) euros) prematurely by reason of any default where the default is not irrevocably waived by the relevant lender in accordance with the relevant facility document; or

(iii) is adjudged by any court insolvent or bankrupt; or

(iv) has a petition presented for its winding up or issues a notice convening a meeting of shareholders to consider a resolution for winding up (except for any solvent corporate re-organisation which does not result in a Change of Control and which does not adversely affect the financial standing of the Licensee or Guarantor; for example but not by way of limitation, re-incorporation in another state or jurisdiction to take advantage of favourable tax treatment) or has a petition presented for its administration or an application for an administration order is made, or has a similar procedure commenced by or against it under any applicable law; or

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(v) enters into a compromise or arrangement with its creditors or has commenced any similar procedure under any applicable law; or

(vi) suffers an encumbrancer taking possession of or suffers the appointment of a receiver or administrative receiver or administrator or any similar person under any applicable law or suffers any sequestration order being made in respect of the whole or substantial part of its assets, or

(F) any of the events described in clause 18.1 in relation to the Licensee or a member of the Licensee's Group or in relation to the Guarantor or any of the events described in clause 18.4(A) or 18.4(B) in relation to the Licensee or a member of the Licensee's Group; or

(G) the Licensee or any member of the Licensee's Group directly or indirectly opposes (or assists any third party to oppose) the registration or renewal of any trade mark, design and/or patent or any trade mark, design and/or patent application or renewal within the Burberry Intellectual Property; or

(H) the Licensee or any member of the Licensee's Group disputes or directly or indirectly assists any third party to dispute the validity of any trade mark, design and/or patent within the Burberry Intellectual Property; or

(I) the Licensee or any member of the Licensee's Group has committed a material breach (and such breach has not been remedied or is not capable of being remedied) of any other agreement with Burberry or any other member of Burberry Group; or

(J) any promissory note issued by the Licensee or a member of the Licensee's Group in excess of one hundred thousand (100,000) euros fails to be honoured by the relevant bank except in the event of a mistake which is subsequently cured; then Burberry may, in respect of any part of or all of the Exclusivity, the Licence Rights and this Agreement (each a "Right") and without prejudice to any other rights and remedies it may have, by notice to the Licensee:

(i) forthwith terminate a Right or Rights in its sole discretion; or

(ii) give notice to the Licensee that Burberry is considering terminating a Right or Rights (the "Interim Termination Notice") and at any time during the nine months following such notice, give the Licensee not less than three months notice of the day when the Right or Rights shall terminate.

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20.2 The Licensee or, as the case may be, the Guarantor:

(A) shall promptly give Burberry written notice of the occurrence of any of the events specified in clause 20.1(E); and

(B) acknowledges and hereby agrees that (without prejudice to any rights and remedies Burberry may have) upon the occurrence of any of the events specified in clause 20.1(E) the Exclusivity shall automatically terminate and clause 2.5 shall be of no further force or effect.

20.3 For the purposes of clause 20.1(C):

(A) any breach by the Licensee of any of clause 2.7 (no sub-licensing), clause 5.5 (sale or supply of Licenced Products), clause 8 (business plan), clause 9.1 (manufacture), clause 9.2 (unauthorised manufacture), clauses 9.14 and 9.19 (improper use of Burberry Intellectual Property), clause 9.33 (insurance), clauses 9.34 and 9.17 (improper conduct), clause 10.7 (underpayment of Licence Fees), clause 15 (Advertising and Marketing), clause 16 (Warranties), clause 19.2 (Approved Contractors) or clause 34 (no assignment); or

(B) any underpayment of Licence Fees by 5% (five per cent) or more for any Month or other relevant period which is not subsequently reconciled in accordance with clause 10.4 and 10.5,

shall be deemed a material breach without prejudice to any other breach being a material breach for the purposes of such clause.

20.4 For the purposes of clauses 20.1(B), 20.1(C) and 20.1(D) reference to material breach and breach of this Agreement by the Licensee shall also include material breach or breach of the LVMH Agreement by the Licensee.

20.5 Burberry may terminate this Agreement in accordance with the terms of clauses 10.8, 10.9 and 13.1(D).

20.6 Burberry may terminate this Agreement at its option, either on 31 December 2009 (the "First Exit Right") or 31 December 2011 (the "Second Exit Right").

By 1 January 2009, in the case of the First Exit Right, and by 1 January 2011, in respect of the Second Exit Right, Burberry shall notify the Licensee of its intention to exercise its rights pursuant to this clause 20.6.

Burberry and the Licensee shall appoint an expert in accordance with the procedure described in this clause 20.6 to determine the market value of the Licence Rights for the period of the Agreement that would remain if the Agreement is not terminated pursuant to this clause 20.6 (the "Exit Payment").

Burberry and the Licensee shall within fourteen (14) days of Burberry's notice being given pursuant to this clause 20.6 without reference or knowledge of the other party's selection, prepare a list of three investment banks that they would wish to determine the amount of the Exit Payment. Burberry and the Licensee will then through their respective external legal advisers simultaneously exchange lists. If such choices yield one investment bank that has been chosen by both Burberry and the Licensee then that investment bank will be appointed as the expert to determine the Exit Payment (the "Expert"). If such choices do not yield a choice common to both Burberry and the Licensee, then Burberry and the Licensee shall continue to select further investment banks and submit lists of their choices to their external legal advisers until a common choice is found. Both Burberry and the Licensee may make a submission to the investment bank chosen (the Expert) in respect of the market value of the Licence Rights.

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The Expert will prepare a report which determines the Exit Payment by reference to the market value of the Licence Rights for the unexpired term of this Agreement within 45 days of its appointment, such report to be provided by the Expert to Burberry and the Licensee by no later than 30 June 2009, in the case of the First Exit Right, or 30 June 2011, in the case of the Second Exit Right. The Expert will in reaching its determination of the Exit Payment be entitled to call for such evidence as it requires from the Licensee and Burberry including, without limitation, all books of account and business records which the Licensee has kept in respect of any products which incorporated any Burberry Intellectual Property which were manufactured by or on behalf of the Licensee under this Agreement.

Further to receipt of the Expert's report and if Burberry decides to exercise its right to terminate under this clause 20.6, Burberry shall notify the Licensee of its intention to exercise its right by 31 July 2009 (in the case of the First Exit Right) and 31 July 2011 (in the case of the Second Exit Right) and it shall pay the Exit Payment to the Licensee on 31 December 2009 (in the case of the First Exist Right) OR 31 December 2011 (in the case of the Second Exit Right). The Expert's determination of the Exit Payment shall be final and binding, provided that if Burberry exercises its option to terminate on 31 December 2011 in accordance with this Agreement, Burberry shall pay, in respect of the Exit Payment, either the market value of the Licence Rights as determined by the Expert or 70% of the Actual Net Wholesale Sales in 2010, whichever is greater.

For the avoidance of doubt no sum shall be paid under this clause 20.6 if termination results in whole or in part from the exercise by Burberry of its rights under any other provisions of this clause 20 and any valuation of any unexpired term of this Agreement made pursuant to this clause will be relevant only for the purposes of this clause.

21. CONSEQUENCES OF TERMINATION

21.1 With effect from the termination of this Agreement (howsoever caused):

(A) the Licensee shall at its own cost, and not more than thirty (30) days after the date of termination (or, to the extent Approved, at the end of any Sell-Off Period) deliver to Burberry:

(i) all notepaper, visiting cards, display materials, patterns, catalogues, advertising and marketing materials (including such materials as are in preparation) and any other matter bearing or including any Burberry Intellectual Property including, without limitation, all formulations, drawings, sketches, plans, designs, artwork, illustrations and models used or intended to be used for the purposes of producing the Licensed Products and bearing or incorporating Burberry Intellectual Property;

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(ii) all its rights in tooling and moulds used or intended to be used for the purposes of producing the Licensed Products and bearing or incorporating Burberry Intellectual Property; and

(iii) any property which belongs to Burberry, which is or are in the Licensee's possession or under its control, and if so requested by Burberry provide a certificate signed by the Chairman, President or the Chief Executive Officer of the Licensee certifying that all such materials have been delivered;

(B) the Licensee shall promptly and not more than thirty (30) days after the date of termination notify Burberry by means of a written report signed by a duly authorised officer of the Licensee of the amounts of the Licensee's, its Distributors' and its Approved Contractors' then current stocks of Licensed Products and other Burberry Items and in each case the current locations thereof. The Licensee shall also provide such information within thirty (30) days of the date of termination or expiry of any Sell-Off Period;

(C) the Licensee shall promptly, and not more than thirty (30) days after the date of termination supply to Burberry full details of all unfulfilled orders for Licensed Products from Retailers and/or Distributors accepted by the Licensee prior to the date of termination, including the date of the order, date of acceptance, the identity and contact details of the relevant Retailers and Distributors, the types and quantities of Licensed Products ordered, and any specified delivery date(s) and/or other applicable terms;

(D) if Burberry so requires at any time within six (6) months after the termination of the Agreement, the Licensee shall promptly deliver to Burberry a list of the names and addresses of:

(i) the relevant Retailers and Distributors to whom the Licensee has within the previous six (6) Months sold quantities of Licensed Products exceeding such minima as Burberry may reasonably specify, together with details of the quantities supplied to them; and

(ii) the Approved Contractors by which the Licensee has been supplied with Licensed Products or components thereof during the previous twelve (12) Months showing for each Approved Contractor a list of Licensed Products and quantities supplied;

(E) The Licensee shall procure that Burberry and/or its employees, agents and/or professional advisors are permitted on reasonable notice to enter any premises of the Licensee and are permitted at any time without notice to enter any premises of any Approved Contractor and/or any Affiliate of the Licensee involved in the manufacture, sale or marketing of the Licensed Products to establish the following:

(i) the number of Licensed Products and other Burberry Items held in stock including, without limitation, all drawings, sketches, plans, designs, artwork, illustrations, models, tooling and moulds used or intended to be used for the purposes of the Licensed Products incorporating Burberry Intellectual Property;

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(ii) the total number of units of Licensed Products manufactured by or on behalf of the Licensee in the seven (7) years preceding the date of termination; and

(iii) the place of manufacture of the Licensed Products manufactured by or on behalf of the Licensee and details of any Approved Contractor involved in the manufacture thereof.

(F) Burberry shall have the right (to be exercised by notice in writing to the Licensee at any time after termination of this Agreement) to do all or any of the following:

(i) to purchase such proportion of the Licensee's and any Affiliate (including any Affiliate which is a Distributor) of the Licensee's stock of finished Licensed Products (excluding GWPs and Testers) as Burberry may see fit at the Licensee's List Price less a discount of 50% (fifty per cent) plus applicable duties and taxes (but without any Licence Fees being due in respect of such purchased stock); and/or

(ii) to purchase such proportion of the Licensee's and any Affiliate of the Licensee's stock of Burberry Items (including GWPs and Testers) as Burberry may see fit at the Licensee's cost price of such items; and/or

(iii) to require the Licensee (acting as a sub-contractor to Burberry) to make up into Licensed Products any or all of the Licensee's or Approved Contractors' stock of Burberry Items, which Licensed Products Burberry shall purchase from the Licensee on the basis described in clause 21.1(F)(i), except that the price shall exclude any amounts payable by Burberry in respect of such components, packaging and raw materials under clause 21.1(F)(ii);

(G) the Licensee shall (and shall procure that all companies within the Licensee's Group shall and shall use its best endeavours to procure that all Approved Contractors shall) promptly upon Burberry's request given after the date of termination (or, where there is a Sell-Off Period, after the termination of such Sell-Off Period):

(i) remove all Burberry Intellectual Property and all items embodying Burberry Intellectual Property (including but not limited to all labels, packaging and markings featuring any of the Licensed Trade Marks or to which any of the Licensed Trade Marks have been applied) from all its stocks of Licensed Products and Burberry Items; and/or

(ii) if and to the extent that it is not practical or commercially worthwhile to remove Burberry Intellectual Property from such stocks, either sell such stocks at a price no greater than cost to any licensee of Burberry who has rights to manufacture and sell Products or destroy such stocks under the supervision of such person as Burberry may direct or, if Burberry so directs, deliver the same to Burberry or such party as Burberry directs for destruction; and/or

(iii) without prejudice, obtain and deliver up to Burberry all material prepared or purchased for the Licensee and paid for by the Licensee for use in or in connection with the advertising and/or marketing of the Licensed Products,

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and (in either case) if requested by Burberry provide an affidavit sworn by the Chairman, President, Chief Executive Officer or Chief Financial Officer of the Licensee that the Licensee has complied in all material aspects with this clause 21.1(G);

(H) the parties shall promptly take whatever steps may be necessary to cancel any registration of this Agreement or any registration of the Licensee as an authorised user or licensee of any Burberry Intellectual Property in any particular jurisdiction; and

(I) the Licensee shall on the date of termination (or, where there is a Sell-Off Period, with effect from termination of such Sell-Off Period) terminate all its arrangements (whether contractual or otherwise) with the Distributors to the extent they related to the Licensed Products.

21.2 Without prejudice to clause 21.1(F), the Licensee shall ensure (including, without limitation, by means of the imposition of contractual terms on Distributors) that Burberry and the Licensee shall have the right to purchase (i) such proportion of Distributor's stock of finished Licensed Products as Burberry and the Licensee may see fit at the price which the Distributor paid to the Licensee in respect of such Licensed Products and (ii) such proportion of the Distributor's stock of Burberry Items as Burberry and the Licensee may see fit at the price which the Distributor paid for such Burberry Items.

21.3 The termination of this Agreement (for whatever reason) shall be without prejudice to the rights of either party accrued up to the date of termination.

21.4 Subject to clause 20.3, with effect from the date of termination of this Agreement all rights granted to the Licensee under this Agreement shall cease forthwith, and the terms of this Agreement shall forthwith cease to be of effect, except that:

(A) clause 22.4 shall apply for the duration of any Sell-Off Period; and

(B) clauses 1, 9.13, 9.14, 9.15, 9.16, 9.17, 9.18, 9.19, 9.20, 9.21, 9.34, 17, 20, 21, 22, 23, 25, 26, 35 and 36 and schedules 1 and 2 shall remain in effect together with such provisions which expressly or by necessary implication will survive termination.

21.5 For the purposes of this clause 21, (i) Licensed Products shall include any products which would have qualified as Licensed Products if Burberry had Approved them or if they had complied with the provisions of this Agreement and (ii) Approved Contractors shall include any contractors of the Licensee or sub-contractors of any Approved Contractor which would have qualified as an Approved Contractor if Burberry had Approved them.

22. SELL-OFF PERIOD

22.1 In the event that this Agreement terminates in circumstances other than those set out in Clause 20.1, the Licensee shall, subject to Burberry's rights under clause 21.1(F) enjoy a period during which the Licensee may, subject to and in accordance with the provisions of this clause 22.1, sell-off the Licensee's stocks of finished Licensed Products existing as at the date of such termination ("Sell-Off Period"). Subject to the provisions of clauses 22.5 and 22.6, the duration of the Sell-Off Period shall be six (6) months from the date of termination, at the end of which period it shall automatically be terminated.

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22.2 During the Sell-Off Period, the Licensee shall be permitted to accept and fulfil orders for Licensed Products in order only to dispose of the stock of Licensed Products held by it at the date of termination, PROVIDED THAT the Licensee shall:

(A) not accept any such order from a person who is not a Retailer or Distributor without specific Approval for that order;

(B) not accept any such order during the Sell-Off Period where delivery thereunder is scheduled to occur after the end of the Sell-Off Period;

(C) not deliver any Licensed Products after the end of the Sell-Off Period;

(D) not during the Sell-Off Period manufacture or have manufactured on the Licensee's behalf any Licensed Products or other Burberry Items; and

(E) not during the Sell-Off Period in any way Advertise or Promote the Licensed Products or any association between the Licensee and Burberry.

22.3 Without prejudice to the Licensee's obligations under clause 21.1(B), the Licensee shall forthwith upon Burberry's request or, if so requested by Burberry, at such intervals as Burberry may specify supply to Burberry an up to date report in the form required by clause 21.1(B). For the avoidance of doubt, clause 21.1 shall apply in accordance with and subject to its terms at all times during the Sell-Off Period.

22.4 Notwithstanding the termination of this Agreement, subject to provisions of this clause 22, all of the terms of this Agreement (where still relevant) (including without limitation clauses 10 and 11) shall remain in force during the Sell-Off Period EXCEPT THAT the Exclusivity shall cease to apply with effect from the date of termination.

22.5 If and as soon as the Licensee shall have divested itself of its entire stock of Licensed Products which are subject to Sell-Off Period the Sell-Off Period shall automatically be terminated.

22.6 Burberry may terminate the Sell-Off Period forthwith by notice in writing to the Licensee in the Sell-Off Period if there occurs any of the events described in clause 20.1, if the Licensee fails to provide to Burberry full details of all unfulfilled orders for Licensed Products from Retailers and/or Distributors accepted by the Licensee prior to the date of termination in accordance with clause 21.1(C) or if the Licensee fails to notify Burberry of the amount of the Licensee's, its Distributors' and its Approved Contractors' current stocks of Licensed Products and other Burberry Items and their locations in accordance with clause 21.1(B) or if the Licensee fails to comply with any request made by Burberry under clause 21.1(E).

22.7 Burberry may subject to Approval permit a Sell-Off Period in circumstances other than those set out in this clause 22 including without limitation where Burberry terminates this Agreement in part so that the Licence Rights are terminated in respect of one or more Products.

23. GUARANTEE

23.1 In consideration of Burberry entering into this Agreement, the

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Guarantor shall as primary obligations of it:

(A) if and whenever the Licensee shall be in default in any payment obligations when due of any amount payable under this Agreement or the performance of any obligations under this Agreement and within two Working Days after being given notice to that effect by Burberry, pay all amounts then payable by the Licensee or perform the obligations of the Licensee as though the Guarantor instead of the Licensee was expressed to be the principal debtor or obligor; and

(B) indemnify Burberry against all reasonable costs and expenses (including legal fees) which Burberry may pay or incur in collecting any amount payable by or satisfying the obligations of the Licensee or the Guarantor and referred to in clause 23.1(A).

23.2 Any amount not paid or obligation not performed by the Licensee and not recoverable from or satisfied by the Guarantor on the basis of a guarantee (whether because of any legal limitation, disability or incapacity on the part of the Licensee or any other matter or thing whether known to Burberry or not) shall nevertheless be recoverable from the Guarantor on the basis of an indemnity.

23.3 The Guarantor acknowledges that its liability under this clause 23 shall not be discharged or affected in any way by time being given to the Licensee or by any other indulgence or concession being granted to the Licensee or by any other act, omission, dealing, matter or thing whatsoever (including without limitation any change in the memorandum or articles of association of the Licensee or the Guarantor, any amendment to this Agreement or the liquidation, dissolution, reconstruction or amalgamation of the Licensee or the Guarantor or the illegality or enforceability of this Agreement) which but for this provision might operate to release the Guarantor from its obligations under this clause 23.

23.4 The guarantee contained in this clause 23 is a continuing guarantee and shall remain in full force and effect until all obligations of the Licensee guaranteed under this Agreement have been discharged in full notwithstanding any variation, release or other dealing with the same or any invalidity of the same. It is in addition to and shall not prejudice nor be prejudiced by any other guarantee, indemnity or other security or right against any third party which Burberry may have for the due performance of the obligations concerned.

23.5 Burberry will not be obliged before exercising any of the rights, powers or remedies conferred upon it against the Guarantor under this clause 23 or by law:

(A) to make demand of the Licensee but Burberry shall by notice in writing to the Licensee inform the Licensee if it exercises its rights against the Guarantor pursuant to this clause 23;

(B) to enforce or seek to enforce any claim, right or remedy against the Licensee or any other person; or

(C) to make or file any claim in connection with the insolvency of the Licensee or any other person; or

(D) to take any action or obtain judgement in any court against the Licensee or any other person.

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24. BUSINESS ETHICS AND ENVIRONMENTAL POLICY

24.1 The Licensee recognises the importance of business ethics and therefore agrees to use its best endeavours to comply with, and to use its best endeavours to procure that all Approved Contractors and Distributors comply in all material respects with Burberry's Code of Business Principles attached hereto at appendix E (as such code may be updated by Burberry from time to time, provided that the Licensee receives advance notice from Burberry of such updating) (the "Code of Business Principles"). For the avoidance of doubt, for the purposes of this Agreement references to "the Company" and "we" in the Code of Business Principles shall be construed as meaning the Licensee, the Approved Contractors or the Distributors (as appropriate). Notwithstanding the foregoing, failure of the Licensee to comply with the Code of Business Principles shall not be deemed to be a breach of this Agreement, except when the breach of the Code of Business Principles is also a breach of this Agreement.

24.2 The Licensee hereby agrees to use its best endeavours to comply with, and use its best endeavours to procure that all Approved Contractors and Distributors comply in all material respects with the Environmental & Social Policy.

24.3 A director or equivalent representative of the Licensee shall, upon the request of Burberry, sign a certificate attesting to the Licensee's compliance with the Code of Business Principles and the Environmental & Social Policy and the Licensee shall procure that, upon the request of Burberry, the Approved Contractors and Distributors shall each sign a certificate attesting to their respective compliance with the Code of Business Principles and the Environmental & Social Policy.

24.4 The Licensee shall both throughout the duration of this Agreement and for at least three (3) years after termination thereof (or, in the event that there is a Sell-Off Period, the termination of such Sell-Off Period):

(A) procure that Burberry and/or its employees, agents or professional advisers are permitted at any time to inspect and make and retain copies of all books of account and business records as are kept by the Licensee and/or any Approved Contractor which relate to the Burberry Items, together with all employment records and factory documentation and policies, for the purposes of establishing whether the Licensee and its Approved Contractors have complied and continue to comply with the Code of Business Principles, the Environmental & Social Policy and all applicable Laws;

(B) procure that Burberry and/or such other employees, agents or professional advisers are given such access to the Licensee's and/or any such Approved Contractor's employees, management and auditors as is required in order to interview the same for the purposes of gaining access to, interpreting and/or verifying such books and records and establishing whether the Licensee and its Approved Contractors have complied and continue to comply with the Code of Business Principles, the Environmental & Social Policy and all applicable Laws;

(C) ensure full co-operation is given by the Licensee, any such Approved Contractor and/or their employees, management and auditors in relation to any such inspection and/or interview; and

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(D) ensure that Burberry and/or such employees, agents or professional advisors are given such access to the Licensee's and Approved Contractor's premises at which Licensed Products and/or other Burberry Items are manufactured or stored as Burberry shall reasonably require for the purposes of such investigation.

24.5 In the event that Burberry shares the conclusions of any investigation undertaken pursuant to clause 24.4 with the Licensee, the Licensee shall in addition to any other amounts payable by the Licensee pursuant to this Agreement pay to Burberry on demand all costs and expenses incurred by Burberry in relation to such investigation on a full indemnity basis.

25. REMEDIES

25.1 Each party's rights and remedies contained in this Agreement are cumulative and not exclusive of any rights or remedies provided by law, equity or otherwise.

25.2 Notwithstanding anything in this clause 25, nothing in this Agreement shall exclude or restrict any party's liability in respect of personal injury to or the death of any person.

25.3 Burberry or any other member of the Burberry Group shall be entitled at any time to deduct from any amount owing from Burberry or such member of the Burberry Group to the Licensee or any member of the Licensee's Group any amount then owing from the Licensee or any member of the Licensee's Group to Burberry or any member of the Burberry Group.

25.4 For the avoidance of doubt and notwithstanding anything to the contrary contained in this Agreement, in the event Burberry terminates this Agreement in accordance with clause 20.5, as a result of the Licensee not making the Minimum Net Wholesale Sales in accordance with clauses 10.8 or 10.9 then in such event, the Licensee shall not be liable for any damages as the result of such termination but, without prejudice to any rights of Burberry accrued up to the date of such termination.

26. CONFIDENTIALITY

26.1 Subject to the provisions of clause 26.2 and except for the purposes contemplated by this Agreement, no party to this Agreement shall whether during the continuance of this Agreement or thereafter publish or otherwise disclose to any person other than pursuant to clause 26.3:

(A) any secret or confidential information relating to the business or affairs of any other party, whether technical or commercial, obtained or received by it as a result of entering into or performing their respective obligations under this Agreement and relating to the negotiations relating to or the provisions or subject matter of this Agreement or any party to it;

(B) any information (other than information described in clause 26.1(A)) which if disclosed might reasonably be considered likely to affect detrimentally any other party's business, goodwill or other legitimate interests;

(C) any information relating to the terms and conditions of this Agreement; or

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(D) any know how or trade secrets of Burberry,

provided that, notwithstanding the provisions of sub-clauses (A) and (B) above, any information (including commercial information) insofar as it relates to the Licensed Products shall be the confidential information of Burberry which Burberry shall be entitled to publish or disclose.

For the avoidance of doubt the obligations of the Licensee under this clause 26.1 relate to the information, know how and trade secrets referred to in sub-clauses (A), (B), (C) and (D) above and the obligations of Burberry under this clause 26.1 relate to the information set out in sub-clauses (A) and (B) above only.

26.2 Each party may disclose confidential information which would otherwise be subject to clause 26.1 if but only to the extent that it can demonstrate that:

(A) such disclosure is required by law or by any securities exchange or regulatory or governmental body having jurisdiction over it, wherever situated (and including without limitation, the U.S. Securities and Exchange Commission (the "SEC"), The Nasdaq Stock Market, NASD Regulation, The Paris Bourse, Financial Services Authority, the London Stock Exchange, the Panel on Takeovers and Mergers and the Serious Fraud Office), and whether or not the requirement has the force of law. Notwithstanding the foregoing, Burberry has been advised that this Agreement constitutes a "material contract" in respect of the Guarantor and is to be filed by the Guarantor with the SEC and be made available to the public via the Edgar filing system; provided that, commercial or financial information consisting of the amount or percentage of the Licence Fee, Minimum License Fee and Advertising and Promotion are to be redacted from the Agreement, and an application for confidential treatment of such information is to be filed. If a challenge to such application is made, Guarantor shall promptly notify Burberry, which may assist in opposing such challenge. Further, the appendices and schedules to this Agreement are not to be initially filed via the Edgar system (except for the LVMH Agreement), but are to be available to the SEC upon request. Copies of such redacted Agreement shall be sent to Burberry for Burberry's comments as promptly as practicable, but not later than 14 days before submission or filing. The party making any disclosure pursuant to this clause 14 shall notify the party to whom the

confidential information relates, prior to so doing;

(B) such information is already generally available to the public other than through its fault or the fault of any person to whom the confidential information has been disclosed in accordance with clause 26.3; or

(C) the confidential information was lawfully in its possession prior to its disclosure by the relevant party (as evidenced by written records) and had not been obtained from the relevant party.

26.3 Each party may for the purposes contemplated by this Agreement disclose confidential information to the following persons or any of them on a strict need-to-know basis, but subject to the restrictions contained in schedule 3:

(A) its professional advisers, auditors, bankers and insurers acting as such; and

(B) its directors, officers and senior employees.

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26.4 Subject to the provisions of clause 26.2, no party to the Agreement shall make any announcement (including, without limitation any communication to the public or to any of its customers, suppliers or employees) concerning the provisions or subject matter of this Agreement or containing any information about any other party to this Agreement without the prior written approval of the others (which shall not be unreasonably withheld or delayed). In any event, Burberry, the Licensee and the Guarantor shall not make any statement or announcement to any third party or issue any press release concerning this Agreement, Burberry, the Licensee or the Guarantor, as the case may be, which is detrimental to Burberry, the Licensee or the Guarantor, as the case may be, their respective businesses and/or the Burberry Intellectual Property or the Licensee or the Licensee's Group or any of their respective businesses or assets.

26.5 The Licensee and the Guarantor may not use without Approval:

(A) the Licensed Trade Marks;

(B) Licensed Products marketed by the Licensee;

(C) Formulae; or

(D) any images used or to be used in Promotion or Advertising,

in any document publicly filed or mailed to any shareholder.

26.6 Any information and documents requested by Burberry pursuant to this Agreement or which otherwise relates to Burberry's business shall be considered to be secret or confidential information of Burberry and subject to clause 26.1(A). Such information and documents shall (unless the Licensee or the Guarantor as appropriate notifies Burberry in writing to the contrary at the time of its disclosure to Burberry) be provided by the Licensee or the Guarantor as appropriate without any third party restriction as to confidentiality and the Licensee or the Guarantor as appropriate shall procure that any such information shall not be or be considered to be confidential or secret information of any third party.

26.7 For the avoidance of doubt, any information relating to the business or affairs of any third party licensee of Burberry, including without limitation, details of terms of any agreement between Burberry and a third party licensee which are disclosed to the Licensee or the Guarantor by Burberry for any reason whatsoever, is strictly confidential and neither the Licensee nor the Guarantor shall divulge such information to any third party without Approval.

27. RELATIONSHIP BETWEEN THE PARTIES

27.1 Nothing in this Agreement shall constitute or be deemed to constitute a partnership between the parties nor shall it constitute or be deemed to constitute any party the agent of any other for any purpose.

27.2 The Licensee shall act in good faith and in the best interests of Burberry in all its dealings regarding this Agreement and the Licensed Products. Subject to any express provisions to the contrary in this Agreement no party shall have any authority or power to act, enter into any contract, make any representation, give any warranty, assume any obligation whether express or implied of any kind, bind any other party or any of its agents or to incur any liability whatsoever on behalf of any other party.

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27.3 Each party represents and warrants to the others that it has the full right, power and authority to enter into this Agreement and to perform all of its obligations under this Agreement.

28. NOTICES

28.1 Any notice, Approval or other document or consent required to be given under this Agreement shall be in writing and shall be deemed

sufficiently given to the party to be served if it is:

(A) delivered by hand; or

(B) sent by courier provided the service used is such that sender receives a receipt indicating successful delivery,

to the following addresses:

Burberry:  St. Albans House, 10 St. Albans Street, London SW1Y 4SQ, United Kingdom

Licensee:  4, rond point des Champs Elysees, 75008 Paris, France

Guarantor:  551 Fifth Avenue, New York, NY 10176 USA.

or to such other address(es) as may be notified from time to time in accordance with this Agreement.

28.2 Such notices shall:

(A) if sent to Burberry be marked for the attention of the Authorised Business Representative with a copy to the Authorised Legal Representative; and

(B) if sent to the Licensee or Guarantor, be marked for the attention of Mr. Philippe Benacin and Mr. Jean Madar, respectively,

and any notice or other document served in accordance with this Agreement shall if delivered by hand be deemed served on delivery if it is delivered not later than 17.00 hours on a Working Day or if it is delivered later than 17.00 hours on a Working Day or at any time on a day which is not a Working Day, 09.00 hours on the next Working Day or within five (5) Working Days of the date of collection from the sending party by the courier or delivery to the courier, if sent by courier.

29. ENTIRE AGREEMENT

29.1 This Agreement together with any documents referred to in the Agreement supersedes and extinguishes all previous drafts, all previous oral or written agreements (save as expressly provided in this Agreement), arrangements between the parties (if any), undertakings, representations and warranties in relation to its subject matter and embodies the entire understanding of the parties and constitutes the whole agreement between the parties in relation to its subject matter.

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29.2 Each party hereby acknowledges that in entering into this Agreement it has not been induced by or relied upon any representation or warranty not expressly included in this Agreement and having negotiated and freely entered into this Agreement agrees (except as expressly provided in this Agreement) that it shall have no remedies in respect of any representation except in the case of fraud.

29.3 No amendments to or modifications of any of the provisions of this Agreement shall be effective unless they are in writing and signed by a duly authorised representative of each of the parties.

30. SEVERABILITY

30.1 Each of the provisions contained in this Agreement and in each clause and sub-clause of this Agreement shall be construed as independent of every other such provision, so that if any provision of this Agreement or the application of any provision to any person, firm or company or to any circumstances shall be determined by any competent court or authority to be invalid, illegal, void or unenforceable under the Laws of any jurisdiction then such determination shall not affect the legality, validity and enforceability of any other provision of this Agreement in that jurisdiction and the legality, validity and enforceability of the whole of this Agreement in any other jurisdiction shall not be affected.

30.2 If any such provisions shall be found to be invalid or unenforceable but would be valid if some part thereof were deleted or the period or area of application reduced such provisions will apply with such modification or modifications as may be necessary to make them valid and effective.

31. NO WAIVER

No forbearance, indulgence or relaxation shown or granted by any party to any other party in enforcing any of the terms and conditions of this Agreement shall in any way affect, diminish, restrict, operate as or be deemed to be a waiver of any breach of any such terms or conditions by such other party unless operated in writing signed by a duly authorised representative of the first party. Any waiver by a party of any breach shall not operate as a waiver by such party of any subsequent breach.

32. NO BROKERAGE FEE

No party is or will be obliged or required to pay any brokerage, introduction or finder's fee of any kind to another party or any third party in connection with this Agreement or its execution and each party warrants and undertakes that it has not paid, will not pay and is under no obligation (legal or moral) to pay any such fee.

33. COUNTERPARTS

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

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34. NO ASSIGNMENT

This Agreement and the rights granted to the Licensee respectively are personal and non-transferable. Accordingly subject to clause 19 the Licensee shall not mortgage, charge, sub-contract, sub-license or assign or otherwise transfer or deal with this Agreement or any part of this Agreement or any of its rights, benefits or obligations under this Agreement or purport to do any of such acts or things.

35. GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by, subject to and construed in accordance with the Laws of England. Except as otherwise provided in this Agreement each of the parties irrevocably submits to the exclusive jurisdiction of the Courts of England (subject as mentioned below) in relation to matters arising under this Agreement, provided that nothing contained in this Agreement shall prevent Burberry from bringing any proceedings against the Licensee and/or the Guarantor or from obtaining any injunctive or other similar relief which may be available to it in the courts of any jurisdiction in which the Licensee and/or the Guarantor has a place of business in any particular case, and the Licensee and/or the Guarantor as appropriate shall submit to the jurisdiction of any such Court.

35.1 PROCESS AGENT

(A) The Licensee irrevocably appoints Baker & McKenzie of 100 New Bridge Street, London EC4V 6JA as its process agent to receive on its behalf service of process of any proceedings in England. Service upon the process agent shall be good service upon the Licensee whether or not it is forwarded to and received by the Licensee. If, for any reason, the process agent ceases to be able to act as process agent, or no longer has an address in England, the Licensee irrevocably agrees to appoint a substitute process agent with an address in England acceptable to Burberry and to deliver to Burberry a copy of the substitute process agent's acceptance of that appointment within thirty (30) days. In the event that the Licensee fails to appoint a substitute process agent, it shall be effective service for Burberry to serve the process upon the last known address in England of the last known process agent for the Licensee notified to Burberry notwithstanding that such process agent is no longer found at such address or has ceased to act.

(B) The Guarantor irrevocably appoints Baker & McKenzie of 100 New Bridge Street, London EC4V 6JA as its process agent to receive on its behalf service of process of any proceedings in England. Service upon the process agent shall be good service upon the Guarantor whether or not it is forwarded to and received by the Guarantor. If, for any reason, the process agent ceases to be able to act as process agent, or no longer has an address in England, the Guarantor irrevocably agrees to appoint a substitute process agent with an address in England acceptable to Burberry and to deliver to Burberry a copy of the substitute process agent's acceptance of that appointment within 30 days. In the event that the Guarantor fails to appoint a substitute process agent, it shall be effective service for Burberry to serve the process upon the last known address in England of the last known process agent for the Guarantor notified to Burberry notwithstanding that such process agent is no longer found at such address or has ceased to act.

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36. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

36.1 The Licensee and the Guarantor acknowledge that each of Burberry Affiliates shall have the benefit of Burberry's rights under this Agreement and shall have the right to enforce such rights in accordance with the provisions of the Contracts (Rights of Third Parties) Act 1999. Except as stated in this clause 36.1, the parties to this Agreement do not intend that any of its terms will be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 by any person not a party to it.

36.2 The consent of any of Burberry's Affiliates shall not be required for the variation or termination of this Agreement, even if that variation or termination affects the benefit conferred on such Affiliate.

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APPENDIX A: INFORMATION

I. ROYALTY REPORTS

Monthly, Semi-Annually and Annually:

- sales to Subsidiaries, Distributors and Retailers by jurisdiction Quarterly, Semi-Annually and Annually:

- sales to Subsidiaries, Distributors and Retailers by jurisdiction by fragrance line

- expenditures for Advertising and Promotion: this must be broken down for each Advertising and Promotion programme

- Licence Fee calculation (including Advertising and Promotion)

- inventory by jurisdiction

II. SALES INFORMATION

This must include in all instances the number (and price of sale) of sales at List Price, sales after Discount and sales at actual price.

Quarterly:

- sales from Subsidiaries and Distributors to Retailers

- sales from selected Subsidiaries and Distributors to Retailers by fragrance line

- sales from Subsidiaries and Distributors to Burberry Group

- global and market update Semi-Annual:

- sales to Retailers by jurisdiction

- sales to top 100 Retailers excluding the USA and top 20 USA Retailers

GENERAL

- price lists - Annual (or updated if adjustments made)

- Retailer lists by jurisdiction - Annual - Inter Parfums Subsidiary and Distributor lists - Semi-Annual

- Approved Contractor list (including the full name and address of each Approved Contractor; which Burberry Items are manufactured by which Approved Contractors and at which premises; details of any contractors used by the Licensee in respect of the Licensed Products which have not been Approved).

For the purpose of this Appendix A only, `Annual' means at the end of each Licensed Year and `Annually' shall be construed accordingly. `Semi-Annual' means at the end of each 6 month period of each Licensed Year.

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APPENDIX B: ASSIGNMENT

Current Form - this is subject to variation by Burberry

THIS DEED OF ASSIGNMENT is made the day of 200[ ]

BETWEEN:

(1) BURBERRY LIMITED a company incorporated under the laws of England with no. 162636 having its registered office at 18/22 Haymarket London SW1Y 4DQ ("BURBERRY"); and

(2) [NAME AND ADDRESS OF ASSIGNOR] ("ASSIGNOR").

1. In this Assignment, the following terms shall have the following meanings:

"ASSIGNED RIGHTS" means all Intellectual Property Rights in or in respect of:

(a) the Products (including without limitation all external and internal features thereof and the patents, patent applications, names, brands, trade names and trade marks (if any) listed in the schedule hereto); and

(b) all drawings, sketches, plans, designs, artwork, illustrations, models, instructions, formulae, technical information, lists of ingredients, recipes, computer programs, processes, tooling and moulds created for the purpose of designing and/or producing the Products; and

(c) all corresponding photographs, drawings, designs, artwork and text in related advertising and marketing materials;

"INTELLECTUAL PROPERTY RIGHTS" means all patents, copyright, database rights, design rights, trade marks, service marks, rights in trade dress and rights of confidence in relation to any information or know-how, in any case whether registered or unregistered, along with any applications for registration thereof, and along with any rights similar or analogous thereto in any part of the world;

"PRODUCTS" means the products listed in the schedule hereto.

2. The Assignor HEREBY ASSIGNS to Burberry with full title guarantee free from all liens, charges and encumbrances all its right, title and interest in the Assigned Rights together with all common law rights connected thereto and together with all the rights of action, powers, benefits and immunities belonging to the same wherever in the world, including the right to sue for and obtain damages and other relief in respect of any act of infringement (whether past, present or future) of the Assigned Rights or any of them or the violation of any common law rights connected with the Assigned Rights or any of them TO HOLD the same unto Burberry absolutely.

3 All goodwill in the Assigned Rights howsoever arising shall accrue to Burberry.

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4. The Assignor covenants with Burberry that it will execute all such further assignments, transfers, deeds, documents or other assurances and do all further acts and things as Burberry may require in order to become registered as the proprietor of any registered Assigned Rights and/or to become the legal and beneficial owner of the Assigned Rights and otherwise to give effect to the terms of this Assignment.

5. The Assignor has obtained (and shall deliver to Burberry on demand) from the authors of the items and materials in which the Intellectual Property Rights subsist absolute waivers of any rights they may have and the Assignor hereby waives absolutely any rights he may have to be identified as the author of any such items or materials and their respective rights to object to any derogatory treatment thereof and so far as legally possible any broadly equivalent rights they may have in any territory in the world.

6. This Assignment shall be subject to English Law and the parties submit to the exclusive jurisdiction of the English Courts.

In witness whereof the parties have executed and delivered this Deed on the above date

EXECUTED AND DELIVERED by	)
BURBERRY LIMITED	)
as a DEED by these signatures	)	DIRECTOR
		DIRECTOR/SECRETARY
EXECUTED AND DELIVERED by	)
[ASSIGNOR]	)
as a DEED by these signatures	)

[NB SIGNATURES WILL VARY DEPENDING UPON LEGAL STATUS OF ASSIGNOR]

 

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SCHEDULE TO APPENDIX B

[DETAILS OF PRODUCTS]

[DETAILS OF TRADEMARKS ETC INCLUDING REGISTRATION DETAILS]

 

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APPENDIX C: APPROVED CONTRACTORS UNDERTAKING

[TO BE TYPED ON BURBERRY HEADED NOTEPAPER BY BURBERRY]

Date:

Dear Sirs

APPROVED CONTRACTORS UNDERTAKING

1. LIMITATION

1. This letter does not licence or authorise you to manufacture, supply or sell Samples (as defined in paragraph 3(i) below) or Goods (as defined in paragraph 3(ii) below) to any party other than Burberry Limited ("Burberry") or Inter Parfums, S.A. ("Licensee") acting as a licensee to Burberry. Any such manufacture for or supply or sale to the Licensee shall:

(a) be solely for the Licensee's purpose acting in its capacity as a licensee to Burberry, and shall be in strict accordance with the licence agreement between Burberry and the Licensee and any written approval given thereunder; and

(b) in respect of manufacture shall only be carried out at the industrial manufacturing premises at [ ] ("Factory") which you represent and warrant are wholly owned and controlled by you.

2. This letter does not appoint you as a Burberry licensee. You are strictly prohibited from holding yourself out as a Burberry licensee or from purchasing any items (including products, materials, trimmings or packaging) bearing Burberry Intellectual Property (as defined in paragraph 4 below) except from another person who has been appointed or approved by Burberry as a sub-contractor of the Licensee to manufacture such items PROVIDED THAT:

(a) such appointment has not been terminated; and

(b) you notify Burberry of such purchase and provide to Burberry such details in relation to such purchase as Burberry requires; and

(c) such person has signed a letter in a form identical to or similar to this letter.

3. This letter sets out the terms and conditions upon which Burberry appoints or approves you as a sub-contractor of the Licensee to:

(i) produce such sample fragrance products incorporating Burberry Intellectual Property ("Samples") or such designs for the packaging or components of the packaging for those products ("Designs"); and/or

(ii) manufacture such fragrance products (in such packaging) incorporating Burberry Intellectual Property in fulfilment of separate orders ("Goods"),

 

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as specified in the attached schedule and for no other purpose and (together with Burberry's or the Licensee's Conditions of Purchase from time to time in force) will apply to any orders placed by Burberry or the Licensee with you from time to time and in the case of any inconsistency between the terms of this letter and the terms of any individual order the terms of this letter shall prevail.

4. In consideration of your appointment hereunder to supply Burberry or the Licensee you shall be authorised to use Burberry Intellectual Property solely on and in connection with the Designs, Samples and/or the Goods (as the case may be) in accordance with any specific written authority or orders given by Burberry or the Licensee (acting pursuant to the licence agreement between Burberry and the Licensee and written approval given by Burberry thereunder) from time to time but for no other purpose. In this letter Burberry Intellectual Property shall mean all or any of the following as the same shall subsist from time to time:

(a) all trade marks and designs registered or applied for in the name of Burberry (whether in the UK or elsewhere);

(b) all trading names or brand names (whether registered or not) presently or hereafter used by Burberry in which Burberry claims any exclusive rights to the extent of the exclusive rights claimed;

(c) all designs (whether registered or not) used by Burberry in which Burberry claims any exclusive rights in particular without prejudice to the generality of the foregoing the check design (in whatever size and in whatever material) represented by the famous and distinctive camel, red, white and black check design used by Burberry for many years and known as "the Burberry Check" (with which you are familiar);

(d) any works in which copyright and/or design right belongs to Burberry;

(e) all patents registered or applied for in the name of Burberry (whether in the UK or elsewhere); and

(f) any Created Rights (as defined in paragraph 8).

5. You shall not be entitled to sub-contract, assign or otherwise deal with any of your duties, rights or obligations hereunder without Burberry's prior written consent.

6. Without prejudice to the prohibition in paragraph 5, prior to your sub-contracting any of your duties, rights or obligations hereunder to a third party you shall procure for the benefit of Burberry an undertaking from such third party on the same terms as this letter or such other terms as shall then currently be used by Burberry and you shall guarantee that upon the termination of that sub-contracting or upon demand by Burberry such third party shall comply with the obligations as imposed upon you as set out in paragraph 19 of this letter. Notwithstanding the foregoing Burberry reserves the right at any time at Burberry's absolute discretion to withdraw its consent to your sub-contracting any of your duties, rights or obligations hereunder, either in general or in relation to any specified third party or parties, and if Burberry does so withdraw its consent you shall forthwith cease so to use the relevant third party or parties and shall place no further orders for Designs, Samples and/or Goods therewith.

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7. You hereby agree to indemnify Burberry and keep Burberry fully and effectively indemnified against any sums which Burberry is required to pay to acquire full and free right title and interest to all and any Created Rights (as defined in paragraph 8 below) from you, any sub-contractor of yours or from any other third party.

8. You hereby acknowledge Burberry's sole and exclusive right title and interest in Burberry Intellectual Property and you further acknowledge and agree that all copyright, design rights and other rights of a similar nature in any jurisdiction in all and any Designs, Samples and/or Goods produced for supply to Burberry or the Licensee including any drawings, sketches, plans, designs, artwork, illustrations, models, instructions, formulae, lists of ingredients, technical information, recipes, processes, instructions, computer programs, tooling or moulds in respect thereof ("Created Rights") shall belong to Burberry and that you hereby undertake to execute, or arrange to have executed, any and all documentation required to vest all such rights in and to Burberry (including without limitation the Assignment in the form annexed hereto as the same may be amended from time to time by Burberry) and neither you nor anyone acting on behalf of you shall claim any right title or interest to such rights whatsoever. To the extent that any Created Rights do not vest in Burberry by operation of law, you shall assign the same to Burberry with full title guarantee, or where possible hereby assign the same to Burberry with full title guarantee by way of a present assignment of future rights.

9. You hereby undertake not:

(a) to use for your own purposes or to disclose or allow to be disclosed to any third party any confidential information (or information which is considered by Burberry to be confidential) concerning the business or affairs of Burberry including without limitation details of any know how or trade secrets of Burberry including without limitation any such know-how or trade secrets relating to the Formulae (as such are defined in the licence agreement between Burberry and the Licensee);

(b) to make any statement or announcement to any third party or issue any press release concerning Burberry; and

(c) to make any statement in any form or indicate in any way that there is any relationship between you and Burberry or that you are an approved contractor.

10. You shall mark all and any artwork, drawings, illustrations or designs and any other material, including without limitation the Designs made by you, pursuant to an order from Burberry or the Licensee pursuant to an order from Burberry, with the following statement "COPYRIGHT (C) BURBERRY LIMITED [YEAR]" and shall maintain a record of the date of creation of all such material.

11. If you shall become aware of any unauthorised use or suspected unauthorised use of any of Burberry's Intellectual Property or of any claim that any item bearing Burberry's Intellectual Property infringes the rights of any third party you shall notify Burberry immediately and shall give all information and assistance (other than financial) which is required by Burberry to prosecute any claim or take any other action, against any such infringer or to defend any such claim by any third party. You shall not do or omit to do anything which may prejudice Burberry's conduct of such proceedings or other action.

12. In the case of the production of Samples and/or Goods you hereby undertake as follows:-

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(a) not to buy, sell, manufacture, produce or otherwise deal in any merchandise in which, or on which, any Burberry Intellectual Property is used or incorporated without Burberry's prior written consent;

(b) not to use or allow to be used any items which incorporate or represent any of the Burberry Intellectual Property supplied for the production of Samples and/or Goods other than in the production of such Samples and/or Goods;

(c) to deliver up to Burberry or its authorised representative all excess, second quality and defective Goods and/or Samples in or upon which the Burberry Intellectual Property has been incorporated or appears, if so required, subject to payment by Burberry of a reasonable price therefor (which price shall in any event not exceed the lower of cost price or market value). Any such Goods and/or Samples which are not required by Burberry shall be destroyed at your own cost and you shall provide Burberry with proof of compliance of this upon Burberry's request; and

(d) to conform to and comply with all international and national conventions and all relevant laws, rules and regulations relating to the employment of labour (in particular without limitation child and forced labour) and employees' terms and conditions of employment and comply with general environment responsibilities and best practices.

13. Where any items (including without limitation those referred to in sub paragraph 12(b)) are supplied to you by or on behalf of Burberry or the Licensee (whether such items are charged for or not) you shall hold such items as bailee for and to the order of Burberry or the Licensee respectively and shall deal with them as Burberry or the Licensee may direct provided always that if you shall have paid any charges in respect of such items and you are required to deliver the same to Burberry or the Licensee or their respective authorised representative such charges shall be reimbursed.

14. You hereby waive all and any moral rights (or rights of a similar nature) arising in respect of the Created Rights.

15. At all times during your appointment hereunder, and for at least 6 months thereafter you hereby permit Burberry and/or its representative, to enter and inspect at any time upon reasonable advance notice and without any undue interruption in the normal business operations, any premises upon which any Designs, Samples or Goods are being or have been manufactured or stored and to supervise the manufacture or storage of such Designs, Samples or Goods and to ensure compliance by you with the terms of this letter and alter your practices where necessary to comply with such terms.

16. Both throughout the duration of your appointment and for at least six years thereafter you shall:

(a) provide forthwith at the request of Burberry full details of all Goods and Samples you have supplied, all purchasers and/or recipients of such Goods and Samples and your stock of Goods and Samples and their current location;

(b) keep full and accurate books and records of accounts relating to all dealings in respect of all Designs, Samples and Goods produced and all your dealing in relation to this appointment; and

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(c) hereby permit Burberry and/or its representative to inspect at any times such books and records and to make and retain copies of them and/or extracts from them.

17. You shall not and shall procure that your employees and representatives shall not:

(a) make or attempt to make directly or indirectly any payment or gift of any description (whether or not such payment or gift is solicited) to:

(i) any employee or representative of Burberry or any company which is a holding company or subsidiary of Burberry or under common control with Burberry; or

(ii) to any family relation of any person described in sub-paragraph (i) above;

(b) in any way induce or attempt to induce (whether by means of a payment of money or otherwise) any employee or representative (including without limitation any licensee) of Burberry to conceal from Burberry or to overlook any act, omission or other circumstances which would amount to a breach of the terms of this letter; or

(c) fail to notify Burberry in writing promptly if you, your employees or representatives are aware that any such employee or representative as referred to in sub-paragraph (b) above has indicated that he/she may so overlook or conceal a breach of the terms of this letter if so induced; or

(d) pay any broker's fees, bribes, pay-offs, commissions (other than customary sales commissions in the ordinary course of business), royalty sharing or the like to any third party which relates in any way to this letter or your appointment hereunder.

18. Burberry shall be entitled to terminate your appointment hereunder together with any rights granted to you hereunder forthwith upon written notice:

(a) in the event that Burberry and/or the Licensee wishes to place no further orders with you;

(b) in the event that Burberry's agreement with the Licensee is terminated or expires;

(c) in any circumstances in which any agreement between Burberry and the Licensee allows such appointment to be terminated;

(d) in the event that Burberry wishes you to sign a revised form of letter to replace this letter and you refuse to sign such revised form of letter;

(e) if you breach any of the terms of this letter and, if such breach is capable of remedy, shall not have remedied such breach within 14 days of receipt of a notice from Burberry requiring you to do so;

(f) if (being an individual or partnership) you have a bankruptcy order made against you or (being a company) you shall enter into liquidation or (being any of the aforementioned) you have a receiver, administrator or administrative receiver appointed of all or any part of your assets or shall enter into a composition with your creditors or shall take or suffer any action relating to your insolvency or in consequence of debt similar or analogous to any of the foregoing under the laws of any jurisdiction in the world;

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(g) if you breach any of the terms of paragraph 5; and

(h) if you breach any of the terms of paragraph 9, 12 or 17.

19. Upon termination howsoever arising or expiry of the appointment to which the terms of this letter relate or upon demand by Burberry, you shall (subject to the provisions of paragraph 13) deliver up to Burberry or the Licensee or their respective duly authorised representative:

(a) the Designs, and all and any drawings, models, prototypes and/or any other materials made by you pursuant to an order from Burberry or the Licensee;

(b) all and any items incorporating Burberry Intellectual Property which were supplied by Burberry or the Licensee to you in connection with your appointment; and

(c) all and any Samples which have not been incorporated into Goods pursuant to an order from Burberry or the Licensee,

and shall immediately cease to make any use of the Burberry Intellectual Property. Without limitation to the foregoing, paragraphs 1, 2, 5, 6, 7, 8, 9, 12, 13, 14, 15, 16, 17, 19, 20, 21 and 22 shall survive the termination for whatever reason of your appointment hereunder.

20. This letter agreement does not constitute an order by Burberry or the Licensee nor does it oblige Burberry or the Licensee to place any order(s) with you in the future.

21. This letter shall supersede all previous Design and Samples letters or Samples and Orders letters or the like between the parties.

22. It is acknowledged that the terms of this letter shall be governed by and construed in accordance with the laws of England and you hereby irrevocably submit to the exclusive jurisdiction of the English courts provided that nothing herein shall prevent Burberry or the Licensee applying for injunctive or any other relief which may be available to it in the jurisdiction in which you carry on business in any particular case.

To signify your agreement with the above please sign and return the attached copy of this letter.

Yours faithfully

For and on behalf of

BURBERRY LIMITED

 

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We hereby agree to the above terms and conditions and agree to be bound by and observe all of the obligations and undertakings hereunder.

____________________________________ Duly authorised signatory

For and on behalf of

[ ]

 

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SCHEDULE TO APPENDIX C

[LIST THE SAMPLES AND GOODS - SEE PARAGRAPH 3]

 

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ANNEX TO APPENDIX C

Current Form - this is subject to variation by Burberry

THIS DEED OF ASSIGNMENT is made the day of 200[ ]

BETWEEN:

(3) BURBERRY LIMITED a company incorporated under the laws of England with no. 162636 having its registered office at 18/22 Haymarket London SW1Y 4DQ ("BURBERRY"); and

(4) [NAME AND ADDRESS OF ASSIGNOR] ("ASSIGNOR").

1. In this Assignment, the following terms shall have the following meanings:

"ASSIGNED RIGHTS" means all Intellectual Property Rights in or in respect of:

(d) the Products (including without limitation all external and internal features thereof and the patents, patent applications, names, brands, trade names and trade marks (if  any) listed in the schedule hereto); and

(e) all drawings, sketches, plans, designs, artwork,  illustrations, models, instructions, formulae, technical  information, lists of ingredients, recipes, computer programs,  processes, tooling and moulds created for the purpose of  designing and/or producing the Products; and

(f) all corresponding photographs, drawings, designs, artwork and  text in related advertising and marketing materials;

"INTELLECTUAL PROPERTY RIGHTS" means all patents, copyright, database  rights, design rights, trade marks, service marks, rights in trade  dress and rights of confidence in relation to any information or  know-how, in any case whether registered or unregistered, along with  any applications for registration thereof, and along with any rights  similar or analogous thereto in any part of the world;

"PRODUCTS" means the products listed in the schedule hereto.

2. The Assignor HEREBY ASSIGNS to Burberry with full title guarantee free  from all liens, charges and encumbrances all its right, title and  interest in the Assigned Rights together with all common law rights  connected thereto and together with all the rights of action, powers,  benefits and immunities belonging to the same wherever in the world,  including the right to sue for and obtain damages and other relief in  respect of any act of infringement (whether past, present or future) of  the Assigned Rights or any of them or the violation of any common law  rights connected with the Assigned Rights or any of them TO HOLD the  same unto Burberry absolutely.

3 All goodwill in the Assigned Rights howsoever arising shall accrue to  Burberry.

4. The Assignor covenants with Burberry that it will execute all such  further assignments, transfers, deeds, documents or other assurances  and do all further acts and things as Burberry may require in order to become registered as the proprietor of  any registered Assigned Rights and/or to become the legal and  beneficial owner of the Assigned Rights and otherwise to give effect to  the terms of this Assignment.

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5. The Assignor has obtained (and shall deliver to Burberry on demand)  from the authors of the items and materials in which the Intellectual  Property Rights subsist absolute waivers of any rights they may have  and the Assignor hereby waives absolutely any rights he may have to be  identified as the author of any such items or materials and their  respective rights to object to any derogatory treatment thereof and so  far as legally possible any broadly equivalent rights they may have in  any territory in the world.

6. This Assignment shall be subject to English Law and the parties submit to the exclusive jurisdiction of the English Courts.

In witness whereof the parties have executed and delivered this Deed on the above date

EXECUTED AND DELIVERED by	)
BURBERRY LIMITED	)
as a DEED by these signatures	)	DIRECTOR
		DIRECTOR/SECRETARY
EXECUTED AND DELIVERED by	)
[ASSIGNOR]	)
as a DEED by these signatures	)

[NB SIGNATURES WILL VARY DEPENDING UPON LEGAL STATUS OF ASSIGNOR]

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APPENDIX D: QUESTIONNAIRE

BURBERRY ENVIRONMENTAL & SOCIAL RESPONSIBILITY QUESTIONNAIRE (TO BE COMPLETED ON DISK AND PAPER BY LICENSEES & SUB-CONTRACTORS)
COMPANY NAME
NAME OF THE PARENT COMPANY (IF APPLICABLE)
FINISHED GOODS TO BE SUPPLIED TO INTER PARFUMS
	Full Details of Item
Item 1
Item 2
Item 3
Item 4
Item 5
Item 6
Item 7
Item 8
Item 9
Item 10
PLEASE CONTINUE LISTING IN THIS WAY IF THERE ARE MORE THAN 10 FINISHED PRODUCT / GOODS SUPPLIED
Value of annual turnover (for the last financial year):
What percentage of your business is represented by Burberry (or by Burberry's licensee if you are completing this form as a sub-contractor):
MANAGEMENT CONTACT DETAILS
Contact for social monitoring purposes (name and title):
Mailing address:
E-mail address:
Telephone number:
Fax number:
Mobile:
Other relevant contacts (name and title):
Mailing address:
E-mail address:
Telephone number:
Fax number:
Mobile:
TRADE UNION DETAILS
Name of trade union represented:
Name of relevant contacts:
Contact telephone number:

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Contact email address:
Contact fax number:
EMPLOYEE DETAILS	Total	Female	Male
Admin/management
Factory workers
Other employees
Total
Number of employees living in accommodation provided for by the company
MATERIALS, PACKAGING & LABELLING
What percent of your packaging is done with :	recycled materials ?
	recyclable materials ?
Does your company use the banned dyes or materials listed in your Contractor's Undertaking? If yes, please provide details	Y/N
POLICY DOCUMENTARY INFORMATION	PROVIDED ?
Please provide copies of your health, safety and environment policy	Y/N
Please provide copies of employee related policies	Y/N
DO YOU MANUFACTURE ?	Y/N
If yes, please provide a list of all products manufactured for Burberry clearly marking which products contain Burberry intellectual property	Y/N
Item 1
Item 2
Item 3
Item 4
Item 5
PLEASE CONTINUE LISTING IN THIS WAY IF MORE THAN 10 PRODUCTS ARE MANUFACTURED
Full name and address details of all factories (wholly owned by the Products (raw materials or finished goods) manufactured at this No. of factory No. of company completing this form) manufacturing Burberry products factory units at address accommodation including number of factory units and number of accommodation facilities facilities at each address at address
Factory 1
Factory 2
Factory 3
PLEASE CONTINUE LISTING IN THIS WAY IF MORE THAN 3 FACTORIES

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Please provide a list of the countries from which you source raw materials	Raw materials supplied
Jurisdiction 1
Jurisdiction 2
Jurisdiction 3
PLEASE CONTINUE LISTING IN THIS WAY IF RAW MATERIALS ARE SOURCED FROM MORE THAN 3 COUNTRIES
Number of outworkers used :	(IF OUTWORKERS USED, PLEASE SPECIFY ACTIVITY OF EACH OUTWORKER)
Number of homeworkers used :	(IF HOMEWORKERS USED, PLEASE SPECIFY ACTIVITY OF EACH HOMEWORKER)
DO YOU USE SUB-CONTRACTORS ?	Y/N
IF YES, PLEASE PROVIDE DETAILS OF SUB-CONTRACTORS BY ENCLOSING THIS FORM COMPLETED AND SIGNED BY EACH SUB-CONTRACTOR.
WORKING WITH YOUR SUPPLIERS AND SUBCONTRACTORS	DESCRIBE PROCEDURES HERE
Please fully describe the procedures you have adopted (if any) to ensure that your suppliers and subcontractors are compliant with local environmental, health and safety and labour laws. Attach any relevant policy or procedure.
I confirm, that the information provided fairly reflects our business operations, practices and sourcing processes, and that we agree to comply with Burberry's Environmental and Social Responsibility Policy (as it may be amended by Burberry from time to time).
Signature :
Name (please print) :	Position :
Date :
The person named above should be a company director or member of senior management.

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APPENDIX E: CODE OF BUSINESS PRINCIPLES

1. CODE OF BUSINESS PRINCIPLES

1.1 Code

The following Code of Business Principles (the "CODE") has been approved by the Board of Directors of the Company.

THE COMPANY OPERATES IN MANY DIFFERENT MARKETS AND COUNTRIES THROUGHOUT THE WORLD. IN ALL INSTANCES, WE RESPECT NATIONAL LAWS AND INDUSTRY CODES OF CONDUCT

o We, the directors and employees of the Company recognise our obligations to all with whom we have a business relationship including shareholders, customers, employees, and suppliers;

o Information about our business shall be communicated clearly, and accurately in a non-discriminatory manner and in accordance with local regulations;

o We believe that trust is a vital element in the successful conduct of the Company's business and accordingly all information provided and statements made by any employee must be truthful, accurate and not misleading;

o We select and promote employees on the basis of their qualifications and merit, without discrimination or concern for race, religion, national origin, colour, sex, sexual orientation, age or disability;

o We do not employ a person who is an Immediate Relative of an employee unless such employment has been approved by the Board of Directors of the Company "Immediate Relative" means and includes spouse, common law partner, children, brothers, sisters, cousins, aunts, parents, grandparents and the aforesaid relatives by marriage;

o We believe that a workplace should be safe and civilized; we will not tolerate sexual harassment or offensive behaviour of any kind, which includes the demeaning of individuals through words or actions or the display or distribution of offensive material;

o We will treat all information relating to the Company's business, or to its customers, as confidential and confidential information must not be used for personal gain;

o Insider dealing, whether in the shares of any parent company of the Company or any customer or supplier, is prohibited;

o We will not knowingly create work which contains statements, suggestions or images offensive to general public decency;

o We will not for direct or indirect personal gain directly or indirectly engage in any activity which competes with companies within the Group or with our obligations to any such company;

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o We will not offer any items of personal inducement whether to secure business or otherwise. This is not intended to prohibit business lunches or dinners or the making of occasional gifts of minor value (that is gifts of less than US$20 value) unless the relevant customer or a supplier or other person with whom we will have a commercial relationship has a policy which restricts such lunches, dinners or gifts;

o No director or employee of the Company will accept for personal benefit any goods or services from suppliers, potential suppliers or other third parties;

o We will not have any personal or family conflicts of interest with our suppliers or other third parties with whom we do business;

o No corporate contributions of any kind, including the provision of services or materials for less than the market value, may be made to any governmental or regulatory authority or politicians, political parties or action committees, without the prior written approval of the agreement of all of the Company's shareholders;

o We do not permit the possession, uses or distribution of any illegal drugs, or use of any legal or controlled drugs (or alcohol) other than in the manner for which they were properly approved and prescribed, while on the Company or customer premises or conducting the Company's business;

o We do not permit the use of child or forced labour by the Company and we do not permit the purchase of products from any supplier or the sale of products to any customer whom we know or suspect uses child or forced labour in its business;

o We do not permit the purchase of products from any supplier or the sale of products to any customer whom we know or suspect discriminates against its employees, suppliers or its customers (including consumers) on the basis of race, religion, national origin, colour, sex, sexual orientation, age or disability.

o We will comply with all applicable local laws and regulations including without limitations the laws of Italy, and any other laws with an international reach, including (without limitation) import/export regulations and the US Foreign Corrupt Practices Act, where relevant;

o No officer or employee of the Company shall conduct themselves in a manner which brings the Company into disrepute.

ACTUAL OR POTENTIAL CONFLICTS WITH THIS CODE SHOULD BE REPORTED PROMPTLY TO THE GENERAL COUNSEL OF BURBERRY LIMITED IN LONDON.

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APPENDIX F: ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

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Environmental & Social Responsibility A guide to Burberry policy (Licensee Version)

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BURBERRY

PRIVATE AND CONFIDENTIAL

This document contains details of Burberry's policy relating to Environmental

and Social Responsibility

All licensees and their sub-contractors must familiarise themselves and comply with the contents of this document and ensure that its contents are passed to all relevant parties in their organisations

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BURBERRY'S COMMITMENT TO ENVIRONMENTAL AND SOCIAL RESPONSIBILITY

INTRODUCTION

This document covers:

o Burberry's relationship with its Licensees

o Responsibilities on Ethical trading

o Packaging and waste regulations

o Materials and labelling

BURBERRY ENVIRONMENTAL POLICY

Burberry's majority shareholder is GUS. The

company shares the GUS commitment to be a

good corporate citizen.

Specifically, Burberry will:

o comply with all relevant environmental legislation;

o measure and continually improve performance with respect to its main environmental impacts in a manner consistent with its commercial objectives;

o report on the environmental impacts of its activities and progress towards meeting its goals; and

o monitor its licensees' environmental management arrangements.

The activities of Burberry (manufacturing, distributing, retailing and licensing luxury clothes, accessories and other goods) lead to a number of environmental impacts.

Burberry's priorities are:

o managing and, where practicable, reducing the waste from operations;

o understanding and, where practicable, reducing the volumes of packaging used;

o improving energy management; and

o monitoring licensees to ensure acceptable environmental performance.

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In each of these areas Burberry will set targets for itself, its licensees and its suppliers and will measure performance.

The responsibility for setting the targets and agreeing improvement plans rests with the Burberry Executive (the "Executive").

Environmental matters are the specific

responsibility of the Chief Operating

Officer. He will table an annual

environmental update to the Executive. The

Executive will review this policy every

year.

EXTERNAL COMMUNICATIONS

The Environmental Policy states that

Burberry will report on its environmental

impacts and progress towards meeting its

goals. This is part of a wider communication

to:

o Burberry's customers, so that they are able to make informed purchase decisions;

o Burberry's licensees and suppliers, so they can help us reach our goals; and

o the public and outside agencies, so they understand that Burberry is a responsible company.

The GUS Environmental Report for 2001 is available on request from the Quality Assurance Department within Burberry.

LICENSEES

Our licensees play an important part in

helping Burberry reach its goals. They do

this by ensuring that they follow good

environmental and social practices.

On Burberry's part, Burberry will openly

share relevant environmental information

with its licensees including:

o its environmental concerns as responsible stakeholders;

o information about environmental issues and legislation;

o industry best practices and other developments;

o specific areas/issues for improvement; and

o Burberry's policy in respect of producing and maintaining clear consistent user-friendly guidelines.

Burberry expects and demands high standards from all its licensees.

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ETHICAL AND ENVIRONMENTAL STANDARDS

Burberry expects all of its licensees to

sign up to its principles and standards of

conduct, as set out below.

PRINCIPLES OF CONDUCT

As a licensee of Burberry we share its

commitment to high standards in the

following areas:

o occupational safety and health;

o employee welfare including labour standards and discrimination policies; and

o minimising our impact on the environment.

STANDARDS OF CONDUCT

Within these principles we operate to the

following specific standards of conduct:

1. we do not employ any person below the age of 15 or below the legal minimum age (where this is higher) in the countries in which we operate;

2. we do not use forced labour in any form (prison, indentured, bonded or otherwise) and staff are not required to lodge papers or deposits on starting work;

3. we have written health and safety guidelines and provide relevant training for employees. We comply with all applicable local environmental, safety and health regulations;

4. we have produced or are intending to produce within the next twelve months an environmental policy;

5. within the customs and practices of the countries in which we operate we do not discriminate against any worker or officer of the company on any grounds (including race, religion, disability, or gender). There are some instances when licensees might feel that a degree of discrimination is part of a jurisdiction's culture and therefore Licensees might feel that a degree of discrimination is necessary for the effective functioning of the workplace. We acknowledge that there may be such cases, although we consider this to be very much the exception rather than the rule. Where licensee companies think that this is the case, we insist that their employment policies are explicit on the matter, and that they provide full details to us in writing stating the reasons behind their practice. We do not engage in or support the use of corporal punishment, mental, physical sexual or verbal abuse;

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6. we provide each employee with at least the minimum wage, or the prevailing industry wage, (whichever is higher) and provide each employee with all legally mandated benefits;

7. we provide one day off in seven and require no more than 60 hours of work per week, or comply with local limits if they are lower;

8. we comply with all relevant environmental legislation in the regions in which we operate. We have identified all the hazardous or toxic waste we produce, and are confident that it is disposed of by competent bodies via authorised disposal routes; and

9. we will endeavour to ensure that all of our contractors adopt these principles themselves."

Every licensee of Burberry will be asked to indicate their and their sub-contractors' current and continuing compliance with these principles and standards. Some licensees will also be asked to complete a more detailed questionnaire explaining their environmental and social practices. We plan to visit our licensees and their sub-contractors where appropriate as part of our licensee management programme.

Burberry recognises that its objectives can only be achieved through co-operation throughout the whole Supply Chain. Therefore Burberry requires all its licensees and suppliers to endeavour to achieve the following objectives in respect of packaging, materials and labelling:

PACKAGING

Minimising the amount of packaging Burberry

and its licensees and suppliers use is one

of the priority areas identified in

Burberry's environmental policy. Burberry's

specific objectives are to:

o minimise the amount of packaging material used to protect merchandise in storage and distribution, and in the presentation of the product to our customers;

o discourage/eliminate the use of all heavy metals and other materials which have significant and/or persistent damaging impact on the environment, for example chlorine-gas, bleach paper and cardboard; and

o increase the proportion of recycled material we use except where hygiene, safety and product performance are adversely affected.

Effective partnership must exist between packaging suppliers, product manufacturers, distributors and Burberry and its licensees and suppliers.

101

Burberry, its licensees and suppliers will endeavour to purchase those products that minimise energy, usage and other adverse impacts on the environment.

Burberry recognises the need for packaging materials for the purpose of presentation and the maintenance of product quality and safety.

Packaging must be of sufficient design, size and strength to protect product throughout the Supply Chain including transportation.

Materials and Labelling

All materials in any product and packaging

must meet all UK, EU and any other relevant

territory's, laws, standards, directives and

regulations, codes of practice and decisions

having the force of law.

Burberry prohibits the use of Azo dyes in

its products. In the case of doubt, a full

list of prohibited chemicals is available on

request from the Quality Assurance

Department within Burberry.

Burberry asks that licensees make it aware

of any materials in products that may be

particularly sensitive from an

environmental/ethical perspective. Examples

of such materials might include:

o Animal products, including fur, bone, ivory, shell or horn (excluding leather from domestic cattle or pigs);

o Tropical or other hardwoods;

o Heavy metals (e.g. mercury, cadmium or lead); and

o Organic compounds implicated as carcinogens or persistent organic pollutants.

Burberry expects all products to be labelled accurately, and in accordance with the laws, standards directives and regulations pertaining in the UK, the EU, the jurisdiction of sale, and in any other relevant territory.

Where appropriate Burberry encourages licensees to label packaging as recycled, or recyclable, provided that such markings are consistent with the Burberry brand.

DEDICATED PERSONNEL

All Licensees shall appoint an employee who shall be responsible for the implementation of this Environmental and Social Responsibility Policy and the name and details of such employee should be notified to Burberry upon his appointment and replacement from time to time.

102

APPENDIX G: BANNED SUBSTANCES

PRESCRIPTION LIST

LIST OF BANNED MATERIALS:

GROUP NAME	CAS NUMBER	NAMES
Aldehydes	50-00-0	Formaldehyde; Formalin; Methanal; Methyl aldehyde
Artificial Musks	Not available	Musk tibetene;  (2,6-dinitro-3,4,5-trimethyl-1-t.butylbenzene);  MT
Artificial Musks	Not available	Tonalide;  (7-acetyl-1,1,3,4,4,6-hexamethyl-1,2,3,4-tetrahydronaphthalene);  AHTN
Artificial Musks	Not available	Galaxolide; (1,3,4,6,7,8-hexahydro-4,6,6,7,8,8-hexamethylcyclopenta-2-benzopyran); HHCB
Azodyes	91-94-1	3,3'-dichlorobenzidine; 3,3'-dichlorobiphenyl-4,4'-ylenediamine
Azodyes	60-09-03	4-amino azobenzene
Azodyes	90-04-0	o-anisidine; 2-methoxyaniline
Azodyes	137-17-7	2,4,5-trimethylaniline
Azodyes	95-80-7	4-methyl-m-phenylenediamine
Azodyes	95-53-4	o-toluidine; 2-aminotoluene
Azodyes	139-65-1	4,4'-thiodianiline
Azodyes	101-80-4	4,4'-oxydianiline
Azodyes	120-71-8	6-methoxy-m-toluidine; p-cresidine
Azodyes	Not available	A mixture of: disodium (6-(4- anisidino)-3-sulfonato-2-(3,5- dinitro-2-oxidophenylazo) 1-naphtholato)(1- (5-chloro-2-oxidophenylazo)- 2-naphtholato)chromate(1-); trisodium bis(6-(4-anisidino)-3- sulfonato-2-(3,5-dinitro-2- oxidophenylazo)- 1-naphtholato)
Azodyes	119-90-4	3,3'-dimethoxybenzidine; o-dianisidine
Azodyes	101-14-4	4,4'-methylene-bis- (2-chloro-aniline); 2,2'-dichloro-4,4'-methylenedianiline
Azodyes	101-77-9	4,4'-methylenedianiline; 4,4'-diaminodiphenylmethane
Azodyes	615-05-4	4-methoxy-m-phenylenediamine
Azodyes	106-47-8	4-chloroaniline
Azodyes	99-55-8	5-nitro-o-toluidine
Azodyes	97-56-3	o-aminoazotoluene; 4-amino-2',3 dimethylazobenzene; 4-o-tolylazo-o toluidine
Azodyes	91-59-8	2-naphthylamine
Azodyes	95-69-2	4-chloro-o-toluidine
Azodyes	92-87-5	Benzidine
Azodyes	92-67-1	biphenyl-4-ylamine, 4-aminobiphenyl, xenylamine
Azodyes	119-93-7	3,3'-dimethylbenzidine; 4,4'-bi-o-toluidine
Azodyes	Not available	trisodium bis(6-(4-anisidino)-3- sulfonato-2-(3,5-dinitro-2- oxidophenylazo) 1-naphtholato)chromate(1-) (C46H30CrN10O20S  2.3Na )
Azodyes	118685-33-9	disodium (6-(4- anisidino)-3-sulfonato-2-(3,5- dinitro-2-oxidophenylazo) 1-naphtholato)(1- (5-chloro-2-oxidophenylazo)- 2-naphtholato)chromate(1-); (C39H23ClCrN7O12S.2Na )
Azodyes	838-88-0	4,4'-methylenedi-o-toluidine
Brominated Flame Retardants	545-55-1	Tris-(aziridinyl)-phosphine oxide (TEPA); Aziridine, 1,1',1' - phosphinylidynetris; Triethylenephosphoramide; Triethylenephosphorotriamide; Tris(1-aziridinyl) phosphine oxide

103

GROUP NAME	CAS NUMBER	NAMES
Brominated Flame Retardants	126-72-7	1-Propanol, 2,3-dibromo-, phosphate (3:1); Tris(2,3-dibromopropyl) phosphate; TRIS; Tris(2,3-dibromo-1 propyl) phosphate; Dibromopropyl phosphate, tris, 2,3-; Tris(2,3-Dibromopropyl) phosphate
Brominated Flame Retardants	Group of Compounds	Polybrominated biphenyls; PBBs; PBDE; Firemaster.
CFCs	Group of Compounds	Chlorofluorocarbons, CFCs
Chlorinated Phenols	87-86-5	Pentachlorophenol; Phenol, pentachloro- ; Pentrachlorophenol; PCP; Santophen 20; Penta
Halogenated Organics	75-01-4	Vinyl chloride
Halogenated Organics	67-66-3	Methane, trichloro- ; Chloroform; Trichloromethane; Methyl trichloride
Halogenated Organics	75-09-2	Methane, dichloro- ; Methylene chloride; Dichloromethane;  Methylene Chloride; Methylene dichloride; Freon 30.
Halogenated Organics	97-18-7	Phenol, 2,2'-thiobis[4,6-dichloro-; Phenol, 2,2'-thiobis(4,6 dichloro)-; 2,2'-Thiobis(4,6-dichlorophenol); Phenol, 2,2'-thiobis(4,6-dichloro-; Bithionol; Thiodichlorophenol, 2,2'-, bis[4,6-; 2,2'-Dihydroxy-3,3',5,5'-tetrachlorodiphenyl sulfide; 2,2'-Dih
Halogenated Organics	935-95-5	Phenol; 2,3,5,6-tetrachloro-; 2,3,5,6-Tetrachlorophenol; Tetrachlorophenol, 2,3,5,6
Halogenated Organics	1154-59-2	Benzamide, 3,5-dichloro-N-(3,4-dichlorophenyl)-2-hydroxy-; Tetrachlorosalicylanilide; 3,3',4',5-Tetrachlorosalicylanilide; 3,5-Dichlorosalicyl-3,4-dichloroanilide; Irgasan BS-200; TCSA
Halogenated Organics	70-30-4	Phenol, 2,2'-methylenebis [3,4,6-trichloro- ; Hexachlorophene ; Phenol, 2,2'-methylenebis [3,4,6- trichloro- ; Phenol, 2,2'-methylenebis (3,4,6-trichloro- ; Nabac ; 2,2'-Methylenebis(3,4,6 trichlorophenol);  2,2'-Dihydroxy-3,3'5,5',6,6' hexachlorod
Halogenated Organics	3380-34-5	Triclosan; Phenol, 5-chloro-2-(2,4-dichlorophenoxy)-; 2,4,4'-Trichloro-2'-hydroxydiphenyl ether; 5-Chloro-2-(2,4-dichlorophenoxy)phenol; CH-3565; Irgasan DP-300; Lexol 300.
Metals	7440-67-7	Zirconium, Zr
Metals	7439-97-6	Mercury, Quicksilver
Nitro Musks	83-66-9	Musk ambrette, Benzene, 1-(1,1-dimethylethyl) -2-methoxy-4-methyl-3,5- dinitro
Nitro Musks	81-14-1	Musk ketone; Ethanone, 1-[4-(1,1-dimethylethyl)-2,6-dimethyl-3,5-dinitrophenyl]-; Acetophenone, 4'-tert-butyl-2',6'-dimethyl-3',5'-dinitro -3,5-dimethyl-2,4,6-trinitro-; m-Xylene, 5-tert-butyl-2,4,6 trinitro
Nitro Musks	81-15-2	Musk xylene; Benzene, 1-(1,1-dimethylethyl) -3,5-dimethyl-2,4,6-trinitro-; m-Xylene, 5-tert-butyl-2,4,6 trinitro
Nitrosamines	Group of Compounds	Nitrosamines.
NPEs/APEs	25154-52-3	Nonylphenol; NP

104

GROUP NAME	CAS NUMBER	NAMES
NPEs/APEs	67554-50-1	Octylphenol, Octylphenol ethoxylates
NPEs/APEs	9016-45-9	Nonylphenol ethoxylate; NPEs
Organic Solvents	111-15-9	Ethoxyethanol acetate
Organic Solvents	123-91-1	1,4-Dioxane; Dioxane; 1,4-Diethyleneoxide; p-Dioxane; Diethylene ether; 1,4-Diethylenedioxide; Dioxane, 1,4-; 1,4-Diethylene  dioxide;  1,4-Diethylene oxide; para-Dioxane
Organic Solvents	109-86-4	Methoxyethanol
Organic Solvents	110-80-5	Ethoxyethanol
Organic Solvents	110-49-6	Methoxyethanol acetate
Organics	Not available	Acetylethyltetramethyltetralin, AETT
Organics	92-48-8	2H-1-Benzopyran-2-one, 6-methyl-; 6-Methylcoumarin; Coumarin, 6-methyl-; Methylcoumarin, 6-
Organotins	688-73-3	Tributyltin, Related compounds include: bis (tributyltin) oxide (CAS number 56-35-9); Dibutyltin DBT;  Triphenyltin  TPT;  Dioctyltin DOT; Monooctyltin MOT; Tributyltin TBT; Monobutyltin MBT; Tetrabutyltin TeBT
Phthalates	84-74-2	DBP; Dibutyl phthalate
Phthalates	28553-12-0	DINP; di-isononyl phthalate
Phthalates	117-81-7	DNOP; dioctyl phthalate
Phthalates	26761-40-0	DIDP; di-isodecyl phthalate
Phthalates	85-68-7	BBP; benzyl butyl phthalate
Phthalates	84-61-7	DCHP; dicyclohexyl phthalate
Phthalates	84-66-2	DEP; Diethyl phthalate; 1,2-Benzenedicarboxylic acid; diethyl ester; Diethyl phthalate; Phthalic acid, diethyl ester; Ethyl phthalate
Phthalates	117-81-7	DEHP; Di-(2-ethylhexyl) phthalate; Bis(2-ethylhexyl) phthalate
Phthalates	131-11-3	DMP; dimethyl phthalate
Plastics Intermediates	80-05-7	Bisphenol-A; BPA; Phenol, 4,4'-(1-methylethylidene)bis-; Bisphenol A; 4,4-Isopropylidenediphenol; Phenol, 4,4'-isopropylidenedi-; 4,4'-Isopropylidenediphenol; Bisphenol A (.alpha.)

105

SCHEDULE 1: LICENSED TRADE MARKS

106

BURBERRY'S TRADE MARKS - CLASS 3 - REGISTERED

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2373	Burberry Limited	Algeria	BURBERRY	3	001073	058605	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						17-Jun-2000	17-Jun-2000
2392	Burberry Limited	Algeria	Burberry Check	3	001074	58606	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						17-Jun-2000	17-Jun-2000
31322	Burberry Limited	Algeria	BURBERRYS	3	516	61437	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
						28-Sep-1981
2396	Burberry Limited	Algeria	Equestrian Knight Device	3	001075	58607	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						17-Jun-2000	17-Jun-2000

107

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2552	Burberry Limited	Andorra	BURBERRY	3	14.672	14.666	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						25-May-2000
2566	Burberry Limited	Andorra	Burberry Check	3	14.674	14.669	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						26-May-2000
2553	Burberry Limited	Andorra	Equestrian Knight Device	3	14.673	14.664	REG	Class 3: Non-medicated Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						25-May-2000
33099	Burberry Limited	Argentina	BURBERRY	3		1548088	REG	Perfumery, essential oils, cosmetics; toilet products including toilet soaps, hair lotions, dentifrices, nail files of paper or emery cloth, deodorants and anti-perspirants for personal use.
54343	Burberry Limited	Argentina	BURBERRY CHECK	3	1966335	1581003	REG	Perfumery, essential oils, cosmetics; toilet products, including toilet soaps; hair lotions; dentifrices; nail files of paper or emery cloth; deodorants and anti-perspirants for personal use.
34082	Burberry Limited	Argentina	BURBERRYS	3	1700788	1827258	REG	All the goods in the class.
						27-Dec-1989

108

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
36667	Burberry Limited	Argentina	EQUESTRIAN KNIGHT Device	3	1841006	1485419	REG	All goods in this class.
					05-May-1992	30-Nov-1993
33079	Burberry Limited	Argentina	PRORSUM Label	3		1456660	REG	Perfumery, essential oils, cosmetics; toilet products including toilet soaps; hair lotions; dentifrices; nail files of paper or emery cloth; deodorants and anti-perspirants for personal use.
41564	Burberry Limited	Armenia	BURBERRYS	3	950167	3413	REG	Cosmetics (without-medicated additives); perfumes and perfumery products; soaps; essential oils; teeth and hair care preparations; shampoos; talcum powder; powder; bath foam; bath gel; shower gel; anti-perspirants; deodorants; deodorant sticks; toilet water; eau de cologne; eau de cologne spray; oil mist spray; shaving lotions; after shave lotions and emulsions, pre-shave lotions; shaving creams; shaving foams; shaving soaps, skin cream, anti-wrinkle cream; skin-moisturisers, moisture-creams; anti-aging eye balm; night cream; day cream; hand cream; body moisturisers; cleansing cream, depilatories; after shave preparations against skin irritation; sun tan lotions, oils, sprays and gels, bronzing lotions, oil mists and gels; oil free tanning mist, after sun moisturisers; protectors against ultra sun rays.
					20-Nov-1995	24-Jul-1998
30356	Burberry Limited	Australia	BURBERRY	3	530991	A530991	REG	All goods in this class including non-medicated toilet preparations, perfumes, cosmetic preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					21-Mar-1990	21-Mar-1990
2149	Burberry Limited	Australia	Burberry Check	3	824600	824600	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Feb-2000	08-May-2001

109

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
30363	Burberry Limited	Australia	EQUESTRIAN KNIGHT Device	3	531211	A531211	REG	All goods included in this class including non-medicated toilet preparations, perfumes, cosmetic preparations for the teeth included in this class and cosmetic preparations for the hair, soaps, shampoos, anti-perspirants, eau-de-cologne and toilet water, essential oils, shaving preparations, pot pourri.
					22-Mar-1990	22-Mar-1990
31453	Burberry Limited	Austria	BURBERRY	3		90439	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						09-Feb-1979
45472	Burberry Limited	Austria	BURBERRY CHECK	3	AM917/95	159829	REG	Class 3: Cosmetics and cleaning preparations.
					17-Feb-1995	14-Sep-1995
31452	Burberry Limited	Austria	BURBERRYS	3		90438	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						09-Feb-1979
40569	Burberry Limited	Azerbaijan	BURBERRYS	3	94.0817	981249	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; toilet water, eau de toilette, cologne, cologne spray, oil mist spray; shaving lotion, after shave, after shave emulsion, pre-shave lotion, shaving cream, shaving foam, shaving soap, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleansing cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist, oil free tanning mist, bronzing gels, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
						08-Sep-1994	27-Jul-1998

110

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2487	Burberry Limited	Bahrain	BURBERRY	3	1705/2000	28044	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					26-Jul-2000	26-Jul-2002
2500	Burberry Limited	Bahrain	Burberry Check	3	1708/2000	28047	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					26-Jul-2000	26-Jul-2000
54542	Burberry Limited	Bahrain	BURBERRYS	3	446/97	21833	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri; all included in Class 3.
					31-Mar-1997	31-Mar-1997
2493	Burberry Limited	Bahrain	Equestrian Knight Device	3	1709/2000	28048	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					26-Jul-2000	26-Jul-2000
2515	Burberry Limited	Bahrain	PRORSUM	3	1710/2000	28049	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					26-Jul-2000	26-Jul-2000
2350	Burberry Limited	Barbados	BURBERRY	3	81/9842	81/9842	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					27-Jun-2000	30-May-2001
2372	Burberry Limited	Barbados	Burberry Check	3		81/15717	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-May-2000	25-Jul-2001

111

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
40570	Burberry Limited	Belarus	BURBERRYS	3	2764-03	5898	REG	Soaps, perfumery, scents, eau de toilette, eau de Cologne, deodorants for personal use, essential oils, oils for scents, cosmetics (without medicinal additions), shaving preparations, antiseptics to be used when shaving, depilatories, cosmetic preparations for baths, talc, powder, cosmetic preparations for skin care, skin creams, sun-tan cosmetics, hair lotions, shampoos, dentifrices.
					09-Jun-1994	12-Mar-1997
31675	Burberry Limited	Benelux	BURBERRY	3		344477	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						08-Oct-1976
31680	Burberry Limited	Benelux	BURBERRY CHECK	3	624442	351957	REG	Class 3 - Toilet preparations and toilet articles belonging to this class; perfumes, perfumeries; cosmetics, soaps, preparations for mouth and teeth care, hair care preparations.
						16-May-1978
31686	Burberry Limited	Benelux	BURBERRY CHECK (blue)	3		397701	REG	Class 3 - Toilet preparations and articles, as far as not falling in other classes; perfumes and perfumery, cosmetics, soaps, preparations for care of the teeth, oral cavity and hear.
						21-Jun-1984

112

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31679	Burberry Limited	Benelux	BURBERRYS	3	627339	355157	REG	Toilet preparations, perfumes, cosmetic preparations, soaps; toilet preparations for the teeth and for the hair.
					17-Nov-1978	17-Nov-1978
2351	Burberry Limited	Bermuda	BURBERRY	3	32787	32787	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Jan-2001	03-Jan-2001
2374	Burberry Limited	Bermuda	Burberry Check	3	32790	32790	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Jan-2001	03-Jan-2001
31708	Burberry Limited	Bolivia	BURBERRYS	3		58502A	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
					27-Jun-1980	30-Jan-1981
43616	Burberry Limited	Brazil	BURBERRYS	3	818342730	818342730	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; eau de toilette, toilet water, cologne, cologne spray, oil mist spray; shaving lotion, after shave, after shave emulsion, pre-shave lotion, shaving cream, shaving foam, shaving soap, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, body moisturiser, razor burn soother, bronzing gel.
					07-Mar-1995	22-Apr-1997
31743	Burberry Limited	Brazil	PRORSUM Label	3	23730-80	800237307	REG	Perfumery and hygiene products, and toiletry articles in general.
					26-Aug-1980	26-Aug-1980

113

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2567	Burberry Limited	Bulgaria	BURBERRY	3	50441	40549	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					14-Jun-2000	09-Oct-2001
2569	Burberry Limited	Bulgaria	Burberry Check	3	50442	41252	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					14-Jun-2000	14-Jan-2002
2568	Burberry Limited	Bulgaria	Equestrian Knight Device	3	50440	40253	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					14-Jun-2000	10-Jul-2001
31750	Burberry Limited	Canada	BURBERRY	3	109603	40313	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						28-Jul-1926
2379	Burberry Limited	Canada	Burberry Check	3	1075218	TMA590,925	REG	Non-medicated toilet preparations, namely eau de perfume, eau de toilette and shower gel, perfumes, soaps, shampoos, and shaving preparations, namely after-shaves. non-medicated toilet preparations; perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils for personal use, shaving preparations and pot pourri. Anti-perspirants, eau de cologne and toilet water.
					15-Sep-2000	29-Sep-2003

114

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31754	Burberry Limited	Canada	BURBERRYS	3	509902	295769	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					26-Sep-1983	05-Oct-1984
34952	Burberry Limited	Canada	EQUESTRIAN KNIGHT Device	3	704983	471453	REG	Non-medicated toilet preparations, namely, eau de parfum spray, body moisturiser, body cream, bath gel and dusting powder, perfumes, and soaps.
					12-May-1992	21-Feb-1997
2356	Burberry Limited	Cayman Islands	BURBERRY	3	2225986	2225986	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					15-Mar-2000	15-Mar-2000

115

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2381	Burberry Limited	Cayman Islands	Burberry Check	3	2225922	2225922	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					15-Mar-2000	15-Mar-2000
2431	Burberry Limited	Chile	BURBERRY	3	488853	580030	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Jun-2000	24-Oct-2000
2470	Burberry Limited	Chile	Burberry Check	3	488865	579701	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Jun-2000	20-Oct-2000
31766P1	Burberry Limited	Chile	BURBERRYS	3	72224	368249	REG	Toilette preparations, perfumes, cosmetic preparations; soaps, toilette preparations for the teeth and for the hair
					17-Jun-1980	08-May-1981
31766	Burberry Limited	Chile	BURBERRYS	3	72224	598742	REG	Toilette preparations, perfumes, cosmetic preparations; soaps, toilette preparations for the teeth and for the hair
					17-Jun-1980	08-May-1981

116

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2443	Burberry Limited	Chile	Equestrian Knight Device	3	488863	579700	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Jun-2000	20-Oct-2000
31762	Burberry Limited	Chile	PRORSUM Label	3	171.106	370051	REG	Toilette preparations, perfumes, cosmetic preparations; soaps, toilette preparations for teeth and hair.
					21-Mar-1991	18-Jun-1991
2209/
WP-CN	Burberry Limited	China	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

117

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/
WP-CN	Burberry Limited	China	Burberry Check	3	732879	7321879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2002
2210/
WP-CN	Burberry Limited	China	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

118

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2014	Burberry Limited	China	PRORSUM	3	9900078148	1446247	REG	Cakes of toilet soap; facial cleanser; liquid soap product; perfumes eaux de cologne; toilet waters; essential oils; toothpaste; polishes (denture); hair oil; hair dyes; waving preparations for the hair; soap; shampoos; Shampoos for pets; antiperspirants (toiletries); deodorants for personal use; shaving preparations; pot pourri.
					07-Jul-1999	21-Sep-2000
2007	Burberry Limited	China	PRORSUM	3	9900078148	1446274	REG	cakes of toilet soap; facial cleanser; liquid soap product; perfumes; eaux de cologne; toilet waters; essential oils; toothpaste; polishes (denture); hair oil; hair dyes; waving prepartions for the hair; soap; shampoos; shampoos for pets; antiperspirants (toiletries); deodorants for personal use; shaving preparations; pot pourri
					07-Jul-1999	21-Sep-2000
2432	Burberry Limited	Colombia	BURBERRY	3	00038303	233228	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					24-May-2000	16-Feb-2001
2471	Burberry Limited	Colombia	Burberry Check	3	00044677	2341113	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					15-Jun-2000	20-Apr-2001
33608	Burberry Limited	Colombia	BURBERRYS	3	290413	135810	REG	Bleaching preparations and other substances for laundry use; cleaning, polishing, scouring and abrasive preparations; soaps; perfumery, essential oils, cosmetics, hair lotions and dentifrices.
						16-Aug-1991
2444	Burberry Limited	Colombia	Equestrian Knight Device	3	00042764	233918	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					08-Jun-2000	20-Apr-2001
33182	Burberry Limited	Colombia	PRORSUM Label	3	307131	143256	REG	Bleaching preparations and other substances for laundry use; cleaning, polishing, scouring and abrasive preparations; soaps; perfumery, essential oils, cosmetics, hair lotions and dentifrices.
					09-Aug-1989	13-Jul-1993

119

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2433	Burberry Limited	Costa Rica	BURBERRY	3		748-7989	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					31-May-2000	13-Mar-2001
2472	Burberry Limited	Costa Rica	Burberry Check	3		784-7989	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					31-May-2000	14-Mar-2001
31780	Burberry Limited	Costa Rica	BURBERRYS	3		60432	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
						26-Mar-1982
2445	Burberry Limited	Costa Rica	Equestrian Knight	3		752-7989	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					31-May-2000	13-Mar-2001
31771	Burberry Limited	Costa Rica	PRORSUM Label	3		58691	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and the hair.
					08-Aug-1980	29-Apr-1981
2570	Burberry Limited	Croatia	BURBERRY	3	Z 20000957A	Z20000957	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					30-Jun-2000	10-Sep-2001
2576	Burberry Limited	Croatia	Burberry Check	3	Z20000960A	Z20000960	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					30-Jun-2000	11-Sep-2001
2575	Burberry Limited	Croatia	Equestrian Knight Device	3	Z 20000963A	Z20000963	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					30-Jun-2000	10-Sep-2001

120

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-CU	Burberry Limited	Cuba	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2211/
WP-CU	Burberry Limited	Cuba	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

121

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2210/
WP-CU	Burberry Limited	Cuba	Equestrian Knight	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
31785	Burberry Limited	Cuba	PRORSUM Label	3	219204	113610	REG	Toilet preparations, perfumes, cosmetic preparations, toilet preparations for the teeth and for the hair.
					03-Nov-1980	28-Apr-1983
31793	Burberry Limited	Cyprus	BURBERRYS	3		21601	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eaux de cologne and toilet water.
					10-Jun-1981	08-Jun-1981
31806	Burberry Limited	Czech Republic	BURBERRY	3	164923	164923	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					10-Jun-1981	10-Jun-1981

122

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-CZ	Burberry Limited	Czech Republic	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2211/
WP-CZ	Burberry Limited	Czech Republic	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

123

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2210/
WP-CZ	Burberry Limited	Czech Republic	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
31816	Burberry Limited	Denmark	BURBERRY	3	4496/76	4186-1977	REG	Class 3: Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
					11-Oct-1976	09-Dec-1977
31826	Burberry Limited	Denmark	BURBERRYS	3		1903/1979	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						29-Jun-1979
31833	Burberry Limited	Dominican Republic	BURBERRYS	3	31094	31094	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						24-Oct-1980

124

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2434	Burberry Limited	Ecuador	BURBERRY	3	104732/00	12703-01	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Jun-2000	22-Aug-2001
2473	Burberry Limited	Ecuador	Burberry Check	3	104731/00	12702/01	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Jun-2000	22-Aug-2001
31861	Burberry Limited	Egypt	BURBERRYS	3		59336	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
						07-Jul-1985
2677	Burberry Limited	El Salvador	BURBERRY	3	692-2000	218 Book 144	REG	Class 3 - Toilet preparations, perfumes, cosmetic preparations; soaps, toilet preparations for teeth and for the hair.
					01-Feb-2000	19-Nov-2001
31881	Burberry Limited	El Salvador	PRORSUM Label	3		58 Book 125	REG	Toilet preparations, perfumes, cosmetic preparations; soaps, toilet preparations for the teeth and for the hair.
						05-Jan-1990

125

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-EE	Burberry Limited	Estonia	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2211/
WP-EE	Burberry Limited	Estonia	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

126

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
40576	Burberry Limited	Estonia	BURBERRYS	3	8815	18163	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; toilet water, eau de toilette, cologne, cologne spray, oil mist spray; shaving lotion, after shave, after shave emulsion, pre-shave lotion, shaving cream, shaving foam, shaving soap, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleansing cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist, oil free tanning mist, bronzing gels, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
					12-Oct-1993	11-Jan-1996
2210/
WP-EE	Burberry Limited	Estonia	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

127

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
62002	Burberry Limited	European Union	BURBERRY	3	1058312	001058312	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					26-Jan-1999	26-Jan-1999
2256	Burberry Limited	European	Burberry Check	3	001591601	001591601	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					27-Mar-2000	15-Feb-2002

128

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2242	Burberry Limited	European Union	Equestrian Knight Device	3	001591577	001591577	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					27-Mar-2000	05-Feb-2002
62977	Burberry Limited	European Union	PRORSUM	3	1235829	1235829	REG	Class 3: Non-medicated toilet preparations, perfumes, eaux de cologne and toilet waters; essential oils, cosmetics preparations for the teeth and for the hair, soaps, shampoos; anti-perspirants and deodorants, shaving preparations, pot pourri.
					06-Jul-1999	06-Jul-1999
61053	Burberry Limited	European Union	THOMAS BURBERRY crossed flag device	3	936195	000936195	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Sep-1998	11-Sep-1998

129

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2872	Burberry Limited	European Union	Thomas Burberry Label	3	002530350	002530350	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					10-Jan-2002	04-Jul-2003
31896	Burberry Limited	Finland	BURBERRY	3		78873	REG	Toilet preparations, perfumes, cosmetics, preparations, soaps, toilet preparations for the teeth and for the hair (Class 3).
					10-Nov-1978	21-Sep-1981
31897	Burberry Limited	Finland	BURBERRYS	3		78874	REG	Toilet preparations, perfumes, cosmetics preparations, soaps, toilet preparations for the teeth and for the hair (Class 3).
						21-Sep-1981
31906	Burberry Limited	Finland	PRORSUM Label	3		83788	REG	Class 3 - Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						05-Jan-1983
31926	Burberry Limited	France	BURBERRY	3		1373362	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						14-Oct-1976
2209/
WP-GE	Burberry Limited	Georgia	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

130

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/
WP-GE	Burberry Limited	Georgia	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
40575	Burberry Limited	Georgia	BURBERRYS	3	006100/03 (731/03-94	4580	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorants sticks; toilet water, eau de toilette, eau de cologne, cologne spray, oil mist spray; shaving lotion, after shave lotion, after shave emulsion, pre-shave lotion, shaving cream, shaving foam, shaving soap, skin cream, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleaning cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist, oil free tanning mist, bronzing gels, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
					14-Jun-1994	07-Feb-1997
2210/
WP-GE	Burberry Limited	Georgia	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
34020	Burberry Limited	Germany	BURBERRY CHECK (Burberrys (top))			1091204	REG	Soaps, perfumes, essential oils, products for body and beauty care, hair lotions and shampoos, shaving lotions, tooth cleaning products.
					06-Aug-1985	09-May-1986

131

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
34021	Burberry Limited	Germany	BURBERRY CHECK (Prorsum label)	3	B77418/18WZ	1091205	REG	Soaps, perfumes, essential oils, products for body and beauty care, hair lotions and shampoos, shaving lotions, tooth cleaning products.
					06-Aug-1985	09-May-1986
31993	Burberry Limited	Germany	BURBERRYS	3	W53979	643624	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					26-Jun-1981	26-Jun-1981
34401	Burberry Limited	Germany	BURBERRYS	3	B93959/3WZ	2016690	REG	Perfumery agents for rooms in the form of dried leaves, flowers and fruits; cosmetics, perfumery, soaps, shampoos, deodorants for personal and non-personal use, eau de cologne and toilet waters, essential oils.
					16-Oct-1991	08-Jul-1992
31977	Burberry Limited	Germany	BURBERRYS	3		988664	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations, soaps, toilet preparations for the teeth and for the hair.
						23-Nov-1978

132

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
34400	Burberry Limited	Germany	EQUESTRIAN KNIGHT Device	3	B93960/3WZ	2016691	REG	Perfumery agents for rooms in the form of dried leaves, flowers and fruits; cosmetics, perfumery, soaps, shampoos, deodorants for personal and non-personal use, eau de cologne and toilet waters, essential oils.
					16-Oct-1991	08-Jul-1992
31975	Burberry Limited	Germany	PRORSUM Label	3		986187	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						06-Jan-1979
2558	Burberry Limited	Gibraltar	BURBERRY	3		8380	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						13-Oct-2000
2474	Burberry Limited	Guatemala	Burberry Check	3	6877	109517	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					17-Aug-2000	11-Apr-2001

133

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
32012	Burberry Limited	Guatemala	BURBERRYS	3		45092	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					22-Dec-1981	29-Sep-1983
32010	Burberry Limited	Guatemala	PRORSUM Label	3		43758	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations; soaps; non-medicated toilet preparations for the teeth and for the hair.
					10-Sep-1980	22-Jul-1982
32030	Burberry Limited	Guyana	BURBERRYS	3		11249A	REG	Toilet preparations, perfumes, cosmetic preparations; soaps, toilet preparations for the teeth and for the hair.
						25-Sep-1980
32029	Burberry Limited	Guyana	PRORSUM Label	3		11248A	REG	Toilet preparations, perfumes, cosmetic preparations; soaps, toilet preparations for the teeth and for the hair.
						25-Sep-1980
51892	Burberry Limited	Hong Kong	BURBERRY	3	10126/1996	8477/1997	REG	Non-medicated toilet preparations, perfumes, perfumery, cosmetic preparations for the teeth and for the hair, soaps, shampoos, shower and bath gels, skin creams, dusting powder, talc, deodorants, anti-perspirants, oil mist sprays, bronzing gels, moisturising and cleansing preparations, eau-de-cologne and toilet water, essential oils, shaving preparations, pot pourri.
					14-Aug-1996	14-Aug-1996
2091	Burberry Limited	Hong Kong	BURBERRY	3	3636/2000	12316/2000	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Feb-2000	23-Feb-2000
2034	Burberry Limited	Hong Kong	PRORSUM	3	8782/1999	5073/2000	REG	Non-medicated toilet preparations; perfumes; eau de cologne and toilet water; essential oils; cosmetic preparations for the teeth and for the hair; soaps, shampoos; anit-persipirants and deodorants; shaving preparations; pot pourris.
					08-Jul-1999	08-Jul-1999

134

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-HU	Burberry Limited	Hungary	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2211/
WP-HU	Burberry Limited	Hungary	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

135

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
32057	Burberry Limited	Hungary	BURBERRYS	3	2253/907/ 1981	123026	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					12-Jun-1981	12-Jun-1981
2210/
WP-HU	Burberry Limited	Hungary	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

136

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	APP DATE REG NO/ REG DATE	STATUS	GOODS
2209/
WP-IS	Burberry Limited	Iceland	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourr.
					25-Apr-2000	25-Apr-2000
32063	Burberry Limited	India	BURBERRYS	3	376900	B376900	REG
					10-Jun-1981	10-Jun-1981
2096	Burberry Limited	Indonesia	BURBERRY	3	D004358	472181	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-Mar-2000	05-Apr-2001
2157	Burberry Limited	Indonesia	Burberry Check	3	D004356	472180	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-Mar-2000	05-Apr-2001
31929	Burberry Limited	Indonesia	BURBERRYS	3		519518	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					20-Jul-1991	03-Mar-1993
34024	Burberry Limited	Iran	BURBERRYS	3	78705	53924	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					27-Jun-1981	27-Jun-1981

137

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31872	Burberry Limited	Ireland	PRORSUM Label	3		B92298	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps; non-medicated toilet preparations for the teeth and the hair.
						06-Oct-1976
32071	Burberry Limited	Israel	BURBERRY	3	50809	50809	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					16-Jun-1980	16-Sep-1980
2501	Burberry Limited	Israel	Burberry Check	3	137571	137571	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-May-2000	09-May-2001
2494	Burberry Limited	Israel	Equestrian Knight Device	3	137574	137574	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-May-2000	09-May-2000
32097	Burberry Limited	Italy	BURBERRY	3	35059C/76	758962	REG	Class 3: Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
					19-Oct-1976	04-Feb-1985

138

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/
WP-IT	Burberry Limited	Italy	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
						11-Jun-2001
30870	Burberry Limited	Italy	BURBERRYS	3	39667C/90	589806	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetic preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Apr-1990	01-Mar-1993
32078	Burberry Limited	Italy	BURBERRYS	3		712894	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
					26-Feb-1965	15-Mar-1967
2787	Burbery Limited	Italy	Burberry Check	3	FI2000C001533	932077	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					16-Nov-2000	14-Jul-2004

139

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/REG DATE	STATUS	GOODS
30871	Burberry Limited	Italy	EQUESTRIAN KNIGHT Device	3	39668C/90	589807	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetic preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Apr-1990	01-Mar-1993
32094	Burberry Limited	Italy	PRORSUM Label	3		713161	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
					10-Mar-1965	17-Mar-1967
30891	Burberry Limited	Jamaica	BURBERRY	3	3/1778	B20123	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					16-Jun-1981	16-Jun-1981
2397	Burberry Limited	Jamaica	Burberry Check	3	3/4096	37229	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-May-2000	09-May-2000
30944	Burberry Limited	Japan	BURBERRY	3	53-84873	1582716	REG	Toilet preparations, perfumes, cosmetics preparations, soaps, toilet preparations for the teeth and for the hair.
						27-Apr-1983
2649	Burberry Limited	Japan	BURBERRY BLUE LABEL	3	2000-61983	4476784	REG	Class 3: Shampoos, cleansing preparations for the skin,and other soaps; essential oils, pot pourri, and other fragrance and flavourings; eau de colognes, and other toilet waters, shaving creams, hair cosmetics, perfumes and other cosmetics; dentifrices.
					06-Jun-2000	25-May-2001

140

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/
WP-JP	Burberry Limited	Japan	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
32424	Burberry Limited	Japan	BURBERRY CHECK	3	13031/1986	2168116	REG
						29-Sep-1989
30914	Burberry Limited	Japan	BURBERRYS	3		721626	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, toilet soaps; toilet preparations for the teeth and for the hair.
						30-Sep-1966
30980	Burberry Limited	Japan	BURBERRYS in Katakana Characters	3		2117568	REG	Soaps, cosmetics and perfumes.
						21-Feb-1989
30922	Burberry Limited	Japan	BURBERRYS OF LONDON	3		1517012 25-May-1982	REG	Toilet goods.

141

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2210/
WP-JP	Burberry Limited	Japan	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2652	Burberry Limited	Japan	Equestrian Knight Device	3	2000-61982	4493209	REG	Class 3: Shampoos, cleansing preparations for the skin (excluding medical use), and other soaps; essential oils, pot pourri, and other fragrance and flavourings; eau de colognes, and other toilet waters, shaving creams, hair cosmetics, perfumes and other cosmetics; dentifrices.
					06-Jun-2000	19-Jul-2001
2005	Burberry Limited	Japan	PRORSUM	3	63824/1999	4434995	REG	Class 3: Shampoos and other soaps; potpourri and another fragrances and flavourings; perfumes, eaux de cologne, shaving toilet water, toilet waters, deodorants for personal use, shaving preparations, bath salts and other cosmetics; dentifrices.
					15-Jul-1999	24-Nov-2000

142

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
51893	Burberry Limited	Jordan	BURBERRYS	3	43820	43820	REG	Non-medicated toilet preparations, perfumes, perfumery, cosmetic preparations for the teeth and for the hair, soaps, shampoos, shower and bath gels, skin creams, dusting powder, talc, deodorants, anti-perspirants, oil mist sprays, bronzing gel, moisturising and cleansing preparations, eau-de-cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Oct-1996	13-Oct-1996
40571	Burberry Limited	Kazakhstan	BURBERRYS	3	6085	6840	REG	Non-medicated toilet preparations, cosmetics, perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair, shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; toilet water, eau de toilette, cologne, cologne spray, oil mist spray; shaving lotion, after shave, after shave emulsion, pre-shave lotion, shaving cream, shaving foam, shaving soap, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleansing cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist, oil free tanning mist, bronzing gels, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
					01-Jul-1994	11-May-1998
31011	Burberry Limited	Kenya	BURBERRY	3	28694	28694	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					11-Jun-1981	11-Jun-1981

143

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-KE	Burberry Limited	Kenya	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
2209/					25-Apr-2000	25-Apr-2000
WP-KP	Burberry Limited	Korea (North)	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

144

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
34033	Burberry Limited	Korea (South)	BURBERRY	3	4313/1979	67966	REG	Perfume, perfumed oil, general toilet water, face powder, skin lotion, facial cream, eau de cologne, cleansing cream, foundation cream, powdered perfume, hair tonic, hair dyeing agent, hair spray and hair de-colouring agent.
						07-Feb-1980
34032	Burberry Limited	Korea (South)	BURBERRY	3	4317/1979	67915	REG	Toilet soap, washing soap, medicated soap, shampoo and dentifrices.
					26-Apr-1979	06-Feb-1980
2161	Burberry Limited	Korea (South)	Burberry Check	3	40-2000-9841	503136	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Mar-2000	08-Oct-2001
51891	Burberry Limited	Korea (South)	BURBERRYS	3	96-42912	413658	REG	Perfumes, perfumery, cosmetic preparations for the hair, shower and bath gels, skin creams, dusting powders, talcs, deodorants, anti-perspirants, oil mist sprays, bronzing gels, moisture creams, moisture lotions, moisturizing creams, cleansing creams and cleansing lotions all for the skin, shaving lotions, hand creams, anti-ageing balms, razor burn soothers, eau-de-cologne and toilet waters, essential oils, shaving preparations, pot pourri, atomizers and compacts.
					24-Sep-1996	31-Jul-1998
52872	Burberry Limited	Korea (South)	BURBERRYS	3	96-42913	409822	REG	Toilet soaps, perfumed soaps, shaving soap, shampoos, toothpaste and dentifrices.
					24-Sep-1996	14-Jul-1998
2122	Burberry Limited	Korea (South)	Equestrian Knight Device	3	40-2000-9718	497181	REG	Perfume, eau de perfume, eau de cologne, essential oils, body lotion, body lotion, body cream, bath gel, shower gel, body deodorants, shaving soaps, bath soaps, liquid soaps, cosmetic soaps, deodorant soaps, aftershave lotions, aftershave creams, aftershave balm, shampoo, common toilet water, anti perspirants and potpourri.
					06-Mar-2000	09-Jul-2001
2041	Burberry Limited	Korea (South)	PRORSUM	3	40-1999-27485	40-480143	REG	Class 3: Perfume, eau de perfume; eau de cologne, essential oils,body lotions, body cream, bath gel, showe gel, body deodorants, shaving soaps, bath soaps, liquid soaps, cosmetic soaps, deodorant soaps, aftershave lotions, aftershave cream, aftershave balm, shampoo, common toilet water, anti-perspirants and pot pourri.
					28-Jul-1999	30-Oct-2000

145

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
52244	Burberry Limited	Kuwait	BURBERRYS	3	35264	34672	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau-de-cologne and toilet water, essential oils, shaving preparations, pot pourri; all included in Class 3.
					27-Nov-1996	27-Nov-1996
2516	Burberry Limited	Kuwait	PRORSUM	3	49990	44736	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-May-2001	05-May-2003
41565	Burberry Limited	Kyrgyzstan	BURBERRYS	3	940210.3	2662	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; toilet water, eau de toilette, cologne, cologne spray, oil mist spray; shaving lotion, after shave, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleansing cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist, sun tanning mist, bronzing gels, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
					02-Jun-1994	20-Dec-1995

146

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
40578	Burberry Limited	Latvia	BURBERRY	3	M-93-8216	M34 064	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; toilet water, eau de toilette, cologne, cologne spray, oil mist spray; shaving lotion, after shave, after shave emulsion, pre-shave lotion, shaving cream, shaving foam, shaving soap, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleansing cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist, oil free tanning mist, bronzing gels, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
					04-Oct-1993	20-Oct-1996
2580	Burberry Limited	Latvia	Burberry Check	3	M-00-911	M 47 489	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					10-Jul-2000	20-Feb-2001
2583	Burberry Limited	Latvia	Equestrian Knight Device	3	M 46 716	M 46716	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					10-Jul-2000	20-Oct-2000
31052	Burberry Limited	Lebanon	BURBERRYS	3	288/A/143684	40926	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
						06-Aug-1981

147

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-LI	Burberry Limited	Liechtenstein BURBERRY		3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2209/
WP-LT	Burberry Limited	Lithuania	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

148

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/
WP-LT	Burberry Limited	Lithuania	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	17-Jul-2002
40577	Burberry Limited	Lithuania	BURBERRYS	3	ZP 13174	25989	REG	Toiletries; cosmetics; perfumery; perfumes, soaps, essential oils, hair lotions, shampoo, talcum powder (for toilet use), anti-perspirants [toiletries], deodorants for personal use, deodorant soap, toilet water, eau de Cologne, oils for toilet purposes, lotions for cosmetics purposes, shaving preparations, cosmetic preparations for baths; sun-tanning preparations, including oils and jelly; UV protection preparations; cosmetic creams, cosmetic creams (anti-ageing eye creams), depilatories, scented water, shaving preparations, cleansing milk for toilet purposes, cosmetic preparations for skin care, dentifrices in Class 3.
					21-Oct-1993	14-Nov-1997

149

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2210/
WP-LT	Burberry Limited	Lithuania	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2162	Burberry Limited	Macao	Burberry Check	3	N/5798	N/5798	REG	Class 3: Toiletry preparations, cosmetics, perfumery, preparations for the hair, essential oils".
					22-Mar-2000	11-Jun-2002
31619	Burberry Limited	Macao	BURBERRYS	3	3803-M	3803-M	REG	Articles of perfumery, cosmetics, soaps, body lotions and toilet water.
					23-Dec-1987	25-Jan-1988
2123	Burberry Limited	Macao	Equestrian KnightDevice	3	N/5800	N/5800	REG	Class 3: Toiletery preparations, cosmetics, perfumery, preparations for the hair, essential oils.
					22-Mar-2000	24-Aug-2000
31627	Burberry Limited	Macao	PRORSUM Label	3	3782-M	3782-M	REG	Articles of perfumery, cosmetics, soaps, body lotions and toilet water.
					23-Dec-1987	25-Jan-1988
44650	Burberry Limited	Macedonia	BURBERRYS	3	PZ-531/95	5915	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for hair, anti-perspirants, eau de cologne and toilet water.
					11-Jul-1995	21-Feb-2000
31616	Burberry Limited	Malaysia	BURBERRYS	3	M/B91107	M/B91107	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water; all included in Class 3.
					24-Jun-1981	24-Jun-1981

150

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2128	Burberry Limited	Malaysia	Equestrian Knight Device	3	2000/04041	00004041	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Apr-2000	07-Apr-2000
2563	Burberry Limited	Malta	BURBERRY	3	32761	32761	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-Jan-2001	04-Jan-2001
2383	Burberry Limited	Mauritius	BURBERRY	3		A/48 No.8	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Jun-2000	05-Jun-2000

151

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2413	Burberry Limited	Mauritius	Burberry Check	3		A/48No.7	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Jun-2000	05-Jun-2001
2435	Burberry Limited	Mexico	BURBERRY	3	455503	683854	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					30-Oct-2000	30-Oct-2000
2475	Burberry Limited	Mexico	Burberry Check	3	455507	696797	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					30-Oct-2000	30-Oct-2001
30878	Burberry Limited	Mexico	BURBERRYS	3	94415	406401	REG	Bath preparations, perfumery, cosmetics and hair preparations.
					24-Aug-1990	20-Feb-1992

152

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31576	Burberry Limited	Mexico	EQUESTRIAN KNIGHT Device	3	98033	410912	REG	Bleaching preparations and other substances for laundry use; cleaning, polishing, scouring and abrasive preparations; soaps; perfumery, essential oils, cosmetics, hair lotions; dentifrices, particularly essential oils and toiletries including bath salts, beauty masks, cotton wool and cotton sticks for cosmetic purposes, dentifrices, anti-perspirants, depilatories, shampoos, hair conditioner, lipsticks, make-up preparations, make-up removing preparations, nail care preparations, nail polish, nail varnish, toilet water, cologne, cologne spray, deodorant, deodorant stick, shower gel, soaps, body moisturiser, dusting powder, talc, hand cream, bath foam, bath gel, oil mist spray, bronzing oil mist, oil-free tanning mist, ultra sun block, aftersun moisturiser, self tanning lotion, anti-wrinkle cream, anti-ageing eye balm, night cream, day cream, cleansing cream, cleansing lotion, moisturiser, after shave lotion, after shave emulsion, pre-shave lotion, shaving foam, moisturising cream, bronzing gel, razor burn soother.
					05-Oct-1990	14-Apr-1992
40572	Burberry Limited	Moldova	BURBERRYS	3	002330	022	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; toilet water, eau de cologne, eau de cologne spray, oil mist spray; shaving lotion, after shave, after shave emulsion, pre-shave lotion, shaving cream, shaving foam, shaving soap, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleansing cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist, oil free tanning mist, bronzing gels, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
					07-Jul-1994	03-Oct-1996

153

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-MC	Burberry Limited	Monaco	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2669	Burberry Limited	Morocco	BURBERRY	3	73922	73922	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					21-Jun-2000	21-Jun-2000

154

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2415	Burberry Limited	Morocco	Burberry Check	3	73923	73923	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					21-Jun-2000	21-Jun-2000
31120	Burberry Limited	Morocco	BURBERRYS	3		77831	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					23-Jun-1981	23-Jun-1981
2148	Burberry Limited	New Zealand	BURBERRY	3	609022	609022	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					22-Feb-2000	22-Feb-2000
34072	Burberry Limited	New Zealand	BURBERRY	3	147399	147399	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair in the class, anti-perspirants, eau de cologne and toilet water.
					02-Jun-1983	02-Jun-1983
2168	Burberry Limited	New Zealand	Burberry Check	3	609021	609021	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					22-Feb-2000	22-Feb-2000

155

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2142	Burberry Limited	New Zealand	Equestrian Knight Device	3	609025	609025	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					22-Feb-2000	22-Feb-2000
31030	Burberry Limited	Nicaragua	BURBERRYS	3		12870	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
						08-Jul-1981
31023	Burberry Limited	Nicaragua	PRORSUM Label	3		12500	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, non-medicated toilet preparations for the teeth and for the hair.
						12-Mar-1981
2209/
WP-NO	Burberry Limited	Norway	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

156

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/
WP-NO	Burberry Limited	Norway	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2210/
WP-NO	Burberry Limited	Norway	Equestrian Knight Device	t 3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

157

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31142	Burberry Limited	Norway	PRORSUM Label	3		111635	REG	Toilet preparations, perfumes, cosmetic preparations, toilet preparations for the teeth and for the hair. NB: FOLLOWING GOODS WERE DELETED ON RENEWAL IN 1992 WHEN EVIDENCE OF CORRESPONDING UNITED KINGDOM RENEWAL WAS REQUIRED; IT APPEARED THAT UK NO. B1100701 HAD BEEN ALLOWED TO LAPSE BY BURBERRYS IN 1985 AND AS A RESULT, CLASS 28 WAS DELETED FROM THIS REGISTRATION:'Sporting articles (not included in other classes)'.
						05-Aug-1982
2904	Burberry Limited	Norway	TB	3	200200001	215.962	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					02-Jan-2002	03-Oct-2002

158

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2888	Burberry Limited	Norway	Thomas Burberry Label	3	200200002	215.963	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					02-Jan-2002	03-Oct-2002
51890	Burberry Limited	Oman	BURBERRYS	3	14113	14113	REG	Non-medicated toilet preparations, perfumes, perfumery, cosmetic preparations for the teeth and for the hair, soaps, shampoos, shower and bath gels, skin creams, dusting powder, talc, deodorants for personal use, anti-perspirants, oil mist sprays, bronzing gel, moisturising and cleansing preparations, eau-de-cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Aug-1996	09-Oct-2002

159

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31483	Burberry Limited	Pakistan	BURBERRYS	3	74448	74448	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					13-Jun-1981	13-Jun-1981
31042	Burberry Limited	Panama	BURBERRYS	3		28056	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, perparations for the hair, anti-perspirants, eau de cologne and toilet water.
					13-Jul-1981	02-Mar-1982
31038	Burberry Limited	Panama	PRORSUM Label	3		26062	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations, soaps, non-medicated toilet preparations for the teeth and for the hair.
					20-Nov-1980	06-Aug-1981
2436	Burberry Limited	Paraguay	BURBERRY	3	12409	232447	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					29-May-2000	09-Feb-2001
31149	Burberry Limited	Paraguay	BURBERRY	3	3849	151922	REG	Perfumes, cosmetics, soaps, shampoo, toilet preparations, creams, lotions, aftershave lotion, non-medicated toilet preparations, anti-perspirants, eau de cologne, toilet water, make-up.
					24-Jun-1981	27-Nov-1981
34046	Burberry Limited	Peru	BURBERRYS	3	99675	68090	REG	All the goods in the class.
						09-Jun-1987
33591	Burberry Limited	Peru	PRORSUM Label	3	108667	68828	REG	All goods in the class.
						30-Jun-1987
30900	Burberry Limited	Philippines	BURBERRYS	3	51412	51663	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					16-Jun-1983	07-Oct-1991

160

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-PL	Burberry Limited	Poland	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2211/
WP-PL	Burberry Limited	Poland	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

161

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31162	Burberry Limited	Poland	BURBERRYS	3	Z-79951	59016	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					24-Jun-1981	24-Jun-1981
2210/
WP-PL	Burberry Limited	Poland	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
31173	Burberry Limited	Portugal	BURBERRYS	3	208500		REG	Perfumery articles, cosmetics, soaps, hair lotions and eau de toilette.
					22-Sep-1980	02-Sep-1987
31174	Burberry Limited	Portugal	PRORSUM Label	3		217596	REG	Perfumery articles, cosmetics, soaps, hair lotions and eau de toilette.
					10-Sep-1982	02-Sep-1987

162

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-RO	Burberry Limited	Romania	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2211/
WP-RO	Burberry Limited	Romania	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

163

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2210/
WP-RO	Burberry Limited	Romania	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2209/
WP-RU	Burberry Limited	Russian Federation	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

164

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/
WP-RU	Burberry Limited	Russian Federation	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
40447	Burberry Limited	Russian Federation	BURBERRYS	3	104463	80283	REG	Perfumes, eau de cologne and eau de toilette, cosmetic preparations, toilet soaps, shampoos, non-medicated toilet preparations, including toilet preparations for care of teeth and hair, anti-perspirants.
						09-Jul-1986

165

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2210/
WP-RU	Burberry Limited	Russian Federation	Equestrian Knight Device	t 3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
31658	Burberry Limited	Saudi Arabia	BURBERRY	3	6171/1401	118/24	REG	Non-medicated toilet preparations, perfumes, shampoos, hair preparations, anti-perspirants, colognes & toilet water.
					30-Jun-1981	04-Dec-1985
2505	Burberry Limited	Saudi Arabia	Burberry Check	3	64909	567/55	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Jun-2000	11-Apr-2001

166

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-YU	Burberry Limited	Serbia- Montenegro	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2211/
WP-YU	Burberry Limited	Serbia- Montenegro	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

167

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31321	Burberry Limited	Serbia- Montenegro	BURBERRYS	3		28153	REG	Non-medicated toilet preparations, perfumes, cosmetics, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
						25-Feb-1985
2210/
WP-YU	Burberry Limited	Serbia- Montenegro	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2107	Burberry Limited	Singapore	BURBERRY	3	T00/02932A	T00/02932A	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Feb-2000	25-Feb-2000
2173	Burberry Limited	Singapore	Burberry Check	3	T00/02921F	T00/02921F	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Feb-2000	25-Feb-2000
2134	Burberry Limited	Singapore	Equestrian Knight Device	3	T00/02924J	T00/02924J	REG	Class 3: Non-medicated Device toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Feb-2000	25-Feb-2000

168

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2038	Burberry Limited	Singapore	PRORSUM	3	T99/07377H	T99/07377H	REG	non-medicated toilet preparations; perfumes, eau de cologne and toilet water; essential oils; cosmetic preparations for the teeth and for the hair; soaps, shampoos; anti-perspirants and deodorants; shaving preparations; pot pourri.
					16-Jul-1999	16-Jul-1999
46752	Burberry Limited	Slovakia	BURBERRYS	3	164923	164923	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					10-Jun-1981	10-Jun-1981
2209/
WP-SI	Burberry Limited	Slovenia	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

169

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/
WP-SI	Burberry Limited	Slovenia	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2210/
WP-SI	Burberry Limited	Slovenia	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

170

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2389	Burberry Limited	South Africa	BURBERRY	3	2000/08268	2000/08286	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-May-2000	04-May-2000
2393	Burberry Limited	South Africa	Burberry Check	3	2000/08263	2000/08263	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-May-2000	04-May-2000
31193	Burberry Limited	Spain	BURBERRY	3		648760	REG	Preparations for bleaching and other substances for colouring, preparations for cleaning, polishing, degreasing; soaps, prefumery, essential oils, cosmetics, hair lotions, dentifrices.
					24-Jun-1971	14-Jun-1977
31194	Burberry Limited	Spain	BURBERRYS	3		648761	REG	Preparations for bleaching and other substances for colouring, preparations for cleaning, polishing and degreasing; soaps, perfumery, essential oils, cosmetics, hair lotions, dentifrices.
					24-Jun-1971	04-Nov-1977
30950	Burberry Limited	Spain	EQUESTRIAN KNIGHT Device	3	1559562	1559562	REG	Non-medicated toilet preparations, perfumes, cosmetics for teeth and hair, soaps, shampoos, anti-perspirants for personal use, eau de cologne, essential oils, shaving requisites and aromatizing mixtures of dried flowers and spices.
					29-Mar-1990	29-Mar-1990
31191	Burberry Limited	Spain	PRORSUM Label	3		648758	REG	Preparations for bleaching and other substances for colouring, preparations for cleaning, polishing and degreasing; soaps, perfumery, essential oils, cosmetics, hair lotions, dentifrices.
					24-Jun-1971	04-Oct-1977
31545	Burberry Limited	Sweden	BURBERRY	3		169064	REG	Toilet preparations, perfumes, cosmetic preparations, toilet preparations for the teeth and for the hair.
						31-Aug-1979
31544	Burberry Limited	Sweden	BURBERRYS	3		167657	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						11-May-1979

171

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31253	Burberry Limited	Switzerland	BURBERRY	3		297749	REG	Toilet preparations, perfumes, cosmetic preparations, soaps, toilet preparations for the teeth and for the hair.
						22-Nov-1978
2211/
WP-CH	Burberry Limited	Switzerland	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

172

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2676	Burberry Limited	Switzerland	BURBERRYS	3		354147	REG	Class 3 - Toiletries, including toiletries for dental hygiene and hair care, perfumes, cosmetic preparations, soaps.
						11-Aug-1987
31267/
PRIOR1	Burberry Limited	Switzerland	BURBERRYS	3		293931	REG	Class 3 - Toiletries, including toiletries for dental hygiene and hair care, perfumes, cosmetic preparations, soaps.

173

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31267	Burberry Limited	Switzerland	BURBERRYS	3		370765	REG	Class 3 - Toiletries, including toiletries for dental hygiene and hair care, perfumes, cosmetic preparations, soaps.
32072	Burberry Limited	Switzerland	BURBERRYS	3	2492/90	382647	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations for dental and hair care, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving lotion, pot pourri.
					26-Mar-1990	13-Jun-1991

174

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
32066	Burberry Limited	Switzerland	Equestrian Knight Device	3	2493/90	382739	REG	Class 3 - Non-medicated toilet preparations, perfumes, cosmetic preparations for dental and hair care, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving lotion, pot pourri.
					26-Mar-1990	18-Jun-1991
2037	Burberry Limited	Switzerland	PRORSUM	3	06091/1999	492.034	REG	Class 3: non-medicated toilet preparations; perfumes, eaux de cologne and toilet waters; essential oils; cosmetic preparations for the teeth and for the hair; soaps, shampoos; anti-perspirants and deodorants; shaving preparations; pot pourri.
					09-Jul-1999	09-Jul-1999

175

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31263	Burberry Limited	Switzerland	PRORSUM Label	3		354186	REG	Class 3 - Toiletries, including toiletries for dental hygiene and hair care, perfumes, cosmetic preparations, soaps.
						11-Feb-1987

176

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2905	Burberry Limited	Switzerland	TB	3	12024/2001	503.297	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					20-Dec-2001	02-Oct-2002

177

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2887	Burberry Limited	Switzerland	Thomas Burberry Label	3	00157/2002	503.112	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-Jan-2002	09-Jan-2002
2110	Burberry Limited	Taiwan	BURBERRY	3	89011056	1016600	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps for human use, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Mar-2000	01-Oct-2002

178

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2174	Burberry Limited	Taiwan	Burberry Check	3	89011057	959242	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps for human use, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Mar-2000	16-Sep-2001
31549	Burberry Limited	Taiwan	BURBERRYS	3	21946/69	152055	REG	Cosmetics, perfumes, the normal range of cosmetic products for use on the face & body, namely make-up creams, and lotions, toilet water, eau de parfum, eau de toilette, after-shave balms, deodorants.
					17-Sep-1980	01-Jun-1981
31660	Burberry Limited	Taiwan	BURBERRYS	3	21947/69	150172	REG	Cleansers for the human body, soaps for human use, perfumed soaps, facial soaps, facial cleansing creams, facial cleansing lotions, bathing lotions, shower gels, skin cleansers, shampoos, perfumed bath and shower gel.
					17-Sep-1980	16-Apr-1981
2135	Burberry Limited	Taiwan	Equestrian Knight Device	3	89511054	957314	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps for human use, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Mar-2000	01-Sep-2001
2207	Burberry Limited	Taiwan	PRORSUM	3	89011058	949255	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps for human use, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Mar-2000	16-Jul-2001
2114	Burberry Limited	Thailand	BURBERRY	3	417143	Kor136770	REG	Perfumes, cosmetic preparations for the teeth, cosmetic preparations for the hair, soaps, shampoos, anti-perspirants, eau de toilette, eau de cologne, deodorants, essential oils, shaving preparations, aftershave preparations, pot pourri, perfumed body lotions, bath and shower gels, perfumed body creams, cosmetic preparations for skin care.
					19-Apr-2000	19-Apr-2000

179

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2175	Burberry Limited	Thailand	Burberry Check	3	417149	Kor138452	REG	Class 3: Perfume, cosmetic preparations for teeth; cosmetic preparations for hair; soaps; anti-perspirants; eau de toilette; eau de cologne; deodorants; essential oils, shaving preparations; aftershave preparations; pot pourri; perfumed body lotions; bath and shower gels; perfumed body creams; cosmetic preparations for the skin.
					19-Apr-2000	19-Apr-2000
31281	Burberry Limited	Thailand	BURBERRYS	3	119007	Kor149238	REG	Essential oils,perfumes, perfumed soap, toilet soap, cosmetic preparations for the bath, anti-perspirants, shampoos and conditioners for the hair, eau de cologne, toilet water, cosmetics for the hair, cosmetics for the eyes, cosmetics for the lips, cosmetics for the nails, skin cream and lotion, cosmetics preparations for skin care, shaving preparations (cosmetics).
					22-Jul-1981	22-Jul-1981
2140	Burberry Limited	Thailand	Equestrian Knight Device	3	417146	Kor129970 REG		Class 3: Perfume; cosmetic preparations for the teet; cosmetics preparations for the hair; soaps; shampoos; anti-perspirants; eau de toilette; eau de cologne; deodorants; essential oils; shaving preparations; aftershave preparations; pot pourri; perfumed body lotions; bath and shower gels; perfumed body creams; cosmetic preparations for skin care.
					19-Apr-2000	19-Apr-2000
31289	Burberry Limited	Tunisia	BURBERRYS	3		EE96.0871	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
						28-Sep-1981

180

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209/
WP-TR	Burberry Limited	Turkey	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2001
2211/
WP-TR	Burberry Limited	Turkey	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

181

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
31296	Burberry Limited	Turkey	BURBERRYS	3	58667/81	129539	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					29-Jun-1981	29-Jun-1981
31296/
PRIOR1	Burberry Limited	Turkey	BURBERRYS	3	58667/81	71830	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water.
					29-Jun-1981	29-Jun-1981
2210/
WP-TR	Burberry Limited	Turkey	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						25-Apr-2000	25-Apr-2001
2654	Burberry Limited	Ukraine	BURBERRY	3	2000062814	27705	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					30-Jun-2000	15-Oct-2002
2660	Burberry Limited	Ukraine	Burberry Check	3	2000062815	27706	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					30-Jun-2000	15-Oct-2002

182

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
40574	Burberry Limited	Ukraine	BURBERRYS	3	93126146	10041	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; toilet water, eau de toilette, cologne, cologne spray, oil mist spray; shaving cream, shaving foam, shaving soap, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleansing cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist, oil free tanning mist, bronzing gels, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
					28-Dec-1993	30-Jun-1998
2659	Burberry Limited	Ukraine	Equestrian Knight Device	3	2000062813	27704	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					30-Jun-2000	15-Oct-2002
2506	Burberry Limited	United Arab Emirates	Burberry Check	3	36982	43655	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Jun-2000	18-Nov-2003
51894	Burberry Limited	United Arab Emirates	BURBERRYS	3	19076	15078	REG	Non-medicated toilet preparations, perfumes, perfumery, cosmetic preparations for the teeth and for the hair, soaps, shampoos, shower and bath gels, skin creams, dusting powder, talc, deodorants, anti-perspirants, oil mist sprays, bronzing gel, moisturising and cleansing preparations, eau-de-cologne and toilet water, essential oils, shaving preparations, pot pourri.
					26-Oct-1996	09-May-1998

183

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2209	Burberry Limited	United Kingdom	BURBERRY	3	2225986	2225986	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					15-Mar-2000	15-Mar-2000
2211	Burberry Limited	United Kingdom	Burberry Check	3	2225922	2225922	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					15-Mar-2000	15-Mar-2000
42265	Burberry Limited	United Kingdom	BURBERRYS	3	1572793	1572793	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri; all included in Class 3.
					20-May-1994	20-May-1994
32184	Burberry Limited	United Kingdom	BURBERRYS	3	1157172	1157172	REG	Non-medicated toilet preparations, perfumes, cosmetics, soaps, shampoos, preparations for the hair, anti-perspirants, eau de cologne and toilet water
					07-Jul-1981	07-Jul-1981

184

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
30169	Burberry Limited	United Kingdom	EQUESTRIAN KNIGHT Device	3	1431028	1431028	REG	Non-medicated toilet preparations, perfumes, cosmetic preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri; all included in Class 3,
					09-Jun-1990	09-Jun-1990
2210	Burberry Limited	United Kingdom	Equestrian Knight Device	3	2225878	2225878	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					15-Mar-2000	15-Mar-2000
2674	Burberry Limited	United Kingdom	PRORSUM	3	2235436	2235436	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-Jun-2000	09-Jun-2000

185

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2410	Burberry Limited	U.S.A.	Burberry Check	3	76/197,401	2689921	REG	Class 3: Perfumes, eau de toilettes, body lotion; soaps; personal deodorants; eau de parfums, aftershaves; shampoo for the hair and for the body; shower gels; bath gels.
					13-Jun-2000	25-Feb-2003
2485	Burberry Limited	U.S.A.	Burberry Check (Black&White)	3	76/069,308	2732617	REG	Class 3: Perfumes, eau de toilettes, eau de parfums; body lotions, soaps; personal deodorants; aftershave; shamppp for the hair and for the body; shower gels; bath gels.
					13-Jun-2000	01-Jul-2003

186

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2363	Burberry Limited	U.S.A.	Equestrian Knight Device	3, 18	76/069,307	2,512,119	REG	Class 3: Non-medicated toilet preparations, namely, perfumes, eau de cologne, and toliet water, essential oils for personal use, cosmetics preparations for the teeth and for the hair, namely toothpastes, shampoos, conditioners, hair sprays, hair gels, soaps for the body, shower gels and bath gels and bath foams; anti-perspirants and deodorants; shaving preparations and pot pourri.
					13-Jun-2000	27-Nov-2001
31312	Burberry Limited	Uruguay	BURBERRY	3	187337	350.645	REG	Class 3 - Perfumery, cosmetics, and toilet goods.
					16-Sep-1982	25-Nov-1983
2477	Burberry Limited	Uruguay	Burberry Check	3	323.451	323.451	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Jun-2000	18-Dec-2000
31310	Burberry Limited	Uruguay	BURBERRYS	3	175871	245245	REG	Toilet preparations, perfumes, cosmetic preparations; soaps, toilet preparations for the teeth and for the hair; articles of luggage, handbags, travelling bags.
					11-Jul-1980	02-Jul-1981

187

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2446	Burberry Limited	Uruguay	Equestrian Knight Device	3	323.452	323.452	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Jun-2000	18-Dec-2000
31311	Burberry Limited	Uruguay	PRORSUM Label	3	175872	245246	REG	Toilet preparations, perfumes, cosmetic preparations; soaps, toilet preparations for the teeth and for the hair.
					11-Jul-1980
40573	Burberry Limited	Uzbekistan	BURBERRYS	3	MBGU 9401220.3	02-Jul-1981 5455	REG	Non-medicated toilet preparations; cosmetics; perfumes, perfumery, soaps, essential oils, preparations for the teeth and hair; shampoos; talc, dusting powder, bath foam, bath gel, shower gel; anti-perspirants, deodorants, deodorant sticks; toilet water, eau de toilette, cologne, cologne spray, oil mist spray; shaving lotion, after shave lotion, after shave emulsion, pre-shave lotion, shaving cream, shaving foam, shaving soap, skin creams, anti-wrinkle creams, moisturisers, moisture cream, anti-ageing eye balm, night cream, day cream, hand cream, body moisturiser, cleansing cream, depilatories, razor burn soother, sun tan lotions, oils, sprays, mists and gels, bronzing oil mist and bronzing gels;, oil free tanning mist, mists and sprays, after sun moisturiser, self tanning lotions, ultra sun block.
					21-Sep-1994	18-Nov-1996
31315	Burberry Limited	Venezuela	BURBERRYS	3	6382-80	106639-F	REG	Toilet preparations, perfumes, cosmetic preparations; soaps, toilet preparations for the teeth and for the hair. (National and foreign products).
					29-Aug-1980	15-Feb-1984

188

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2101	Burberry Limited	Vietnam	BURBERRY	3	N2000/0872	39995	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri..
					10-Mar-2000	20-Feb-2002
2176	Burberry Limited	Vietnam	Burberry Check	3	N2000/0874	49935	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					10-Mar-2000	20-Jun-2003

189

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2141	Burberry Limited	Vietnam	Equestrian Knight Device	3	N20000873	39996	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					10-Mar-2000	20-Feb-2002
2209/W	Burberry Limited	WIPO	BURBERRY	3	733385	733385	REG	Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

190

REPORT 8 - TM FILE - LISTING BY REG. OWNER WITH GOODS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2211/W	Burberry Limited	WIPO	Burberry Check	3	732879	732879	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de Cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000
2210/W	Burberry Limited	WIPO	Equestrian Knight Device	3	732707	732707	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Apr-2000	25-Apr-2000

191

BURBERRY'S PENDINGTRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2430	Burberry Limited	Brazil	BURBERRY	3	822964120		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Jul-2000
2469	Burberry Limited	Brazil	Burberry Check	3	822964201		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Jul-2000
2442	Burberry Limited	Brazil	Equestrian Knight Device	3	822964171		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Jul-2000

192

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
3231	Burberry Limited	Canada	Burberry Check (Black & White)	3	1147603		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					22-Jul-2002
2555	Burberry Limited	Cyprus	BURBERRY	3	56480		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					16-May-2000
2788	Burberry Limited	Cyprus	Burberry Check	3	58763		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					12-Dec-2000
2376	Burberry Limited	Egypt	BURBERRY	3	135157		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					08-Aug-2000

193

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2398	Burberry Limited	Egypt	Burberry Check	3	135160		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					08-Aug-2000
3237	Burberry Limited	European Union	Thomas Burberry Script with	3	002948891		PEN	Class 3: Non-medicated toilet preparations, Flag perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					27-Nov-2002
2068	Burberry Limited	Fiji	BURBERRY	3	130/2000		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-May-2000
2150	Burberry Limited	Hong Kong	Burberry Check	3	3631/2000		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Feb-2000

194

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2093	Burberry Limited	India	BURBERRY	3	905509		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Feb-2000
2117	Burberry Limited	India	Equestrian Knight Device	3	905513		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Feb-2000
2119	Burberry Limited	Indonesia	Equestrian Knight Device	3	D004357		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-Mar-2000
2651	Burberry Limited	Japan	Burberry Check	3	2000-61984	4493210	PEN	Class 3: Shampoos, cleansing preparations for the skin (excluding medical use),and other soaps; essential oils, pot pourri, and other fragrance and flavourings; eau de colognes, and other toilet waters, shaving creams, hair cosmetics, perfumes and other cosmetics; dentifrices.
					06-Jun-2000

195

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
3265	Burberry Limited	Japan	Burberry Check (Pink)	3	2003-78132		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, anti-perspirants, eau de cologne, toilet water, shaving preparations, other cosmetics, soaps, shampoos, other soaps and detergents, essential oils, pot pourri, other perfumery, fragrances and incenses.
					09-Sep-2003

196

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2906	Burberry Limited	Korea (South)	Burberry in Korean Characters	3	45-2002-705		PEN	Class 3: Face powder, skin lotion, facial cream, cleansing cream, anti-perspirants, body deodorants, perfumes, toothpaste, hair tonic, hair dying agent, hair spray, hair de-colouring agent, shampoo, toilet soap, liquid soap, bath soaps, cosmetic soaps, deodorant soaps, cream soaps, medicated soaps, shaving soaps, eau de cologne, common toilet water, essential oils for personal use, shaving creams, potpourri (fragrance), and talcum powder for toilet use.
					22-Feb-2002
2495	Burberry Limited	Kuwait	Equestrian Knight Device	3	49993		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-May-2001

197

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2167	Burberry Limited	Malaysia	Burberry Check	3	2000/04039		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Apr-2000
3203	Burberry Limited	Norway	Thomas Burberry	3	200206704		PEN	Class 3: Non-medicated toilet preparations, Shield Device perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					22-Jul-2002
2503	Burberry Limited	Oman	Burberry Check	3	22568		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					20-May-2000

198

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
2496	Burberry Limited	Oman	Equestrian Knight Device	3	22569		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					20-May-2000
2476	Burberry Limited	Paraguay	Burberry Check	3	12410		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					29-May-2000
2104	Burberry Limited	Philippines	BURBERRY	3	4-2000-01953		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Mar-2000
2169	Burberry Limited	Philippines	Burberry Check	3	4-200-01950		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Mar-2000
2129	Burberry Limited	Philippines	Equestrian Knight Device	3	4-2000-01954		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Mar-2000
2198	Burberry Limited	Philippines	PRORSUM	3	4-2000-01620		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Mar-2000
2504	Burberry Limited	Qatar	Burberry Check	3	22864		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					20-May-2000

199

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
51889	Burberry Limited	Qatar	BURBERRYS	3	15644		PEN	Non-medicated toilet preparations, perfumes, perfumery, cosmetic preparations for the teeth and for the hair, soaps, shampoos, shower and bath gels, skin creams, dusting powder, talc, deodorants, anti-perspirants, oil mist sprays, bronzing gel, moisturising and cleansing preparations, eau-de-cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Sep-1996
2497	Burberry Limited	Qatar	Equestrian Knight Device	3	22865		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					20-May-2000
2498	Burberry Limited	Saudi Arabia	Equestrian Knight Device	3	64910		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Jun-2000
2421	Burberry Limited	South Africa	Equestrian Knight Device	3	2000/08271		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-May-2000
2499	Burberry Limited	United Arab Emirates	Equestrian Knight Device	3	36981		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Jun-2000

200

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
3261	Burberry Limited	United Kingdom	Burberry Check (Black & White - With Text)	3	2338837		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					16-Jul-2003
3260	Burberry Limited	United Kingdom	Burberry Check (Black & White)	3	2338838		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					16-Jul-2003

201

BURBERRY'S PENDING TRADE MARKS

						APP DATE
TMID	REGISTERED OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG NO/ REG DATE	STATUS	GOODS
3262	Burberry Limited	United Kingdom	Icon Stripe	3	2339137		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					19-Jul-2003
3287	Burberry Limited	U.S.A.	BURBERRY LONDON	3	76/564751		PEN	Class 3: Non-medicated toilet preparations, namely perfumes, eau de cologne and toilet water, essential oils for personal use; cosmetics preparations for the teeth and for the hair; namely toothpastes, shampoos, conditioners, hair sprays, hair gels, soaps for the body, shower gels and bath gels and bath foams; anti-perspirants and deodorants, shaving preparations, pot pourri.
					11-Dec-2003

202

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2744	Burberry Limited	Argentina	BURBERRY TOUCH	3	2309912	1866381	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Oct-2000	08-Apr-2002
2999	Burberry Limited	Argentina	Rocking Lamb Device	3	2371451	1918469	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					09-Apr-2002	17-Mar-2003
57210	Burberry Limited	Argentina	Week end Burberrys  OF LONDON (stylised)	3	2098877	1754051	REG	All goods in the class.
					20-Aug-1997	23-Sep-1999
2745	Burberry Limited	Australia	BURBERRY TOUCH	3	852432	852432	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Oct-2000	05-Oct-2000
3033/WP	Burberry Limited	Australia	Rocking Lamb Device	3	779836	779636	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002	30-Apr-2002
57872	Burberry Limited	Australia	Week end Burberrys OF LONDON (stylised)	3	748014	748014	REG	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels, deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion, after-shave lotion.
					06-Nov-1997	06-Nov-1997
3013	Burberry Limited	Bahrain	Rocking Lamb Device	3	31209	31209	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					13-Apr-2002	13-Apr-2002
2746	Burberry Limited	Bolivia	BURBERRY TOUCH	3	SM-4468-00	86223C	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Oct-2000	20-May-2002

203

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
60714	Burberry Limited	Bolivia	Week end Burberrys OF LONDON (stylised)	3	8414	78419	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					25-Jun-1998	04-May-2000
58087	Burberry Limited	Brazil	Week end Burberrys OF LONDON (stylised)	3	820203572	820203572	REG	Non-medicated toilet preparations, perfumes, toilet soaps, shower gels, deodorants, anti-perspirants, eau de cologne and toilet water, pre-shave lotion, after shave lotion.
					29-Aug-1997	28-May-2002
2749	Burberry Limited	Canada	BURBERRY TOUCH	3	1079247	582854	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, shaving preparations,perfumes, essential oils.
					18-Oct-2000	30-May-2003
60689	Burberry Limited	Canada	Week end Burberrys OF LONDON (stylised)	3	887486	537879	REG	Perfumery products and toiletries, namely perfumes, cologne, eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, body moisturizers, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					17-Aug-1998	28-Nov-2000
3302	Burberry Limited	Chile	Burberry Brit	3	626.780	692.316	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Nov-2003	21-Apr-2004
3321	Burberry Limited	Chile	Burberry Tender Touch	3	627067	691.319	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Nov-2003	21-Apr-2004
2740	Burberry Limited	Chile	BURBERRY TOUCH	3	503.408	591401	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-Oct-2000	06-Mar-2001

204

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3001	Burberry Limited	Chile	Rocking Lamb Device	3	564.329	638.907	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					12-Apr-2002	09-Aug-2002
56479	Burberry Limited	Chile	Week end Burberrys OF LONDON (stylised)	3	387850	509752	REG	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels, deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion, after-shave lotion.
					21-Aug-1997	13-Apr-1998
2741	Burberry Limited	Colombia	BURBERRY TOUCH	3	77014	237748	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					10-Oct-2000	19-Jun-2001
56480	Burberry Limited	Colombia	Week end Burberrys OF LONDON (stylised)	3	97049318	232817	REG	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels, deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion, after-shave lotion.
					27-Aug-1997	13-Apr-1998
3003	Burberry Limited	Costa Rica Rocking	3 Lamb Device			135.787	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					12-Apr-2002	12-Nov-2002
2729/ WP-CZ	Burberry Limited	Czech Republic	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000
3339	Burberry Limited	Denmark	Burberry Tender Touch	3	VA 2004 00650	VR 2004 00682	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					17-Feb-2004	27-Feb-2004

205

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3004	Burberry Limited	Ecuador	Rocking Lamb Device	3	123239	19655	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					23-Apr-2002	05-Mar-2003
2523	Burberry Limited	European Union	BURBERRY TOUCH	3	001695949	001695949	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					24-May-2000	24-May-2000
2978	Burberry Limited	European Union	Rocking Lamb Device	3, 21, 25	002645182	002645182	REG	Class 3: Non-medicated toilet preparations, perfumes, talcum powder, cosmetic preparations for the teeth and for the hair, soaps, all over wash; shampoos, anti-perspirants, eau de cologne, eau de toilette (with or without alcohol) and toilet water, essential oils, baby balm, massage oil, pot pourri.
					05-Apr-2002	26-Jun-2003
62868	Burberry Limited	European Union	Week end Burberrys OF LONDON (stylised)	3	497784	497784	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant for personal use, moisturising products for the body, toilet talc, anti-aging eye balm, anti-wrinkle cream, after-shave emulsion, pre-shave lotion, razor burn soother.
					13-Mar-1997	13-Mar-1997

206

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3266	Burberry Limited	France	Burberry Tender Touch	3	03 3 242 506	03 3 242 506	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					22-Aug-2003	22-Aug-2003
2695	Burberry Limited	France	BURBERRY TOUCH	3	3036772	3036772	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					26-Jun-2000	26-Jun-2000
56501	Burberry Limited	France	Week end Burberrys OF LONDON (stylised)	3	97/667077	97667077	REG	Perfumes, perfumery products, toilet water, eau-de-cologne, soaps, shower and bath gel, bath mousse, deodorants, talc, anti-wrinkle gel for the eyes, anti-wrinkle cream, pre-shave lotion, after-shave lotion.
					05-Mar-1997	05-Mar-1997
2750	Burberry Limited	Hong Kong	BURBERRY TOUCH	3	22046/2000	04272/2002	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri; all included in Class 3..
					05-Oct-2000	10-May-2000
3008	Burberry Limited	Hong Kong	Rocking Lamb Device	3	2002/05185	03746/2003	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					15-Apr-2002	15-Apr-2002

207

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2711	Burberry Limited	Hong Kong	Week end BURBERRYS (stylised)	3	97 18052	12080/1998	REG	Non- medicated toilet prearations, perfumes, soaps, shower and bath gels, deodorants and anti-perspirants for personal use, eau-de-cologne and toilet water, pre-shave lotions, after-shave; otions; all included in Class 3
					22-Dec-1997	22-Dec-1997
2729/WP-HU	Burberry Limited	Hungary	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000
56765	Burberry Limited	Indonesia	Week end Burberrys OF LONDON (stylised)	3	D97-20169	426.286	REG	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels; deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion and after-shave lotion.
					18-Sep-1997	18-Sep-1997
2751	Burberry Limited	Israel	BURBERRY TOUCH	3	142576	142576	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-Oct-2000	04-Dec-2001
3014	Burberry Limited	Israel	Rocking Lamb Device	3	156330	156330	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					10-Apr-2002	03-Apr-2003
60687	Burberry Limited	Israel	Week end Burberrys OF LONDON (stylised)	3	120204	120204	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					10-Jun-1998	05-Oct-1999

208

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2729/WP-JP	Burberry Limited	Japan	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000
3009	Burberry Limited	Japan	Rocking Lamb Device	3	2002-36095	4647041	REG	Class 3: Shampoo and other soaps, fragrances and flavourings, toilet waters, eau de colognes, perfumes and other cosmetics, dentifrices.
					02-May-2002	21-Feb-2003
60682	Burberry Limited	Jordan	Week end Burberrys OF LONDON (stylised)	3	50426	50426	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					23-Jun-1998	23-Jun-1998
2752	Burberry Limited	Korea (South)	BURBERRY TOUCH	3	40-2000-49643	514908	REG	Class 3: Perfume, perfumed oil, general toilet water, face powder, skin lotion, facial cream, eau de cologne, cleansing cream, foundation cream, powdered perfume, hair tonic, hair dyeing agent, hair spray, hair decolouring agent, shaving gel, shaving foam, shaving mousse, shaving lotion, pot pourris perfumes, toilet soap, washing soap, medicated soap, bath soap. liquid soap, deodorant soap, shampoos, dentifrices, anti-perspirants and essential oils.
					24-Oct-2000	14-Mar-2002

209

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3010	Burberry Limited	Korea (South)	Rocking Lamb Device	3	40-2002-17979	40-566466	REG	Class 3: Perfumes, shampoos, anti-perspirants, eau de cologne, comon toilet water, essential oils for personal use, pot pourri (fragrance), bath oils, bath paoder, baby oils, baby powder, bath salts for non-medical purposes, frangrances for non-medical purposes, sun screen lotions, shaving creams, skin milk, skin fresheners, eye lingers, eye make-up removers, eye shadows, after shave lotions, body deodorants, lip gloss, cleansing cream, face powder, hand cream perfumed oils, hair gels, hair conditioners, hair creams, hair tonics, toilet bath salts, cleansing milk for toilet purposes, liquid soaps, shaving soaps, deodorant soaps, bath soaps, cosmetic soaps, paper soaps, cream soaps, hair rinses, toilet soaps and toothpaste.
					19-Apr-2002	25-Nov-2003
61923	Burberry Limited	Korea (South)	Week end Burberrys OF LONDON (stylised)	3	97-14024	417515	REG	Non-medicated toilet preparations, perfumes, shower and bath gels, deodorants, anti-perspirants, eau-de-cologne and toilet waters, pre-shave lotion, after-shave lotion.
					28-Mar-1997	21-Aug-1998
61921	Burberry Limited	Korea (South)	Week end Burberrys OF LONDON (stylised)	3	97-14025	441277	REG	Water soaps and cleanser.
					28-Mar-1997	10-Feb-1999
60680	Burberry Limited	Kuwait	Week end Burberrys OF LONDON (stylised)	3	41206	38953	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					30-Sep-1997	30-Sep-1998
2755	Burberry Limited	Lebanon	BURBERRY TOUCH	3	96-01-0770755		REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
						17-Oct-2000
2742	Burberry Limited	Malaysia	BURBERRY TOUCH	3	2000/15901	00015901	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-Nov-2000	10-May-2000

210

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2996	Burberry Limited	Mauritius	Rocking Lamb Device	3		A/54 No. 100	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					29-Apr-2002	29-Apr-2002
2756	Burberry Limited	Mexico	BURBERRY TOUCH	3	456456	691278	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Nov-2000	7-Mar-2001
3005	Burberry Limited	Mexico	Rocking Lamb Device	3	560683	764609	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					12-Aug-2002	21-Jan-2002
2748	Burberry Limited	New Zealand	BURBERRY TOUCH	3	624482	624482	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-Oct-2000	10-May-2000
2729/WP-NO	Burberry Limited	Norway	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000

211

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2757	Burberry Limited	Panama	BURBERRY TOUCH	3	111126	111126 01	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					09-Nov-2000	22-Apr-2002
60688	Burberry Limited	Panama	Week end Burberrys OF LONDON (stylised)	3	095524	095524	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					12-Aug-1996	12-Aug-1998
3304	Burberry Limited	Paraguay	Burberry Brit	3	29327-2003	269372	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003	14-Jul-2004

212

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2758	Burberry Limited	Paraguay	BURBERRY TOUCH	3	25639-2000	239741	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-Oct-2000	17-Sep-2001
3006	Burberry Limited	Paraguay	Rocking Lamb Device	3	8638-2002	251852	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					17-Apr-2002	18-Nov-2002
56764	Burberry Limited	Paraguay	Week end Burberrys OF LONDON (stylised)	3	16260-97	209046	REG	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels; deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion and after-shave lotion.
					12-Aug-1997	24-Nov-1998
2743	Burberry Limited	Peru	BURBERRY TOUCH	3	116126	73351	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Oct-2000	24-Jul-2001
2729/WP-PL	Burberry Limited	Poland	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000
60683	Burberry Limited	Poland	Week end Burberrys OF LONDON (stylised)	3	Z-188243	131939	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					15-Jun-1998	17-Aug-2001
2729/WP-RO	Burberry Limited	Romania	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000

213

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2729/WP-RU	Burberry Limited	Russian Federation	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000
60681	Burberry Limited	Russian Federation	Week end Burberrys OF LONDON (stylised)	3	98710936	98710369	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					24-Jun-1998	24-Jun-1998
2759	Burberry Limited	Saudi Arabia	BURBERRY TOUCH	3	67923	621/65	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2000	11-Nov-2000
3019	Burberry Limited	Saudi Arabia	Rocking Lamb Device	3	76328	665/59	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					09-Apr-2002	09-Apr-2002
60578	Burberry Limited	Saudi Arabia	Week end Burberrys OF LONDON (stylised)	3	44986	501/8	REG	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels, deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion, after-shave lotion.
					26-Jun-1998	19-Oct-1999
2760	Burberry Limited	Singapore	BURBERRY TOUCH	3	T00/17551D	T00/17551D	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Oct-2000	10-May-2000
59062	Burberry Limited	Singapore	Week end Burberrys OF LONDON (stylised)	3	15061/97	T97/15061I	REG	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels, deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion, after-shave lotion.
					10-Dec-1997	10-Dec-1997

214

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2729/WP-SK	Burberry Limited	Slovakia	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000
3348	Burberry Limited	Switzerland	Burberry Tender Touch	3	51019/2004	520.106	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Feb-2004	31-Mar-2004
2729/WP-CH	Burberry Limited	Switzerland	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000

215

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
60677	Burberry Limited	Switzerland	Week end BURBERRYS (stylised)	3	4652/1998	457932	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					15-Dec-1998	15-Dec-1998
3311	Burberry Limited	Taiwan	Burberry Brit	3	92063891	1110101	REG	Class 3: Non-medicated toilet preparations, perfumes, preparations for the teeth and for the hair, soaps for human use, shampoos, anti- perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Nov-2003	16-Jul-2004

216

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS GOODS
2761	Burberry Limited	Taiwan	BURBERRY TOUCH	3	89057922	1016603	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps for human use, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Oct-2000	01-Oct-2002
3011	Burberry Limited	Taiwan	Rocking Lamb Device	3	91013670	1035982	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					11-Apr-2002	16-Mar-2003
59129	Burberry Limited	Taiwan	Week end BURBERRYS (stylised)	3	849612	849612	REG	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels, deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion, after-shave lotion.
					18-Mar-1998	01-May-1999
3012	Burberry Limited	Thailand	Rocking Lamb Device	3	489827	Kor174351	REG	Class 3: Perfumes, eau de toilette, eau de parfums, cosmetic preparations for the teeth and for the hair; toothpaste, soaps, shampoos, anti-perspirants, eau de cologne, toilet water, body lotions, body sprays, after-shave lotions, cosmetic preparations for skin; preparations for body cleansing, essential oils, pot pourri.
					13-Jun-2002	13-Jun-2002
59209	Burberry Limited	Thailand	Week end Burberrys (stylised)	3	366474	Kor 107999	REG	Perfumes, soaps, shower and bath gels, deodorants, anti-perspiarnts, eau-de-cologne, toilet water,pre-shave lotion, after-shave lotion
					06-Aug-1998	06-Aug-1998
2729/WP-TR	Burberry Limited	Turkey	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000
60685	Burberry Limited	Turkey	Week end Burberrys OF LONDON (stylised)	3	1998/8388	198559	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					24-Jun-1998	24-Jun-1998

217

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2762	Burberry Limited	Ukraine	BURBERRY TOUCH	3	2000104576	28836	REG	Class 3: Toilet preparations; perfumes; cosmetics preparations for the teeth and for the hair; soaps; shampoos; anti-perspirants; eau de cologne; toilet water; essential oils; shaving preparations; pot pourri; all the above for non-medicated purposes.
					13-Oct-2000	16-Dec-2002
2994	Burberry Limited	Ukraine	Rocking Lamb Device	3	2002043037/T	37188	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					15-Apr-2002	15-Jan-2004
2763	Burberry Limited	United Arab Emirates	BURBERRY TOUCH	3	39231	29056	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Nov-2000	22-Oct-2001
60679	Burberry Limited	United Arab Emirates	Week end Burberrys OF LONDON (stylised)	3	28092	26254	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					31-Aug-1998	18-Oct-2000
2537	Burberry Limited	United Kingdom	BURBERRY TOUCH	3	2231970	2231970	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					10-May-2000	10-May-2000
2993	Burberry Limited	United Kingdom	Rocking Lamb Device	3	2297097	2297097	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot
								pourri.
					04-Apr-2002	30-Aug-2002
54536	Burberry Limited	United Kingdom	Week end BURBERRYS (stylised)	3	2126565	2126565	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					13-Mar-1997	13-Mar-1997

218

VARIED TRADE NAMES - CLASS 3 - REGISTERED

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
2764	Burberry Limited	USA.	BURBERRY TOUCH	3	76/153502	2634190	REG	Class 3: Non-medicated toilet preparations, namely perfumes, eau de cologne and toilet water, essential oils for personal use cosmetics preparations for the teeth and for the hair, namely toothepastes, shampoos, conditioners, hair sprays, hair gels, soaps for the body, shower gels and bath gels and bath forms, anti-perspirants and deodorants, shaving preparations and pot pourri.
					25-Oct-2000	15-Oct-2002
57517	Burberry Limited	U.S.A.	Week end Burberry of London (stylised)	3	75/355145	2315279	REG	Non-medicated preparations, perfumes, eau de perfume, body lotion, cosmetics, soaps, anti-perspirants, eau de cologne, toilet waters, pre-shave lotion, after-shave lotion, shaving soap, cologne, bath and shower gels.
					11-Sep-1997	08-Feb-2000
2766	Burberry Limited	Uruguay	BURBERRY TOUCH	3	327565	327565	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Nov-2000	07-May-2001
3007	Burberry Limited	Uruguay	Rocking Lamb Device	3	339.645	339.645	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					11-Apr-2002	15-Oct-2002
56762	Burberry Limited	Uruguay	Week end Burberrys OF LONDON (stylised)	3	298.661	298.661	REG	All goods in the class
					03-Oct-1997	05-Jun-1998
60686	Burberry Limited	Venezuela	Week end Burberrys OF LONDON (stylised)	3	12680-98	P-226206	REG	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					07-Jul-1998	25-Feb-2001
2729	Burberry Limited	WIPO	BURBERRY TOUCH	3	746063	746063	REG	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					23-Oct-2000	23-Oct-2000

219

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3300	Burberry Limited	Argentina	Burberry Brit	3	2472842		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					31-Oct-2003
3319	Burberry Limited	Argentina	Burberry Tender Touch	3	2473431		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-Nov-2003
3288/WP-AU	Burberry Limited	Australia	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003
3338	Burberry Limited	Austria	Burberry Tender Touch	3	AM1150/2004		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					19-Feb-2004

220

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3301	Burberry Limited	Brazil	Burberry Brit	3	826052746		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Nov-2003
3320	Burberry Limited	Brazil	Burberry Tender Touch	3	826052738		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Nov-2003
2747	Burberry Limited	Brazil	BURBERRY TOUCH	3	823385701		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					10-Nov-2000
3000	Burberry Limited	Brazil	Rocking Lamb Device	3	824501624		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Apr-2002
3033/WP-BG	Burberry Limited	Bulgaria	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3299	Burberry Limited	Canada	Burberry Brit	3	1,199,475		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					12-Dec-2003

221

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3318	Burberry Limited	Canada	Burberry Tender Touch	3	1,199,474		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri. Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					12-Dec-2003
2997	Burberry Limited	Canada	Rocking Lamb Device	3	1143564		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils for personal use, pot pourri.
					12-Jun-2002
3288/W-CN	Burberry Limited	China	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003
3354	Burberry Limited	China	Burberry Tender Touch	3	392026S		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					20-Feb-2004
59130	Burberry Limited	China	Week end BURBERRYS (stylised)	3	9800007011		PEN	Perfumes, soaps, anti-perspirants, eau-de-cologne, toilet water, deodorants, aftershave lotion, pre- shave lotion, shower and bath gel, non-medicated toilet preparations.
					22-Jan-1998
3002	Burberry Limited	Colombia	Rocking Lamb Device	3	02.033.931		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					19-Apr-2002
3033/WP-CZ	Burberry Limited	Czech Republic	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002

222

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
60678	Burberry Limited	Czech Republic	Week end Burberrys OF LONDON (stylised)	3	133409		PEN	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					09-Jun-1998
2995	Burberry Limited	Egypt	Rocking Lamb Device	3	150735		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3033/WP-EE	Burberry Limited	Estonia	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3268	Burberry Limited	European Union	Burberry Brit	3	003322922		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					21-Aug-2003
3340	Burberry Limited	Finland	Burberry Tender Touch	3	T200400387		PEN	Class 3: Non-medicated toilet preparations,bath, shower and body care preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					17-Feb-2004
3033/WP-GE	Burberry Limited	Georgia	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3341	Burberry Limited	Germany	Burberry Tender Touch	3	304 09 488.9/09		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					24-Feb-2004

223

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3342	Burberry Limited	Greece	Burberry Tender Touch	3	149449		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					19-Feb-2004
3283	Burberry Limited	Hong Kong	Burberry Brit	3	300068003		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					25-Aug-2003
3325	Burberry Limited	Hong Kong	Burberry Tender Touch	3	300107225		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Nov-2003
3033/WP-HU	Burberry Limited	Hungary	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
60676	Burberry	Hungary	Week end	3	M9802418		PEN	Perfumes, perfumery products, cologne and eau de
	Limited		Burberrys					toilette, soaps, shower gel, bath gel, bath foam,
			OF					deodorant, moisturising products for the body,
			LONDON					toilet talc, anti-ageing eye balm, anti-wrinkle
			(stylised	)				cream, after shave emulsion, pre-shave lotion, razor
								burn soother.
					18-Jun-1998
3306	Burberry Limited	India	Burberry Brit	3	1247382		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Nov-2003

224

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3326	Burberry Limited	India	Burberry Tender Touch	3	1248143		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Nov-2003
61920	Burberry Limited	India	Week end Burberrys OF LONDON (stylised)	3	822101		PEN	Perfumes, perfumery products, cologne and eau de toilette, soap, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after-shave emulsion, pre-shave lotion, razor-burn soother.
					07-Oct-1998
3343	Burberry Limited	Ireland	Burberry Tender Touch	3			PEN	Class 3: Non-medicated toilet preparations, bath, shower and body care preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					17-Feb-2004
3344	Burberry Limited	Italy	Burberry Tender Touch	3	FI2004C000389		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Mar-2004
3284	Burberry Limited	Japan	Burberry Brit	3	2003-071925		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					22-Aug-2003
3288/WP-JP	Burberry Limited	Japan	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003

225

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3285	Burberry Limited	Korea (South)	Burberry Brit	3	40-2003-0037779		PEN	Class 3: Perfumes, shampoos, anti-perspirants, eau de cologne, common toilet water, esential oils for personal use, pot pourri (fragrance), bath oils, bath powder, baby oils, baby powder, bath salts for non-medical purposes, frangrance for non-medical purposes, sunscreen lotions, shaving creams, skin milk, skin fresheners, eye liners, eye make-up removers, eye shadows, aftershave lotions, body deodorants, lip gloss, cleansing cream, face powder, hand cream, perfumed oils, hair gels, hair conditionors, hair creams, hair tonics, toilet bath salts, cleansing milk for toilet purposes, liquid soaps, paper soaps, cream soaps, hair rinses, toilet soaps and toothpaste.
					25-Aug-2003
3328	Burberry Limited	Korea (South)	Burberry Tender Touch	3	40-2003-50175		PEN	Perfumes, shampoos, anti-persipirants, eay de cologne, common toilet water, essential oils for persona use, pot pourri (fragrance), bath oils, bath powder, baby oils, baby powder, bath salts for non-medical purposes, frangrance for non-medical purposes, sunscreen lotions, shaving creams, skin milk, skin fresheners, eye liners, eye make-up removers, eye shadows, after-shave lotions, body deodorants, lip gloss, cleansing cream, face powder, hand cream, perumed oils, hair gels, hair conditioners, hair creams, hair tonics, toilet bath salts, cleansing milk for toilet purposes, liquid soaps, shaving soaps, deodorants soaps, bath soaps, cosmetic soaps, paper soaps, cream soaps, hair rinses, toilet soaps and toothpaste.
					13-Nov-2003
2754	Burberry Limited	Kuwait	BURBERRY TOUCH	3	49326		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					12-Mar-2001

226

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3015	Burberry Limited	Kuwait	Rocking Lamb Device	3	58612		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					05-Mar-2003
3033/WP-LV	Burberry Limited	Latvia	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
60684	Burberry Limited	Lebanon	Week end Burberrys OF LONDON (stylised)	3	19607		PEN	Perfumes, perfumery products, cologne and eau de toilette, soaps, shower gel, bath gel, bath foam, deodorant, moisturising products for the body, toilet talc, anti-ageing eye balm, anti-wrinkle cream, after shave emulsion, pre-shave lotion, razor burn soother.
					22-Jun-1998
3033/WP-LT	Burberry Limited	Lithuania	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3308	Burberry Limited	Malaysia	Burberry Brit	3	2003/16079		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					28-Nov-2003
3329	Burberry Limited	Malaysia	Burberry Tender Touch	3	2003/16080		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					28-Nov-2003

227

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3050	Burberry Limited	Malaysia	Rocking Lamb Device	3	2002/07593		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					29-Jun-2002
3303	Burberry Limited	Mexico	Burberry Brit	3	635314		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Dec-2003
3322	Burberry Limited	Mexico	Burberry Tender Touch	3	635315		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Dec-2003
61922	Burberry Limited	Mexico	Week end Burberrys OF LONDON (stylised)	3	359657		PEN	Perfumes, cologne and eau de toilette, shower and bath gel, bath foam, deodorant, moisturising products for the body, after-shave emulsion, pre-shave lotion, razor-burn soother.
					08-Jan-1999
3309	Burberry Limited	New Zealand	Burberry Brit	3	703869		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					03-Nov-2003
3330	Burberry Limited	New Zealand	Burberry Tender Touch	3	703976		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Nov-2003
3288/WP-NO	Burberry Limited	Norway	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003

228

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3033/WP-NO	Burberry Limited	Norway	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot  pourri.
					30-Apr-2002
3017	Burberry Limited	Oman	Rocking Lamb Device	3	27838		PEN	Class 3: Non-medicated toilet preparations,  perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Apr-2002
3323	Burberry Limited	Paraguay	Burberry Tender Touch	3	29542-2003		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					13-Nov-2003
3310	Burberry Limited	Philippines	Burberry Brit	3	4-2003-10140		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					05-Nov-2003
3331	Burberry Limited	Philippines	Burberry Tender Touch	3	4-2003-10203		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Nov-2003
59208	Burberry Limited	Philippines	Week end Burberrys OF LONDON (stylised)	3			PEN	Non-medicated toilet preparations, perfumes, soaps, shower and bath gels, deodorants, anti-perspirants, eau-de-cologne and toilet water, pre-shave lotion, after-shave lotion.
					28-Apr-1998

229

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3033/WP-PL	Burberry Limited	Poland	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3345	Burberry Limited	Portugal	Burberry Tender Touch	3	379024		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					20-Feb-2004
3018	Burberry Limited	Qatar	Rocking Lamb Device	3	27416		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					21-Apr-2002
3033/WP-RO	Burberry Limited	Romania	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3288/W-RU	Burberry Limited	Russian Federation	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003
3349	Burberry Limited	Russian Federation	Burberry Tender Touch	3	2004703188		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Feb-2004
3033/WP-RU	Burberry Limited	Russian Federation	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002

230

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3315	Burberry Limited	San Marino	Burberry Brit	3	SM-M200300230		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					02-Dec-2003
3317	Burberry Limited	San Marino	Burberry Tender Touch	3	SM-M-200300229		PEN	Class 3: Non-medicated toilet preparations,  perfumes, cosmetics preparations for the teeth and  for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					02-Dec-2003
3313	Burberry Limited	Saudi Arabia	Burberry Brit	3	86060		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					02-Nov-2003
3033/WP-YU	Burberry Limited	Serbia- Montenegro	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3288/WP-SG	Burberry Limited	Singapore	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003
3352	Burberry Limited	Singapore	Burberry Tender Touch	3	T/04/02218F		PEN	Class 3: Non-medicated toilet preparations,bath, shower and body care preparations, perfumes, cosmetics, preparations for the teeth (cleaning) and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					17-Feb-2004
3033/WP-SG	Burberry Limited	Singapore	Rocking Lamb Device	3	T02/08371D		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002

231

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3033/WP-SI	Burberry Limited	Slovenia	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3298	Burberry Limited	South Africa	Burberry Brit	3	2003/19661		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					07-Nov-2003
3346	Burberry Limited	Spain	Burberry Tender Touch	3	2.586.510(2)		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					16-Mar-2004
3288/W-CH	Burberry Limited	Switzerland	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003
3033/WP-CH	Burberry Limited	Switzerland	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002

232

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3332	Burberry Limited	Taiwan	Burberry Tender Touch	3	92064591		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Nov-2003
3312	Burberry Limited	Thailand	Burberry Brit	3	537811		PEN	Class 3: Perfumes;, cosmetic preparations for the teeth; cosmetic preparations for the hair; cosmetic preparations for the face; cosmetic preparations for skin care; soaps; shampoos; anti-perspirants, eau de toilette, eau de cologne, deodorants, essential oils shaving preparations, pot pourri; perfumed body lotions and creams; bath and shower gels.
					28-Nov-2003
3333	Burberry Limited	Thailand	Burberry Tender Touch	3	537820		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					28-Nov-2003
3288/WP-TR	Burberry Limited	Turkey	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003
3353	Burberry Limited	Turkey	Burberry Tender Touch	3	2004/003539		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					20-Feb-2004

233

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3033/WP-TR	Burberry Limited	Turkey	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3314	Burberry Limited	United Arab Emirates	Burberry Brit	3	57172		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Nov-2003
3334	Burberry Limited	United Arab Emirates	Burberry Tender Touch	3	57171		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					18-Nov-2003
3020	Burberry Limited	United Arab Emirates	Rocking Lamb Device	3	47409		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002
3355	Burberry Limited	United Kingdom	Burberry Tender Touch	3	2356223		PEN	Class 3: Perfumes
					18-Feb-2004
3288/WP-US	Burberry Limited	U.S.A.	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003
3359	Burberry Limited	U.S.A.	Rocking Lamb Device	3	76/976388		PEN	Class 3: Perfumes, cosmetic preparations for the hair, non-medicated soaps and shampoos, eau de cologne and toilet water, essential oils for personal use.
					30-May-2002
3305	Burberry Limited	Uruguay	Burberry Brit	3	350.995		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					04-Nov-2003

234

VARIED TRADE NAMES - CLASS 3 - PENDING

						APP DATE
	REGISTERED					REG NO/
TMID	OWNER	COUNTRY	TRADEMARK	CLASS	APP NO	REG DATE	STATUS	GOODS
3324	Burberry Limited	Uruguay	Burberry Tender Touch	3	351.036		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics, preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					06-Nov-2003
2767	Burberry Limited	Venezuela	BURBERRY TOUCH	3	2000-018829		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					16-Oct-2000
3288	Burberry Limited	WIPO	Burberry Brit	3	814807		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, shaving preparations, pot pourri.
					11-Nov-2003
3033	Burberry Limited	WIPO	Rocking Lamb Device	3	779836		PEN	Class 3: Non-medicated toilet preparations, perfumes, cosmetics preparations for the teeth and for the hair, soaps, shampoos, anti-perspirants, eau de cologne and toilet water, essential oils, pot pourri.
					30-Apr-2002

235

SCHEDULE 2 : LICENSED PRODUCTS

A. MEN'S LICENSED PRODUCTS

 (1) MEN'S FRAGRANCE LINE

(a) Cologne and Eau de Toilette

(b) Cologne Spray

(2) MEN'S FRAGRANCED BODY LINE

(a) Body Cream

(b) Deodorant

(c) Shaving Foam

(d) Pre-Shave Lotion

(e) After Shave Emulsion

(f) After Shave

(g) Bath and Body Gel

(h) Razor Burn Soother

(i) Shampoo

B. WOMEN'S LICENSED PRODUCTS

 (1) WOMEN'S FRAGRANCE LINE

(a) Perfume

(b) Cologne and Eau de Toilette

(c) Cologne Spray

(2) WOMEN'S FRAGRANCED BODY LINE

(a) Body Moisturizer

(b) Deodorant

(c) Bath and Shower Gel

236

(d) Shampoo

(e) Soap

(f) Bath Foam

(g) Oil Mist Spray

C. MEN'S AND WOMEN'S SKIN CARE PRODUCTS

(a) Face and Body Moisturizing products

(b) Anti-aging products

(c) Sun protection products

D. BABY LICENSED PRODUCTS

(a) Eau de Toilette Natural Spray

(b) Baby Wash

(c) Massage Oil

(d) Body Moisturizer

237

SCHEDULE 3 : THE LVMH AGREEMENT

THIS AGREEMENT is dated [ ] 2004 and made

BETWEEN

INTER PARFUMS, S.A., a company incorporated under the laws of France, having its principal office at 4, rond point des Champs-Elysees, 75008 Paris, France ("IPSA"); and

INTER PARFUMS, INC. a company incorporated under the laws of the State of Delaware, having its principal office at 551 Fifth Avenue, New York, NY 10176-0198, USA ("IPInc"); and

BURBERRY LIMITED, a company incorporated under the laws of England having its registered office at 18/22 Haymarket London SW1Y 4DQ ("Burberry"); and

LV CAPITAL, USA, INC. a company incorporated under the laws of the State of Delaware ("LV Capital") 19 East 57th Street, New York, New York 10022, USA; and

PHILIPPE BENACIN of 31 Avenue Kleber 75016 Paris France; and

DANIEL PIETTE of [ ]; and

JEAN CAILLIAU of [ ]; and

PHILIPPE SANTI of [ ]; and

JEAN MADAR of 1 Rue de Mareshal Harispe 75007 Paris France.

In consideration for the payment by Burberry of the sum of ten (10) euros to [ ], the parties to this Agreement hereby agree as follows:

1. DEFINITIONS

1.1 In this Agreement the following terms have the following meanings:

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

(A) confidential or secret; or

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

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

238

	(1)	proposed, possible or intended openings or acquisitions of Burberry retail outlets (including departments, concessions, sections or corners in a retail store);
	(2)	proposals or intentions for Burberry to begin supplying any products to any person, firm or company;
	(3)	Burberry's business plans, intentions or objectives;
	(4)	proposed, contemplated or actual changes of Burberry personnel and/or officers;
	(5)	product and/or geographic markets targeted or contemplated by Burberry;
	(6)	proposed or intended brand names of any Burberry product;
	(7)	product development by or on behalf of Burberry;
	(8)	the identity of any proposed or possible licensee of Burberry; and/or
	(9)	the trading performance of Burberry (other than in relation to Licensed Products)
	but which shall not include:-
	(i)	Permitted Information; or
	(ii)	Information which can be demonstrated by IPSA to have been publicly available (i.e. in the public domain) as at the date of receipt by IPSA or to have become publicly available (i.e. entered the public domain) subsequently other than as a direct or indirect result of any infringement of the Licence Agreement or this Agreement;
"CONTROL"	means the power to direct the affairs of another, whether by contract, the ownership of shares, or otherwise; and "CONTROLS" and "CONTROLLED" shall be construed accordingly;
"LICENCE AGREEMENT"	means the Licence Agreement dated [ ] between Burberry, IPSA and IPInc;
"LICENSED PRODUCTS"	means the licensed products as defined in the Licence Agreement;

239

"LVMH"	means LVMH Moet Hennessy Louis Vuitton S.A., a French societe anonyme;
"LVMH AFFILIATE"	means a corporation, entity or person which directly or indirectly Controls or is Controlled by or is under common Control with LVMH and/or LV Capital;
"LVMH REPRESENTATIVES"	means those directors of IPInc from time to time who are Prohibited Persons or are nominated or appointed by, or who represent, LVMH, LV Capital and/or any LVMH Affiliate; the current LVMH Representative being Daniel Piette and Jean Cailliau;

"PERMITTED INFORMATION" means:

(A) any and all financial data relating to IPSA, including but not limited to all accounts; sales figures; net sales; quarterly accounts; annual accounts; cost of goods; development costs; marketing, promotion and advertising expenses of IPSA and IPSA's projections and forecasts;

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

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

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

"PROHIBITED PERSON" means each of:

(A) LV Capital;

(B) LVMH;

(C) any LVMH Affiliate;

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

(E) the LVMH Representatives.

2. INFORMATION

2.1 Without prejudice to clause 26 of the Licence Agreement, each of IPInc, IPSA, Philippe Benacin, Jean Madar and Philippe Santi shall:

240

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

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

(C) ensure that:

(1) all the directors of IPSA;

(2) all the directors of IPInc; and

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

is aware of the obligations contained in this Paragraph 2.1 and shall comply with them at all times as if they were each individually a party to this Agreement,

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

2.2 No LVMH Representative nor any other Prohibited Person shall, and each of IPInc, IPSA, Philippe Benacin, Jean Madar and Philippe Santi shall procure that no Prohibited Person shall:

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

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

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

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

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

241

(B) all issues relating to Burberry and/or the Licence Agreement which (subject to Paragraphs 2.1 and 2.3(A) above) are reported back or referred to IPInc by IPSA (except for Permitted Information) shall be handled exclusively by a committee of IPInc executives, which shall not include either of the LVMH Representatives or any other Prohibited Person; and

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

2.4 Without prejudice to Paragraphs 2.1 to 2.3 above, if (despite those Paragraphs) any Information is disclosed to or obtained by either of the LVMH Representatives, neither of the LVMH Representatives shall disclose that information to any other Prohibited Person (including but not limited to the other LVMH Representatives), nor use it (nor permit it to be used) for any purpose other than the proper performance by IPInc and/or IPSA of its obligations under the Licence Agreement or any other purpose which is essential in order to perform the fiduciary duties of the LVMH Representatives as directors of IPInc.

2.5 Each of IPInc, IPSA, Philippe Benacin and each of the LVMH Representatives shall execute and deliver to Burberry within 30 days after the end of each calendar year a certificate of compliance substantially in the form set out in the schedule to this Agreement and it shall be a material breach of this Agreement if:

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

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

3. BOARD REPRESENTATION ON IPSA

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

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

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

PROVIDED THAT this Paragraph 3.1 shall not limit the performance by the LVMH Representatives of their fiduciary duties as directors of IPInc.

3.2 LV Capital shall not appoint or seek to appoint or nominate (directly or indirectly) any director or officer of IPSA; and

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

242

4. NOTICE

4.1 Any notice to be given under this Agreement shall be in writing and shall be deemed sufficiently given to the party to be served if it is:

(A) delivered by hand; or

(B) sent by courier provided the service used is such that sender receives a receipt indicating successful delivery,to the following addresses:

Burberry:	St. Albans House, 10 St. Albans Street,
	London SW1Y 4SQ, United Kingdom
IPSA:	4, rond point des Champs Elysees, 75008
	Paris, France
IPInc:	551 Fifth Avenue, New York, NY 10176 USA.
Philippe Benacin/and or Philippe Santi:		c/o IPSA at the
		address given above
Jean Madar/and or LVMH Representative:		c/o IPInc at the
		address given above

or to such other address(es) as may be notified from time to time in accordance with this Agreement.

5. GENERAL PROVISIONS

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

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

5.3 Nothing in this Agreement shall constitute or be deemed to constitute a partnership between the parties or to make one party the agent of another for any purposes.

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

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

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

243

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

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

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

IN WITNESS WHEREOF THE DULY AUTHORISED REPRESENTATIVES OF THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DAY FIRST BEFORE WRITTEN.

244

SIGNED for and on behalf of

BURBERRY LIMITED by:

 Signature:

Name:

Title:

SIGNED for and on behalf of

INTER PARFUMS, S.A. by:

 Signature:

Name:

Title:

SIGNED for and on behalf of

INTER PARFUMS, INC. by:

 Signature:

Name:

Title:

SIGNED for and on behalf of

LV CAPITAL, USA, INC by:

 Signature:

Name:

Title:

SIGNED by JEAN MADAR

Signature:

SIGNED by PHILIPPE BENACIN

Signature:

SIGNED by PHILIPPE SANTI

Signature:

SIGNED by DANIEL PIETTE

Signature:

SIGNED by JEAN CAILLIAU

Signature:

245

SCHEDULE

CERTIFICATE OF COMPLIANCE

To: Burberry Limited

18-22 The Haymarket

	London SW1Y 4DQ
FAO:	General Counsel

Dated [o] 20[o]              

CERTIFICATE OF COMPLIANCE

1. I/We refer to the Confidentiality Agreement dated [o] 2004 between Burberry Ltd, Inter Parfums, S.A., Inter Parfums, Inc., Philippe Benacin, Jean Madar, Philippe Santi, Daniel Piette, Jean Cailliau and LV Capital, USA, Inc (the "CONFIDENTIALITY AGREEMENT").

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

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

[FOR INDIVIDUALS]		[FOR INTER PARFUMS S.A./INC.]
Signed by:		Signed by:
Name:	Name:
	Title:
Signature:	Signature:
	Duly authorised for and on behalf of
	INTER PARFUMS SA/INC

in the presence of:

Name of witness:  

Address of witness

Occupation of witness

Signature of witness 

246

SCHEDULE 4 : COMPETING BRANDS

[———————————————](28)

28 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.111:28.

247

SCHEDULE 5 : PRESIDENT OF BURBERRY FRAGRANCES

o Heads Burberry Fragrances division of the Licensee

o Responsible for the operational direction of the Burberry Fragrances business within the Licensee

o Responsible for making proposals for the strategic direction of the Burberry Fragrances business within the Licensee

o Directs product development, marketing (including public relations, Advertising and Promotion) and sales and distribution, subject to the Business Plans and Marketing Plans provided for under this Agreement and the Advertising and Promotion expenditure described in clause 15 of this Agreement

o Supervises production, logistics and operations

o Responsible for recruitment, designation and management of Burberry Fragrances personnel.

248

SCHEDULE 6 : MINIMUM LICENCE FEE

PART A
LICENSED YEAR	MINIMUM LICENCE FEE
2005	[———] (29)
2006	[———] (29)
2007	[———] (29)
2008	[———] (29)
2009	[———] (29)
2010	[———] (29)
2011	[———] (29)
2012	[———] (29)
2013	[———] (29)
2014	[———] (29)
2015	[———] (29)
2016	[———] (29)

PART B

MARKETING

THRESHOLD

SALES

((EURO) MILLION)

2004

2005 [——](30)

2006	[——] (30)
2007	[——] (30)
2008	[——] (30)
2009	[——] (30)
2010	[——] (30)
2011	[——] (30)
2012	[——] (30)
2013	[——] (30)
2014	[——] (30)
2015	[——] (30)
2016	[——] (30)

(29) CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SEC WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC. NO. 10.111:29.

(28) Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.111:30.

249

SCHEDULE 7 : THE DISTRIBUTORS

SCHEDULE 8

COUNTRY	COMPANY	CONTACT	TEL	FAX	ADRESSE
ARGENTINA	GRETA SA	RENATO SAPHIR	54 11 45 22 50 00	54 11 45 21 11 41	ALVAREZ THOMAS 2423 1431 BUENOS AIRES - ARGENTINA
ARMENIA	NUSHIKIAN ASSOCIATION	GEVORG AZATYAN	37 41 56 00 54	37 41 56 42 92	11-1 Sayat Nova Ave, Yerevan ARMENIA
AUSTRALIE	COSMAX	FRANK BREEN	61 29 695 56 78	61 29 695 56 88	13/2 Beauchamp Road,Banksmeadow, NSW2019 Sydney
AUSTRIA	FASHION COSMETIC	LISA LOHNER	43 316 295 536 23	43 316 295 643 55	GMEINSTRASSE 22a A-8055 GRAZ AUSTRIA
AZERBADJIAN	TAKI DISTRIBUTION	MR SAMIR	98,218,031,819	153,013,889	N(degree) 6 Mamed Alie Ave , Baku AZERBAIJAN
BAHREIN	YOUSUF WAHAB AL HAWAJ	ABDUL W. ALHAWAJ	973,230,088	973,240,011	po box 891, Manama BARHAIN
BANGLADESH	BANGLA PERFUME	MR SHAH	88,029,886,999	88,029,885,101	house 4b, road 13, Gulshan, Dhaka
BELGIUM	MOUREAU	MR MOUREAU	32,2,285,0080	32,2,230,2978	rue de treves 53 B 1040 BRUXELLES Belgique
BOLIVIE	FRAGANCE CORP.	Emma VERCELLESI	591.336.82.82	591.332.68.62	SUAREZ DE FIGUEROA 287 SANTA CRUZ BOLIVIA
BOSNIE	ORBICO	ELVIRA NEDZIBOVIC	387 336 36 285	387 336 36 287	luzansko polje 7 - 7100 sarajevo BOSNIA
BRESIL	MEXTRA	ANDREA DINIZ	55 11 251 5977	55 11 28 79 168	AV. PAULISTA 2202 cj 65/66 CEP 01310-300 SAO PAOLO BRAZIL
CANADA	PUIG NORTH AMERICA	LISA CURTIS	14 16 620 39 79	14 16 695 28 81	5401 Eglinton Avenue West, Suite 205, Etobicoke, Ontario M9C5K6
CHILI	GRETA CHILE	RENATO SAPHIR	54 11 45 22 50 00	54 11 45 21 11 41	ALVAREZ THOMAS 2423 1431 BUENOS AIRES - ARGENTINA
CROATIA	ORVAS PLUS	SILVA PLESTINA	38,513,460,910	3,851,346,930	koturaska 69 - 10 000 zagreb CROATIA
CYPRUS	VASSOS ELIADES	Y. TYMVIOS	357,722,897,359	35722897455	Eliades Building, 24 Aristides Str, Ay Dometios, Po Box 21085, Nicosie CYPRIUS
DENMARK	CARETTE COSMETICS	B. CARETTE	45 33 12 03 15	45 33 12 70 15	Bredgade 63,1, DK1260 Copenhague DENMARK
ECUADOR	LAS FRAGRANCIAS	PABLO JARA	593 7 835 853	593 7 842 670	COMPLEJO LA LAGUNA EDIF. PINAR DEL LAGO PENT HOUSE P.O. BOX 01.01.0890 CUENCA / ECUADOR
EGYPT	AL SHARIF MARKETING	SAID AL SHARIF	202 348 68 64	202 335 54 50	11 HARROON ST FLAT N(degree) 8 DOKKI GIZA EGYPT
EMIRATS ARABES	GHADEER	SYED ABEDI	971 4 825 000	971 4 825 053	po box 2623, Dubai

250

COUNTRY	COMPANY	CONTACT	TEL	FAX	ADRESSE
ESTONIA	KARL LARK ESTI	INGA GRINBERG	3,726,563,786	3,726,563,729	ehitajate tee 148/a - EE 13517 -tallin
FINLAND	OY KARL LARK	P. FORSMAN	35 89 50 64 10 20	35 89 55 05 44	PB13, FIN00381 Helsinki FINLAND
GERMANY	NOBILIS	THOMAS SCHNITZLER	49,611,928,560	496,119,285,678	HAGENAUER STRASSE 44 E-65203WIESBADEN GERMANY
GREECE	AROMCA	D. ROUSSOPOULOS	30 12 83 50 01	30 12 83 45 65	6 Papadiamanti Str,Metamorfosi,14452 Athenes - GREECE
HONG KONG/CHINE	ETERNAL OPTICAL	STEVEN LAU	852 2 796 26 68	852 2 796 20 83	Unit 2203-8, 22/F, EnterpriseSquare Two, N(degree) 3 Sheung YuetRoad, KNL, HONG KONG
HONGRIE	MARTIMEX HUNGARY	MR MARTON	36 23 44 43 47	36 23 44 43 47	ebner gyorghy koz2 - 2040budaors
INDIA	BACCAROSE	HEMANSU KOTECHA	912,222,873,732	912,222,852,780	66 Maker Chamber VI, Bombay INDIA
INDONESIE	PT TANESIA	MR SATIADHI	62 22 14 585 7535	62 21 45 857 534	JL. Boulevard Artha Gading,Komplex Rukan Artha Gadang,Niaga Block 1 n(degree)1, Sentra Bisnis Kelapa Gading, Kelapa GadingPermai, North Jakarta, 14240,
IRAN	FARKISH	MR GHASSEMI	98,212,062,725	98,212,072,126	44 Dashte Behest ave, Teheran
IRELAND	INTERNATIONAL COSMETIC	CLAUS MICHEL	00 3531 2810 278	00 3531 281 0273	TINNA PARK KLIPEDDER CO WICKLOWIRELAND
ISLAND	FORVAL	HARALDUR JOHANNSSON	354 5 114 777	3,545,114,774	austrurtrond 6 - 127 reykjavik
ISRAEL	SCHESTOWITZ	MICHAEL SCHESTOWITZ	00 972 39200 300	00 972 4857 26 37	Industrial Area pob 33083HAIFA 31330
ITALY	PA.CO.DIS	JC. MICHELOT	39 02 95 83 82 34	39 02 95 30 91 01	Cascina Corte Francesca,Incugnate di Truccazzano, 20060Milan ITALY
JAPON	BLUEBELL	ERIC DOUILHET	813 54 13 10 60	813 54 13 10 56	Shin-Nogizaka Building, 4thfloor, 1-15-14, Minami Aoyama,Minato-ku, TOKYO 107-0062, JAPON
JORDANIE	IBRAHIM TRADING	KHALED ABU SHAQRA	962 6 592 9920	962 6 592 3219	po box 6525, 11118 Amman
KOREA	I.P.C. TONG SANG	MR KIM	822 423 32 03	822 423 34 21	Sewon Building, 3rd floor, 151-5Samsung Dong, Kangnam ku,SEOUL 135-878, KOREA
KOWEIT	WAHRAN TRADING	NAIM ABU SHANAB	9,655,755,212	9,655,744,170	po box 5746, Safat 13058
LATVIA /LETTONIE/BIELORUSSIE	MIRABELLA	NATALY VASILEVSKA	3,717,080,425	3,717,080,427	23 Antonijas Street - lv-1010-RIGA - LATVIA
LEBANON	CH. SARRAF &	JOYCE SIRGI	961 1 888 306	961 1 601 559	po box 90201, Jdeidet El Metn

251

COUNTRY	COMPANY	CONTACT	TEL	FAX	ADRESSE
LITUANIA	FRAGRANCE INTERNATIONAL	MR GUDELIS	370 2 610 045	370 2 227 780	vilnius duty free - bradvilaites str. 1 /piliesstr.2 - 2001 Vilnius LITUANIA
MACEDONIA	ELIKSIR ELENA DOOEL	VLADIMIR TRENESKI	38,923,086,074	38,923,086,071	ul. Kozle 124b - 1000 skopje MACEDONIA
MALAYSIA	BEAUTE CONCEPT	CHUNG TZE MAY	603 216 288 99	603 263 18 99	A-11.1, Block A, Megan Phileo Ave, 12 Jalan Yap Kwan Seng, 50450 Kuala Lumpur, West MALAYSIA
MAROC	CINQUIEME SENS	HIND ROZZ	212 22 24 62 26	212 22 24 62 40	158 BLD ABDELLAH BEN YACINE BELVEDERE CASABLANCA
MEXICO	CLARINS DE MEXICO	JEAN-MARIE LE ROY	52 55 5281 39 90	52 55 52 81 41 63	MUSSET 35 COL. REFORMA POLANCO 11550 MEXICO DF
NETHERLANDS	ELHA COSMETIC	LEO HERTZ	31,172,507,442	31,172,500,255	ELHA COSMETICS BV DFSLEIMUIDERDIJK 298 2154MSBURGERVEEN NETHERLANDS
NEW CALEDONIA	IMPORLUX	GEORGES GONZALEZ	689 43 58 20	689 43 58 20	14 route despointes po box 3691 98800 NOUMEA - NEW CALEDONIA
NEW ZEALAND	BLUM IMPORTS	Mr Markus BLUM	6,493,098,009	6,493,098,017	Po Box 9113, New market,Auckland NEW ZEALAND
NORVEGE	SOLIS	S. HJELMELAND	47 67 10 81 40	47 67 10 81 50	Vollsveien 13H, 1366 Lysaker NORWAY
OMAN	CAPITAL STORE	HAIDER JAWAD SULTAN	968,796,200	968,797,277	po box 335, Ruwi
PAKISTAN	BEAUTE PAKISTAN	IMRAN AHMED	92,214,919,001	92,214,933,578	258 D, KDA Extension 1A, Karachi
PANAMA / COLOMBIE	WAKED	Abdul WAKED	507.441.4444	507.441.6598	CALLE 15 AVENUE ROOSEVELT ZONA LIBRE DE COLON -PANAMA
PARAGUAY	JGA	JACQUES ALLINQUANT	595.21.27.160	595.21.215.078	CAPITAN CAPINELLI N(degree) 3620 ESQUINA ABENTE HAEDO ASUNCION - PARAGUAY
PERU	GRETA PERU	RENATO SAPHIR	54 11 45 22 50 00	54 11 45 21 11 41	ALVAREZ THOMAS 2423 1431 BUENOS AIRES - ARGENTINA
PHILIPPINES	BEAUTEONE S'PORE	V. MARCHADESCH	63 27 57 28 32	63 27 28 30 23	25/F Yuchengo Tower, RCBC plaza, 6819 Ayala Corner Sen. Gil Puyat Ave, Makati City.
POLOGNE	SELECTIVE BEAUTY	GERARD COEFFIER	48,225,980,770	48,225,980,784	ul. Bitwy warszawskiej 1920r 7b - 02366 warszawa
PORTUGAL	LUSO HELVETICA LDA	JP SAUTHIER	351 1 322 31 50	351 1 322 31 60	rua do alecrim 38/2e - 1200 Lisbon Portugal
QATAR	BLUE SALON	ASHRAF ABU ISSA	974,441,424	974,446,456	po box 6255, Doha QATAR
REP. TCHEQUE	APRO DELTA	HELENA EGNEROVA	420,541,225,270	420,541,225,270	spotovni letiste medlanky - ul turisticka - 621 00 brno CZECH REPUBLIC

252

COUNTRY	COMPANY	CONTACT	TEL	FAX	ADRESSE
RUMANIA	PRESTIGE PARFUM	CRISTINA LAZAR	40 21 20 17 130	40 21 20 17 772	rue domnita ruxandra 12 - 5eetage - sector 2 - 7000 bucarestRUMANIA
RUSSIE	COFIDEC	MARC KAPUSTIN	70 95 73 031 70	70 95 73 031 17	3-1bat, Gubkina St. 117333 Moscow
SAUDI ARABIA	NATIONAL MARKETING CO	GHAITH AL MALKI	96,626,518,580	96,626,516,636	po box 337, JEDDAH 21411
SERBIE	TOMAS & RAY	JELENA JANILIC	3 81 11 3691 543	3 81 11 3690 750	Andre Nikolica 12A - 11 000Belgrade
SINGAPOUR	BEAUTE'ONE	Patrick CHONG	65 64 88 88 61	65 62 86 11 84	13 Tai Seng Drive, LuxasiaBuilding, #03-02/03 Singapore535219,
SLOVENIA	G-TRADE	MR LEDNIK	386 63 40 640	386 63 484 960	LJUBLANSKA CESTA 042 - 3000CELJE SLOVENIA
SPAIN	COLOMER	CRISTINA MARIGOMEZ	34 91 309 0277	34 91 309 2371	CALLE GOYA 115 - 28009 MADRIDSPAIN
SRI LANKA	PEE BEE GP	MR SURTANI	941,552,871	9,411,255,871	55 Chatam str. Colombo 1
SWEDEN	LANDSTROM	MR LANDSTROM	46 31 45 14 10	46 31 45 14 62	Sisjo Kullegata 8, 421 31 VastraFrolunda SWEDEN
SWITZERLAND	FRANCOIS BERGERAT	F. BERGERAT	41 22 827 5620	41 22 827 5629	13 rue le Royer GENEVE 26 SUISSE
TAIWAN	BEAUTE'ONE	AILEEN JEN	88,622,528,528	886,225,285,926	G11F-10,n(degree)188,Nan King E, Rd., Sec 5, Taipei
THAILAND	NOBLE COSPER	SHERRY VITHYAVIRANONT	66 27 21 23 61 68	66 27 21 23 60	24 Soi Onnuch 62, OnnuchLatkrabang Road,10250 Suan Luang Bangkok.
TUNISIA	COSMETICA	MR FARHAT	216 3 465 021	216 3 465 468	Route de Sousse KM2 51010OUARDANINE
TURKEY	TE HA GUZELLIK	Vedat AKYOL	90 212 347 32 00	90 212 347 13 57	Dikilitas Mahallesi, HamidiyeSokak n(degree)1, Blamumcu,Istanbul 80700 TURKEY
U.K.	FRAGRANCE FACTORY	Georges PHARAND	44,207,284,1456	44,207,267,8815	SPRING HOUSE 10B SPRING PLACENW5 3BH LONDON
UKRANIA	BROCARD PARFUMS	RITA MASSAD	49 30 880 110	49 30 880 112 99	Schluter Str. 54, D10629
URUGUAY	URU-GRETA	RENATO SAPHIR	54 11 45 22 50 00	54 11 45 21 11 41	ALVAREZ THOMAS 2423 1431 BUENOSAIRES - ARGENTINA
USA LOCAL	COSMOPOLITAN	DON LOFTUS	2,129,806,400	2,129,806,464	909 3rd Ave, New York, NY 10022USA
UZBEKISTAN	BREFAC LTD	ERIK COKINI	998,711,143,866	998,711,143,865	72/3, rue Abror Khidoyatov,Tachkent
VIETNAM	PHUONG PHAT	MR TRAN QUOC CHUNG	84 8 9104 772	84 8 9104 784	Sai Gon Trade Center - Unit 113,37 Ton Duc Thang street,Ben Nghe Ward, District 1,HO CHI MINH CITY, VIETNAM

253

IN WITNESS WHEREOF THE DULY AUTHORISED REPRESENTATIVES OF THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DAY AND YEAR FIRST BEFORE WRITTEN.

SIGNED for and on behalf of
BURBERRY LIMITED by:
	Signature: /s/ Rose Marie Bravo
	Name: Rose Marie Bravo
	Title: Chief Executive
SIGNED for and on behalf of
INTER PARFUMS, S.A. by:
	Signature: /s/ Philippe Benacin
	Name: Philippe Benacin
	Title: PDG
SIGNED by:
	Signature: /s/ Jean Madar
	Name: Jean Madar
	Title: CEO
and by:
	Signature: /s/ Philippe Benacin
	Name: Philippe Benacin
	Title: President

duly authorised on behalf of

INTER PARFUMS, INC.

and thereby executed by

INTER PARFUMS, INC.

as its deed

EX-10.116

EXHIBIT 10.116

CONTRAT DE PRESTATIONS LOGISTIQUES

ENTRE

La societe INTER PARFUMS, societe anonyme au capital de 12.816.594 (euro), dont le siege social est 4 Rond Point des Champs Elysees, 75008 PARIS, immatriculee au Registre du Commerce et des Societes de PARIS sous le numero 350 219 382,

Representee par Monsieur Philippe BENACIN, President Directeur General

Ci-apres denommee INTER PARFUMS,

D'UNE PART,

ET

La societe SAGATRANS, societe par actions simplifiee au capital de 23.880.825 (euro), dont le siege social est 31/32 quai De Dion Bouton, 92800 PUTEAUX, immatriculee au Registre du Commerce et des Societes de NANTERRE sous le numero 712 025 691,

Representee par Monsieur Philippe CHAMINADE, President

Ci-apres denommee SAGATRANS,

D'AUTRE PART,

SOMMAIRE

ARTICLE 1 - OBJET	3
ARTICLE 2 - EXCLUSIVITE	4
ARTICLE 3 - INSTALLATIONS ET EQUIPEMENTS	4
ARTICLE 4 - MARCHANDISES ET CONDITIONNEMENTS	6
ARTICLE 5 - APPROVISIONNEMENT ET RECEPTION DES MARCHANDISES	7
ARTICLE 6 - PRESTATIONS LOGISTIQUES	8
ARTICLE 7 - PRESTATIONS COMPLEMENTAIRES	9
ARTICLE 8 - DROIT DE VISITE	9
ARTICLE 9 - INVENTAIRES	10
ARTICLE 10 - COMMANDES	10
ARTICLE 11 - SORTIES DES MARCHANDISES	11
ARTICLE 12 - REMUNERATION	11
ARTICLE 13 - REVISIONS EXCEPTIONNELLES	12
ARTICLE 14 - RESPONSABILITE	13
ARTICLE 15 - ASSURANCES	15
ARTICLE 16 - FORCE MAJEURE	16
ARTICLE 17 - GESTION ET ADAPTATION DU CONTRAT	17
ARTICLE 18 - DUREE	17
ARTICLE 19 - INDEPENDANCE DES PARTIES	17
ARTICLE 20 - CONFIDENTIALITE	17
ARTICLE 21 - RUPTURE DU CONTRAT	18
ARTICLE 22 - CESSION	18
ARTICLE 23 - TOLERANCE	19
ARTICLE 24 - INTITULES	19
ARTICLE 25 - NULLITE PARTIELLE	19
ARTICLE 26 - ELECTION DE DOMICILE	19
ARTICLE 27 - ENREGISTREMENT	19
ARTICLE 28 - COMPETENCE	19

2

IL EST PREALABLEMENT EXPOSE CE QUI SUIT :

Le 29 mai 1995, la societe SAGATRANS, societe specialisee dans la logistique et l'organisation du transport et la societe INTER PARFUMS, societe specialisee dans la creation, fabrication et commercialisation de parfums et produits cosmetiques, ont signe un protocole d'accord, avec effet retroactif au 1er janvier 1995, aux termes duquel INTER PARFUMS a confie a SAGATRANS, sur son site de Rouen, rue Leon Maletra, la gestion de son stock de produits cosmetiques et de parfumerie destines a l'exportation. Ce contrat a ete complete par avenants en date des 18 et 20 decembre 1995, et du 24 juin 1997.

Afin de repondre a la croissance de l'activite de la societe INTER PARFUMS et a sa decision de confier a SAGATRANS le stockage de ses produits a destination du marche francais outre ceux destines a l'exportation, les parties sont convenues de transferer le stockage des produits commercialises par INTER PARFUMS sur une nouvelle plate-forme dediee a l'activite d'INTER PARFUMS.

INTER PARFUMS et SAGATRANS ont donc signe le 5 mai 1998 un contrat de prestations de services portant sur l'organisation et l'execution des operations de reception, de stockage, de preparation de commandes de produits cosmetiques et de parfumerie commercialises par INTER PARFUMS dans un entrepot de 8.000 m(2) (batiment A) pris en location par SAGATRANS sur le site de Rouen Vallee de Seine Logistique et dedie a l'activite INTER PARFUMS dont la mise en exploitation a ete faite le 1er aout 1999.

Pour repondre aux besoins d'INTER PARFUMS, SAGATRANS s'est engagee par avenant du 21 novembre 2001 a prendre en location aupres de la S.C.I. SOGARIS-PORT DE ROUEN VALLEE DE SEINE, un batiment a usage d'entrepot d'une superficie d'environ 3.000 m(2) construit en extension du batiment A et mis en exploitation en juillet 2002 et a poursuivre avec le Port Autonome de Rouen et la SOGARIS l'etude d'un projet d'implantation d'un nouvel entrepot d'une superficie d'environ 6.000 m(2) sur le meme site.

Dans le courant de l'annee 2003 et 2004, les parties se sont reunies regulierement pour examiner les moyens necessites par la croissance annoncee par INTER PARFUMS. A l'issue des differentes etudes, les parties ont convenu de prevoir une nouvelle extension des capacites de stockage sur le site de ROUEN VALLEE DE SEINE. et de signer le present contrat qui, a compter de sa date d'effet, entrainera resiliation du contrat du 5 mai 1998 et de son avenant.

IL A DONC ETE CONVENU CE QUI SUIT :

ARTICLE 1 - OBJET

INTER PARFUMS confie a SAGATRANS, qui accepte, aux termes et conditions ci-apres exposes, l'organisation et l'execution des operations de reception, de stockage, de preparation des commandes des produits ci-apres definis a l'article 4, destines au marche national et a l'exportation.

3

SAGATRANS s'engage a mettre en place et a adapter la structure, les equipements, les moyens en personnel et en materiels necessaires a l'execution de la prestation confiee et demandee par la societe INTER PARFUMS dans les conditions des presentes.

ARTICLE 2 - EXCLUSIVITE

INTER PARFUMS confie a SAGATRANS l'exclusivite des operations de stockage des produits finis ci-apres definis (<< Produits >>)et de logistique decrites au present contrat a l'exclusion de toutes prestations complementaires. Les Parties conviennent que cette exclusivite est consentie et acceptee tant que SAGATRANS sera en mesure, pendant toute la duree de ce contrat, d'offrir a INTER PARFUMS une structure, des equipements, des moyens en personnel et materiels necessaires afin de repondre a la demande de capacite de stockage d'INTER PARFUMS conformement a la reglementation en vigueur.

Les parties conviennent expressement que par derogation a cette exclusivite, INTER PARFUMS se reserve le droit, lorsque les circonstances le requierent, notamment l'urgence, la localisation a l'etranger des usines de production d'articles promotionnels, de prendre en charge par ses propres moyens l'expedition de ses Produits a la sortie des usines et d'exclure en consequence le chiffre d'affaires afferent a cette commande du calcul de la remuneration de SAGATRANS telle que definie a l'article 12.

ARTICLE 3 - INSTALLATIONS ET EQUIPEMENTS

3.1. SURFACES DE STOCKAGE

SAGATRANS a mis en place et en oeuvre sur le site de ROUEN VALLEE DE SEINE LOGISTIQUE la structure immobiliere necessaire a l'execution de la prestation confiee et demandee par INTER PARFUMS et permettant :

- de stocker les Produits confies par INTER PARFUMS a temperature ambiante et hors gel dans l'entrepot A,

- de preparer les commandes France (picking) et Export

- d'assurer la gestion administrative des operations dans les bureaux attenants a l'entrepot A

Afin de repondre a la demande d'INTER PARFUMS d'augmenter les capacites de stockage, SAGATRANS s'engage a prendre en location, aupres de la SCI constituee entre le Port Autonome de Rouen et de la SOGARIS ou de toute entite qu'il se substituera , de nouvelles surfaces d'entreposage situees sur le domaine public sur le site de Rouen Vallee de Seine Logistique.

En l'etat actuel du projet de construction presente par le Port Autonome, les surfaces complementaires pourront etre mises en exploitation a compter du 1er octobre 2005. Il est convenu que SAGATRANS, ce qu'INTER PARFUMS accepte expressement, ne pourra etre tenue pour responsable des delais lies a la construction a etre effectuee par le Port Autonome de Rouen et/ou la SCI precitee ; qu'en consequence la realisation de ces travaux qui conditionne la mise en exploitation effective de l'extension ne saurait emporter aucune consequence en matiere de responsabilite dans le cadre des rapports contractuels existant entre INTER PARFUMS et SAGATRANS. Neanmoins, SAGATRANS fera ses meilleurs efforts pour mettre en oeuvre tous moyens necessaires aupres de la SCI afin de s'assurer, dans la mesure du possible, de le mise en exploitation desdites surfaces complementaires dans le delai escompte.

4

SAGATRANS s'engage a informer immediatement INTER PARFUMS de tout incident de nature a remettre en cause ou a retarder la construction du batiment, afin de permettre aux parties d'envisager de nouvelles solutions. A la mise en exploitation des surfaces complementaires prevue le 1er octobre 2005, SAGATRANS offrira a INTER PARFUMS une capacite de stockage de 14.000 palettes (base 100 x 120) sur le site de ROUEN VALLE DE SEINE LOGISTIQUE repartie entre le batiment A et le batiment B, construits et concus en conformite de la reglementation en vigueur sur les installations classees et la protection de l'environnement, le batiment B etant equipe d'un systeme de sprinklage adapte a la nature des produits et a leur mode de stockage. SAGATRANS s'engage a augmenter, pendant toute la duree du present contrat, sa capacite de stockage jusqu'a 20.000 palettes (base 100 x 120) en fonction de l'evolution des besoins d'INTER PARFUMS lies au developpement de ses activites et figurant en Annexe 1 des presentes.

3.2. EQUIPEMENTS

SAGATRANS met a disposition tous les equipements necessaire a la realisation des prestations definies au present contrat et notamment :

- un ensemble de palettiers pouvant recevoir des palettes 100 x 120,

- un equipement specifique (dynamique) pour les preparations de commande France incluant un tunnel de retraction,

- une filmeuse de palettes,

- un ensemble de chariots elevateurs adaptes a la configuration du stockage.

Etant convenu que SAGATRANS fera evoluer ou completer ses equipements afin d'assurer une gestion optimale du stockage des Produits confies par INTER PARFUMS au titre du present contrat.

3.3. INSTALLATION INFORMATIQUE

SAGATRANS s'est dotee d'un programme informatique specifique a la gestion de stock qu'elle se reserve le droit de modifier sous reserve d'accord prealable d'INTER PARFUMS et pour lequel des nouvelles fonctionnalites notamment en matiere de radio-frequence et identification des colis seront effectives au 31 janvier 2005. SAGATRANS mettra tout en oeuvre afin de reduire toute perturbation qui pourrait resulter des modifications, qui ne remettront en cause aucune fonction substantielle au traitement des donnees.

Une liaison informatique est mise en place entre SAGATRANS et INTER PARFUMS afin de permettre a cette derniere de transmettre directement ses commandes a SAGATRANS, de connaitre la position du stock, les preparations de commandes et les listes de colisage.

5

SAGATRANS s'engage a faire les mises a jour des nouvelles versions du logiciel a l'exception des fonctions specifiques qui devront faire l'objet d'un cahier des charges et d'un accord particulier entre les parties.

En cas de dysfonctionnement de quelque nature que ce soit de cette application informatique, SAGATRANS s'engage a effectuer ou faire effectuer toute maintenance necessaire afin que le systeme soit operationnel dans les plus brefs delais, notamment en faisant beneficier INTER PARFUMS des delais de maintenance dont dispose SAGATRANS aupres de ces fournisseurs de maintenance informatique, toute demande etant prise en compte dans un delai maximum de 24 heures ouvrables.

A l'issue du contrat, l'application informatique fournie par SAGATRANS demeurera la propriete de SAGATRANS. En consequence, INTER PARFUMS s'engage a restituer a SAGATRANS ladite application, le Modem, l'Interface et tous autres materiels appartenant a SAGATRANS, a premiere demande de cette derniere. SAGATRANS a l'issue du contrat mettra automatiquement fin a cette connexion informatique.

3.4. ADEQUATION DES MOYENS MIS EN OEUVRE

INTER PARFUMS confirme qu'en l'etat actuel du developpement de ses activites et de la nature des Produits confies, les surfaces de stockage, installations et equipements ci-dessus decrits sont necessaires et suffisants a la bonne fin des prestations qu'elle confie a SAGATRANS et notamment adaptes a la conservation, a la manutention et au traitement des flux de ses marchandises.

Le respect des donnees qui ont ete etablies par les parties et qui ont servi de base au dimensionnement des moyens mis en oeuvre est un point essentiel de ce contrat.

ARTICLE 4 - MARCHANDISES ET CONDITIONNEMENTS

4.1. INTER PARFUMS confie a SAGATRANS les Produits finis suivants :

o parfums,

o cosmetiques et produits de soins du corps,

o savons, shampooings et autres produits d'entretien du corps,

o produits conditionnes en aerosol,

o plus generalement toutes les gammes et lignes de produits de cosmetiques ou de parfumerie ainsi que tous accessoires commercialises par INTER PARFUMS,

a l'exclusion d'articles de conditionnement tels que pompes, cales, flacons, capot, etuis, caisses, concentres, jus, etiquettes.

Les parties conviennent que les marques designant l'ensemble des Produits confies a SAGATRANS sont toutes les marques commercialisees a la date de signature du present contrat par INTER PARFUMS, a l'exclusion expresse des produits LANVIN destines aux ventes a l'export qui seront confies a SAGATRANS a compter de la mise en oeuvre effective du batiment B.

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Les parties excluent expressement du present contrat tous les produits dont le stockage (nature et quantite) n'est pas valablement autorise par les arretes prefectoraux delivres pour la rubrique 1510 (entrepot couvert), 1430 (liquides inflammables) conformement a la reglementation des installations classees pour la protection de l'environnement pour les entrepots situes sur le site de ROUEN VALLE DE SEINE.

Il est expressement precise que, conformement aux arretes prefectoraux delivres dans le cadre de la reglementation des installations classees pour la protection de l'environnement, le volume d'alcool contenu dans les liquides inflammables stockes ne pourra exceder 400 m3 dans l'entrepot A et 100 m3 dans l'entrepot B. En cas de depassement du volume autorise les parties se concerteront sur les modalites de stockage du surplus des produits concernes.

4.2. Les produits sont conditionnes sur palettes filmees indiquant le nombre de cartons contenus dans chaque palette, et les cartons indiqueront le nombre de produits qu'ils contiennent.

4.3. INTER PARFUMS s'oblige a fournir a SAGATRANS toutes informations sur les caracteristiques des produits et notamment les classifications, le volume d'alcool contenu, les contraintes de stockage inherentes a des produits particuliers et les risques encourus.

SAGATRANS ne saurait etre responsable des consequences de declarations incompletes ou erronees concernant notamment la nature et la composition des produits.

SAGATRANS aura la faculte soit de proceder au deplacement d'office dans un local approprie de la marchandise ayant fait l'objet d'une declaration erronee ou incomplete, soit d'en effectuer la reexpedition d'office, en cas de risque de nature a compromettre la securite de ses activites, de son personnel ou des tiers.

SAGATRANS aura le droit de refuser l'entree des marchandises qui, par leur etat ou leur nature, seraient en contravention manifeste avec les lois et reglements en vigueur.

ARTICLE 5 - APPROVISIONNEMENT ET RECEPTION DES MARCHANDISES

5.1. La societe INTER PARFUMS assure seule la gestion de l'approvisionnement en marchandises de l'entrepot. Il appartient a la societe INTER PARFUMS de s'assurer que le stock ainsi genere soit toujours suffisant, tant en quantite qu'en assortiment, pour permettre a SAGATRANS de preparer les commandes d'INTER PARFUMS lui parvenant.

INTER PARFUMS communique un planning d'approvisionnement pour la semaine S+1 a SAGATRANS afin que celle-ci puisse assurer la reception des marchandises dans des conditions optimales.

SAGATRANS ne saurait a ce titre etre responsable des ruptures du stock qui lui est ainsi confie.

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5.2. SAGATRANS assure la reception et le dechargement des marchandises qui lui sont livrees, du lundi au vendredi de 7 heures 30 a 11 heures 30 et de 13 heures 30 a 17 heures 15.

5.3. SAGATRANS verifie l'etat apparent des palettes et des cartons ainsi que la quantite qui lui sont livres, prend toutes reserves de droit a l'egard des transporteurs en cas d'avaries, de casse ou de manquants constates, etablit la lettre de protestation dans les delais usuels et transmet a INTER PARFUMS tous les documents necessaires pour deposer sa demande d'indemnisation aupres des transporteurs.

SAGATRANS signale immediatement a la societe INTER PARFUMS ces incidents.

SAGATRANS procedera egalement a une verification quantitative et qualitative du contenu par l'ouverture d'un carton par livraison et informera immediatement INTER PARFUMS des incoherences relevees au regard du bon de livraison.

En cas d'avaries importantes, SAGATRANS pourra demander a INTER PARFUMS de missionner un expert afin de preserver ses droits a l'egard de ses fournisseurs et/ou transporteurs, etant entendu que le transfert de responsabilite s'effectue lors du dechargement.

5.4. Il est expressement convenu que SAGATRANS ne saurait etre responsable, pour quelle que cause que ce soit, des erreurs et/ou casses survenues du fait des transporteurs charges de l'acheminement de ces marchandises.

5.5. Les produits sont recus sur palettes et emballages non consignes.

ARTICLE 6 - PRESTATIONS LOGISTIQUES

6.1. SAGATRANS effectuera pour le compte d'INTER PARFUMS les prestations logistiques suivantes :

- le dechargement des marchandises ;

- la reception des marchandises dans les conditions exposees aux articles 5.3 et 5.4

- le stockage et la conservation des marchandises a temperature ambiante et hors gel;

- la gestion du stock (controle, inventaire, premier entre

- premier sorti selon mode de gestion retenu par INTER PARFUMS) ;

- la preparation des commandes conformement aux instructions d'INTER PARFUMS et l'eclatement des palettes pour ce faire ;

- la gestion informatique du stock pour permettre a la societe INTER PARFUMS le suivi de celui-ci.

6.2. Les marchandises qui sont confiees par la societe INTER PARFUMS demeurent la propriete de cette derniere. SAGATRANS s'engage neanmoins a conserver les Produits en leur donnant les memes soins qu'elle aurait apporte dans le cadre des objets lui appartenant personnellement.

SAGATRANS est independante dans sa gestion. Elle s'engage a gerer le stock de la societe INTER PARFUMS en y consacrant tous les soins necessaires, etant entendu que les deux parties conviennent d'optimiser la gestion du stock par une organisation rationnelle.

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La gestion informatique mise en place par SAGATRANS permet a INTER PARFUMS de surveiller la rotation reguliere de ses stocks.

6.3. Si un produit ou plusieurs produits n'etaient plus references par INTER PARFUMS ou devaient rester en entrepot plus de six (6) mois sans mouvement de stock, SAGATRANS le signalerait a INTER PARFUMS pour connaitre les eventuelles dispositions a prendre quant a leur transfert vers un autre site SAGATRANS situe en Normandie.

SAGATRANS ne pourra etre tenue responsable du vieillissement des produits en entrepot et de l'atteinte des dates limites de vente. SAGATRANS ne pourrait en aucun cas etre tenue d'assumer le cout de destruction de tels produits.

ARTICLE 7 - PRESTATIONS COMPLEMENTAIRES

SAGATRANS pourra etre amenee a effectuer a la demande d'INTER PARFUMS diverses prestations autres que celles enoncees a l'article 6. Il s'agit notamment :

o des operations exceptionnelles concernant la gestion du stock ou la preparation des commandes consistant dans le re-conditionnement de produits ; la modification et/ou le complement d'etiquetage des produits, le codage et les verifications specifiques du contenu des cartons ou flacons (hors verifications d'usage lors de la reception et du dechargement des Produits), verifications des retours de marchandises de nature exceptionnelle;

o des operations d'acheminement de marchandises au depart ou a destination de ou des entrepot(s) de SAGATRANS ;

o des transports de marchandises vers d'autres sites INTER PARFUMS et/ou en France.

Ces prestations feront l'objet de facturations separees. Les couts et modalites de reglement et d'execution seront fixes prealablement par ecrit d'un commun accord entre les parties, au cas par cas, et notamment le planning de ces operations exceptionnelles de telle sorte qu'elles ne perturbent pas la priorite de traitement des commandes destinees a l'exportation et au marche francais.

ARTICLE 8 - DROIT DE VISITE

INTER PARFUMS aura librement acces a l'entrepot de SAGATRANS, sous reserve pour des raisons de securite, de l'aviser prealablement de toutes visites et devra etre accompagnee d'un representant de SAGATRANS durant toute la visite. Ces visites devront se derouler pendant les heures d'ouverture de l'etablissement et seulement les jours ouvres.

Lors de ces visites, INTER PARFUMS ne pourra pas etre accompagnee de tiers non-membres de son groupe sans autorisation de SAGATRANS.

L'acces aux entrepots par des tiers commandites par INTER PARFUMS pour prelever des echantillons, proceder a des expertises ou effectuer des operations diverses de controle se fait dans les memes conditions que celles qui sont decrites ci-dessus dans le present article.

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ARTICLE 9 - INVENTAIRES

Un inventaire annuel contradictoire sera effectue pour l'ensemble des produits presents en entrepot en fin d'exercice.

En outre, le premier jour ouvre de chaque mois, il sera effectue par SAGATRANS un inventaire portant sur 20 a 30 references Export et 10 a 15 references France qui seront selectionnees par INTER PARFUMS. Les inventaires se feront en comparant le stock physique au stock informatique de SAGATRANS.

Les parties ont convenu d'une procedure de comptabilisation des produits arretee d'un commun accord et qui est annexee aux presentes sous le numero 2.

ARTICLE 10 - COMMANDES

La societe INTER PARFUMS adresse ses commandes a SAGATRANS par liaison informatique en precisant les references, et quantites de produits qui composent les commandes a preparer, ainsi que le mode de preparation de la commande, .le lieu de destination, le receptionnaire des marchandises, le moyen de transport envisage et la date de sortie de l'entrepot.

Il est cependant precise que les commandes finalisees sont systematiquement communiquees a INTER PARFUMS qui devra en cas de desaccord le faire connaitre a SAGATRANS au moins 48 heures avant le depart de celle-ci. A defaut, la commande sera reputee conforme aux exigences de la societe INTER PARFUMS.

Les commandes seront preparees selon la regle FI-FO (premier entre - premier sorti) sauf stipulations ecrites contraires de INTER PARFUMS.

SAGATRANS s'engage a traiter les commandes dans un delai de J+1 pour la France et J+3 pour l'export Le respect de ces delais implique que les commandes soient adressees par INTER PARFUMS de facon reguliere et que toutes les operations a caractere exceptionnel hors evenements saisonniers soient annoncees a SAGATRANS avec une preavis de trois semaines permettant ainsi la mise en place de moyens supplementaires.

Les palettes, cartons, conteneurs ou autres emballages sont commandes apres accord d'INTER PARFUMS par SAGATRANS selon ses besoins au regard des commandes qui lui sont demandees et factures directement a INTER PARFUMS.

Les commandes preparees a la demande d'INTER PARFUMS et toujours presentes dans l'entrepot au-dela de deux mois pourront, si SAGATRANS le juge utile et apres accord prealable d' INTER PARFUMS , etre placees dans d'autres entrepots en attente d'enlevement.

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ARTICLE 11 - SORTIES DES MARCHANDISES

Les commandes sortiront par cartons, palettes entieres (completes d'origine ou reconstituees) ou par containeurs, selon instructions communiquees par INTER PARFUMS. La preparation des cartons ou palettes sera effectuee par SAGATRANS ainsi que l'empotage des containeurs. SAGATRANS aura la charge de poser les etiquettes d'expedition sur les cartons et colis ainsi prepares.

SAGATRANS assurera les operations de chargement des camions positionnes sur demande de INTER PARFUMS.

Les chargements au depart de l'entrepot seront effectues, du lundi au vendredi, de 7 heures 30 a 11 heures 30 et de 13 heures 30 a 17 heures 30.

Il sera convenu d'un planning des chargements des camions de facon que l'attente soit reduite a son minimum.

ARTICLE 12. REMUNERATION

12.1. La remuneration de SAGATRANS, qui sera applicable a compter du 1er janvier 2005, est calculee en pourcentage du chiffre d'affaires realise par INTER PARFUMS selon les conditions suivantes, etant rappele que le montant de ce chiffre d'affaires ne saurait inclure les chiffres d'affaires realises sur les commandes expediees directement par INTER PARFUMS conformement a l'article 2 et a l'article 4.1 :

12.1.1. PRESTATIONS EXPORTATION
CHIFFRE D'AFFAIRES EXPORT	REMUNERATION
HORS TAXES	HORS TAXES
Jusqu'a 100.000.000 Euros	1,85 % du chiffre d'affaires export
De 100.000.000 a 150.000.000 Euros	1,60 % du chiffre d'affaires  export

De 150.000.000 a 200.000.000 Euros 1,50 % du chiffre d'affaires export Au-dela de 200.000.000 Euros 1,40 % du chiffre d'affaires export

12.1.2. PRESTATIONS FRANCE

2,70 % du chiffre d'affaires hors taxes France

12.2. Toutefois, INTER PARFUMS garantit a SAGATRANS un minimum de remuneration annuelle dont les montants sont fixes comme suit :

Annee 2005 :	2.100.000 (euro) hors taxes
Annee 2006 :	2.600.000 (euro) hors taxes
Annee 2007 :	2.600.000 (euro) hors taxes
Annee 2008 :	2.700.000 (euro) hors taxes
Annee 2009 :	2.800.000 (euro) hors taxes
Annee 2010 :	2.900.000 (euro) hors taxes
Annee 2011 :	9/12 * 3.000.000 (euro)  hors taxes

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12.3. SAGATRANS etablira une facturation mensuelle dont le montant forfaitaire est fixe a 210.000 (euro) pour l'annee 2005 et a 1/12 du montant de la remuneration minimale annuelle pour les annees suivantes. Les factures mensuelles seront a regler par cheque a 60 jours date de facture, celle-ci etant emise a terme echu.

12.4. La remuneration due a SAGATRANS sera regularisee semestriellement en fonction du chiffre d'affaires realise par INTER PARFUMS au depart des entrepots de SAGATRANS. Le chiffre d'affaires net, hors taxes, realise en France et a l'export apres deduction des produits retournes ayant donne lieu a avoir, sera identifie par une attestation certifiee conforme par les Commissaires aux Comptes de la Societe INTER PARFUMS fournie dans les 30 jours de la cloture du semestre a regulariser. Si le montant calcule comme il est indique a l'article

12.1.1. est superieur au montant forfaitaire mentionne a l'article 12.3 pour le semestre considere, SAGATRANS etablira une facture representant la difference entre les deux montants, payable a reception.

12.5. Laremuneration visee a l'article 12.1. comprend l'ensemble des prestations effectuees par SAGATRANS en application des termes du present contrat a l'exception des :

o des prestations complementaires visees a l'article 7 ;

o des fournitures specifiques au traitement des operations INTER PARFUMS a savoir : palettes, cartons pour confectionner des commandes particulieres, films plastiques pour les palettes en sortie de stock, etiquettes cartons pour les preparations France, etiquettes produits dangereux, papier soie pour la protection des flacons des colis France, feuillard pour les fermetures de carton France, particules de calage pour les emballages non standard, a l'exclusion de toutes fournitures bureautiques et informatiques usuelles.

o des locations eventuelles de containeurs,

o des frais d'"envoi express" ou tout autre moyen d'acheminement rapide de plis ou petits colis.

Ces prestations feront l'objet de facturations separees payables a 30 jours. Les couts seront fixes prealablement par ecrit d'un commun accord entre les parties, au cas par cas.

12.6. Tout retard de reglement entrainera des penalites de retard au taux de l'interet legal x 1,5 au prorata temporis des journees de retard, la date d'envoi par la poste faisant foi.

ARTICLE 13 - REVISIONS EXCEPTIONNELLES

Dans le cadre de ce contrat de partenariat, les Parties conviennent que dans l'hypothese de modifications des donnees declarees par INTER PARFUMS de nature a imposer a SAGATRANS des contraintes nouvelles non prevues a la date de signature du present contrat, par exemple :

- nature et caracteristiques des produits,

- delais d'execution des prestations,

- modification des conditionnements ou des supports de manutention,

- changement du systeme informatique,

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SAGATRANS pourra demander la revision des conditions financieres du contrat afin de respecter, compte tenu desdites modifications et contraintes en resultant, l'equilibre economique du present contrat.

De meme, si de nouvelles reglementations devenaient obligatoires notamment en matiere de securite des entrepots ou si des modifications importantes dans les conditions de stockage de nature a affecter l'equilibre economique de l'exploitation du contrat devaient etre imposees par INTER PARFUMS, une revision exceptionnelle des conditions financieres serait mise en oeuvre dans un delai maximum d'un mois apres la date ou ces evenements seraient survenus.

De son cote, la societe INTER PARFUMS pourra demander une revision exceptionnelle des conditions financieres du contrat dans le cas d'une hausse substantielle de ses tarifs non liee aux augmentations conjoncturelles.

ARTICLE 14 - RESPONSABILITE

14.1. RESPONSABILITE DE SAGATRANS EN TANT QU'ENTREPOSITAIRE Pendant toute la duree du stockage, SAGATRANS est responsable de la garde et de la conservation en quantite et qualite externes des biens et marchandises qui lui sont confies, aux conditions ci-apres exposees.

14.1.1. LA CASSE

14.1.1.1. La casse constatee a la reception de la plate-forme sera signalee immediatement par SAGATRANS a la societe INTER PARFUMS, comme indique dans l'article 5.4 la societe INTER PARFUMS faisant directement son affaire du litige avec les transporteurs.

Les marchandises avariees seront dechargees et stockees en zone specifique ou elles seront tenues a la disposition de la societe INTER PARFUMS pendant une periode de 30 jours. Passe ce delai, si les marchandises concernees n'ont pas ete retirees ou detruites par la societe INTER PARFUMS, elles seront detruites ou retirees par SAGATRANS aux frais de la societe INTER PARFUMS, apres en avoir dument informe INTER PARFUMS.

Le cout de stockage de ces marchandises sera supporte par la societe INTER PARFUMS dans les conditions visees a l'article 12.5.

14.1.1.2. La casse constatee a l'interieur de l'entrepot, et survenue du fait de SAGATRANS sera stockee en zone specifique, signalee a INTER PARFUMS qui la facturera a SAGATRANS au Prix de Revient pondere tel qu'il figure sur le dernier listing valorise du stock audite ; auquel s'ajoutera un coefficient de frais d'approche valide d'un commun accord entre les parties. Si cette marchandise detruite ou endommagee fait partie d'une commande facturee par INTER PARFUMS, elle sera facturee a SAGATRANS au prix de vente facture par INTER PARFUMS a son client.

Cette marchandise sera detruite aux frais de SAGATRANS.

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La casse ainsi constatee, sortie du stock informatique, ne sera pas prise en compte dans la determination de la limite d'ecart negatif visee a l'article 14.1.2.2.

14.1.2. LES MANQUANTS

14.1.2.1. Les manquants constates a la reception de la plate-forme seront signales immediatement par SAGATRANS a la societe INTER PARFUMS, comme indique dans l'article 5.4, la societe INTER PARFUMS faisant directement son affaire du litige avec ses transporteurs et/ou ses fournisseurs.

14.1.2.2. SAGATRANS ne saurait etre tenue responsable du contenu des cartons et autres conditionnements puisque ceux-ci ont ete prepares, emballes et clos par les soins du fournisseur et qu'il n'appartient pas a SAGATRANS d'en verifier le contenu.

SAGATRANS ne saurait etre tenue responsable des manquants en stock survenant dans l'entrepot et eventuellement constates lors des inventaires, si l'ecart constate entre le stock physique et le stock informatique n'excede pas 1,5 % ( un et demi pour cent). Si des ecarts negatifs superieurs etaient constates, ils seraient factures a SAGATRANS apres realisation d'un nouvel inventaire physique contradictoire les confirmant, au Prix de Revient pondere tel que defini a l'article 14.1.1.2. susvise.

SAGATRANS s'engage toutefois a signaler a INTER PARFUMS tous manquants de produits qu'elle constaterait a l'ouverture des cartons ou autres conditionnements lors de leur eclatement en zone de "picking". En cas de constatation d'un lot important faisant apparaitre de tels manquants, SAGATRANS fera intervenir INTER PARFUMS afin qu'elle puisse prendre toutes reserves a l'egard de son fournisseur.

En pareil cas, les manquants ainsi constates ne seraient pas retenus dans le calcul des taux d'ecart negatif susvises.

14.2. RESPONSABILITE DE SAGATRANS EN MATIERE DE DISTRIBUTION ET DE TRANSPORT

14.2.1. Responsabilite du fait des substitues :

SAGATRANS demeure responsable de plein droit vis-a-vis de INTER PARFUMS comme de tous tiers, des dommages susceptibles de leur etre causes tant par lui-meme que par ses preposes ou toute personne auxquelles il ferait appel pour l'assister ou executer en ses lieu et place une obligation resultant du present contrat.

Si la responsabilite de SAGATRANS est engagee du fait d'un de ses sous-traitants elle est strictement limitee a celle encourue par le sous-traitant et calculee conformement aux dispositions prevues par les Conventions Internationales et la legislation nationale applicables au sous-traitant. Quand les limites de responsabilite du sous-traitant ne resultent pas de dispositions imperatives ou legales, elles sont reputees identiques a celles de SAGATRANS.

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14.2.2. Si la responsabilite personnelle de SAGATRANS est engagee, elle est limitee :

En cas de pertes et avaries :

a) pour tous les dommages a la marchandise imputables a l'operation de transport par suite de pertes et avaries et pour toutes les consequences pouvant en resulter, aux plafonds d'indemnite fixes dans les dispositions legales ou reglementaires en vigueur applicables au transport considere.

b) dans tous les cas, ou les dommages a la marchandise ou toutes les consequences pouvant en resulter ne sont pas dues a l'operation de transport, a 14 euros par kilogramme de poids brut de marchandises manquantes ou avariees sans pouvoir exceder, quels que soient le poids, le volume, les dimensions, la nature ou la valeur de la marchandise concernee, une somme superieure au produit du poids brut de la marchandise exprime en tonnes multiplie par 2 300 euros avec un maximum de 50 000 euros par evenement.

Pour tous les autres dommages et notamment ceux entraines par un retard de livraison portant sur un delai convenu, la reparation due par SAGATRANS dans le cadre de sa responsabilite personnelle est strictement limitee au prix du transport de la marchandise (droits, taxes et frais divers exclus).

En aucun cas, cette indemnite ne pourra exceder celle qui est due en cas de perte ou d'avarie de la marchandise.

INTER PARFUMS renonce et se porte fort de faire renoncer ses assureurs a tout recours a l'encontre de SAGATRANS au-dela des limites definies dans le present article.

14.2.3. Responsabilite de INTER PARFUMS

INTER PARFUMS demeure seule et entierement responsable des declarations aux autorites, de certificat ou d'autorisation relative a la detention, l'importation ou la distribution dont les produits devraient faire l'objet.

ARTICLE 15 - ASSURANCES

15.1. ASSURANCE DES MARCHANDISES EN ENTREPOT

INTER PARFUMS assure elle-meme a ses risques et perils ses propres marchandises entreposees dans le cadre du present accord pour les risques de vol avec effraction, emeutes, guerres declarees ou non, degats des eaux ou incendie et risques annexes. INTER PARFUMS fera donc son affaire personnelle de tous les dommages ou pertes pouvant survenir du fait des risques susvises aux biens lui appartenant dans le cadre des polices ainsi souscrites.

Par consequent, INTER PARFUMS renonce et s'engage a faire renoncer ses assureurs a exercer tous droits de recours a l'encontre de SAGATRANS et de ses assureurs pour les sinistres relevant des assurances ainsi prises.

SAGATRANS sera responsable dans les conditions des articles 14.1 des sinistres survenus hors les cas vises a l'alinea 1 ci-dessus.

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15.2 ASSURANCE DES BIENS DE SAGATRANS

SAGATRANS fera son affaire personnelle de l'assurance de tout autre bien lui appartenant ou place sous sa responsabilite. SAGATRANS renonce et s'engage a faire renoncer ses assureurs a exercer ses droits de recours contre INTER PARFUMS et ses assureurs, y compris en cas de sinistre pouvant survenir du fait de ces derniers aux autres marchandises entreposees.

15.3 Chacune des deux parties souscrira les polices d'assurance necessaires pour se garantir contre les risques restant a sa charge en vertu des dispositions susvisees. Chacune des parties supportera les primes et les franchises des polices d'assurance ainsi souscrites. Les limites de garantie de telles polices ne seront pas opposables a l'autre partie.

Les polices d'assurance comporteront, par ailleurs, un abandon des droits de subrogation des assureurs, en faveur de l'autre partie.

Chacune des parties fournira, a premiere demande de l'autre, copie des attestations d'assurance permettant de justifier des garanties requises.

15.4 ASSURANCE DES MARCHANDISES TRANSPORTEES

INTER PARFUMS fera son affaire de l'assurance des marchandises pendant le transport.

ARTICLE 16 - FORCE MAJEURE

Sont considerees comme cas de force majeure, tous evenements independants de la volonte des parties lorsque ces evenements interviennent apres la conclusion du contrat et en empechent l'execution totale ou partielle.

En cas de survenance d'un cas de force majeure le present contrat sera automatiquement suspendu pendant toute la periode de force majeure, et aucune des parties ne pourra etre tenue responsable par l'autre partie d'une quelconque inexecution contractuelle du fait d'un tel evenement.

Pour l'application de cette clause, sont considerees comme evenements de "force majeure", a titre non limitatif : le lock-out de la plate-forme, l'incendie, la mobilisation, la requisition, l'embargo, l'insurrection, la guerre declaree ou non, la guerre civile, la revolution, l'emeute, le sabotage, l'interruption des moyens de transport, les restrictions d'energie, le fait de toute autorite publique, les interdictions d'importer, d'exporter ou de transiter des marchandises...

Les parties se reuniront afin de determiner d'un commun accord les conditions d'amenagement ou de remplacement permettant une reprise de l'execution du contrat dans les plus brefs delais.

En cas de force majeure empechant la poursuite des relations contractuelles les parties reconnaissent que le present contrat serait rompu sans indemnite de part ni d'autre.

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ARTICLE 17 - GESTION ET ADAPTATION DU CONTRAT

Les parties conviennent de se reunir selon leurs besoins afin d'examiner les moyens d'adapter le contrat aux evolutions constatees dans les facteurs economiques, techniques ou de la reglementation.

Et plus particulierement, les parties se rencontreront en cas d'evenements majeurs ou de variations significatives des parametres ayant determine les obligations de l'une ou l'autre des parties.

ARTICLE 18 - DUREE

Le present contrat entrera en vigueur a compter du 1er janvier 2005 pour se terminer le 30 septembre 2011.

Les parties conviennent de se concerter 10 (dix) mois avant l'expiration du contrat afin de fixer les termes et conditions de son eventuel renouvellement et de notifier leur decision de renouveler ou de ne pas renouveler le present contrat par lettre recommandee avec accuse de reception 7 (sept) mois avant le 30 septembre 2011.

Il se reconduira ensuite pour des periodes successives de 3 (trois) annees, sauf si l'une des parties le denonce en prevenant son cocontractant 7 (sept) mois avant l'echeance par lettre recommandee avec accuse de reception.

Il pourra etre mis fin, dans les memes conditions, au contrat renouvele a l'expiration de chaque periode de 3 (trois) annees en respectant un preavis de 7 (sept) mois.

ARTICLE 19 - INDEPENDANCE DES PARTIES

SAGATRANS traite en toutes circonstances en son nom personnel et agit en entreprise independante et sans possibilite de representation.

Les parties assument l'entiere responsabilite des obligations mises a leur charge en raison des presentes. Sauf convention ecrite expresse contraire, SAGATRANS n'a aucune qualite pour agir au nom de la societe INTER PARFUMS et/ou pour l'engager d'une quelconque maniere, et doit prendre toutes mesures utiles pour eviter une confusion des tiers a cet egard, et inversement.

ARTICLE 20 - CONFIDENTIALITE

Les parties reconnaissent que les informations qui leur sont fournies et/ou qu'elles recueilleront a l'occasion de l'execution de la convention (clientele, methode de gestion et tous renseignements d'ordre technique, commercial et financier) presentent un caractere strictement confidentiel. Elles s'engagent, tant au cours de la convention qu'apres son expiration, a ne pas les devoiler aux tiers, et a prendre toutes mesures necessaires notamment a l'egard de leur personnel, pour en maintenir et en garantir le secret.

17

A l'expiration de la convention, chacune des parties restituera a l'autre les documents lui appartenant.

ARTICLE 21 - RUPTURE DU CONTRAT

21.2. Pendant toute la duree de la premiere periode expirant au 30 septembre 2011, le present contrat ne pourra etre resilie que pour manquement repete d'une partie a ses obligations essentielles ou pour manquement constitutif d'une faute grave, directement et entierement imputable a l'une des parties, qui causerait directement ou indirectement a l'autre partie un prejudice commercial important, apres mise en demeure par lettre recommandee avec accuse de reception adressee a la partie defaillante restee infructueuse pendant un mois. Pour tout manquement contractuel volontaire ou constitutif d'une faute grave, la partie lesee pourra demander l'octroi de dommages et interets.

Au-dela de la premiere periode expirant au 30 septembre 2011 et en cas de renouvellement, la resiliation pourra intervenir pour inexecution de ses obligations par une des parties, apres mise en demeure par lettre recommandee avec accuse de reception adressee a la partie defaillante restee infructueuse pendant un mois. Le present contrat sera resilie de plein droit, sans prejudice des dommages et interets qui pourront etre reclames a la partie defaillante.

21.3. En cas de rupture du present contrat, pour quelle que cause que ce soit, la societe INTER PARFUMS fera son affaire personnelle de la reprise des produits en stock sur la plate-forme a la date de cette rupture.

21.4. En cas de resiliation pour quelque cause que ce soit, les Parties s'engagent a un accord de non-denigrement reciproque aupres de tout tiers, pouvant nuire a l'image de marque et la reputation de chacune des Parties ainsi qu'a leur developpement commercial et poursuite des activites logistiques.

ARTICLE 22 - CESSION

Le present contrat a ete negocie et conclu par chacune des parties en consideration de l'intuiti personae s'attachant a l'autre partie. En consequence, il ne pourra faire l'objet d'une cession sans l'accord expres, ecrit et prealable des parties. Sont assimiles a une cession du contrat, un apport en societe, une fusion, une absorption, une cession de fonds de commerce, un changement de majorite dans la repartition du capital social de l'une des parties et d'une maniere generale toutes operations tendant a faire changer le contrat de patrimoine a l'exception d'un cas de reclassement interne au sein du Groupe auquel chacune des parties appartient.

18

ARTICLE 23 - TOLERANCE

Le fait pour l'une des parties de renoncer et/ou d'omettre de se prevaloir d'une disposition quelconque de la convention, ne constituera en aucun cas une renonciation permanente applicable a une violation ulterieure de cette disposition dont le caractere obligatoire demeurera plein et entier.

ARTICLE 24 - INTITULES

Les descriptifs ou intitules des differents articles et paragraphes du present contrat ont ete inseres exclusivement pour des raisons de clarte du texte et ne peuvent en aucune maniere etre consideres comme pouvant definir, limiter ou circonscrire de quelque facon que ce soit le champ d'application ou l'objet de l'article ou du paragraphe specifique auquel ils se referent.

ARTICLE 25 - NULLITE PARTIELLE

Dans l'eventualite ou une clause du present contrat serait declaree nulle ou contraire aux lois imperatives ou relevant de l'ordre public, les parties soussignees s'engagent a se concerter et a rechercher de bonne foi un accord sur une clause valable dont les effets se rapprochent le plus possible de la clause invalidee.

ARTICLE 26 - ELECTION DE DOMICILE

Toute notification d'une partie a l'autre devra etre faite, par lettre recommandee avec accuse de reception au siege social de chaque partie.

ARTICLE 27 - ENREGISTREMENT

Si une des parties le requiert, les presentes seront enregistrees aux frais de celle-ci.

ARTICLE 28 - COMPETENCE

Tout differend relatif a l'interpretation et l'application du present contrat relevera du Tribunal de Commerce de Nanterre.

Fait a

le

en deux exemplaires

INTER PARFUMS SAGATRANS

PHILIPPE BENACIN PHILIPPE CHAMINADE

19

EXHIBIT 10.116.1

LOGISTICS SERVICE CONTRACT

BETWEEN

The INTER PARFUMS Company, a Corporation with capital of (euro)12,816,594, with headquarters at 4, Rond point des Champs Elysees, 75008 PARIS, registered under the Commerce and Companies Registry of Paris under the number 350 219 382,

Represented by Mr. Philippe BENACIN, the President and General Director

Designated hereinafter INTER PARFUMS,

PARTY OF THE FIRST PART,

AND

The SAGATRANS Company, a simplified joint stock company with capital of (euro)23,880,825, with headquarters at 31/32 quai de Dion Bouton, 92800 PUTEAUX, registered under the Commerce and Companies Registry of NANTERRE under the number 712 025 691,

Represented by Mr. Philippe CHAMINADE, President

Designated hereinafter SAGATRANS,

PARTY OF THE SECOND PART,

20

EX-10.116.1

EXHIBIT 10.116.1

SUMMARY
ARTICLE 1 - PURPOSE	3
ARTICLE 2 - EXCLUSIVITY	4
ARTICLE 3 - SETUP AND EQUIPMENT	4
ARTICLE 4 - MERCHANDISE AND PACKAGING	6
ARTICLE 5 - PROVISIONING AND RECEIPT OF MERCHANDISE	7
ARTICLE 6 - LOGISTICS SERVICES	8
ARTICLE 7 - COMPLEMENTARY SERVICES	9
ARTICLE 8 - RIGHT TO ACCESS	9
ARTICLE 9 - INVENTORY	10
ARTICLE 10 - ORDERS	10
ARTICLE 11 - MERCHANDISE OUTPUT	11
ARTICLE 12 - REMUNERATION	11
ARTICLE 13 - EXTRAORDINARY REVIEWS	12
ARTICLE 14 - RESPONSIBILITIES	13
ARTICLE 15 - INSURANCE	15
ARTICLE 16 - ACTS OF GOD	16
ARTICLE 17 - MANAGING AND ADAPTING THE CONTRACT	17
ARTICLE 18 - TERM	17
ARTICLE 19 - AUTONOMY OF THE PARTIES	17
ARTICLE 20 - CONFIDENTIALITY	17
ARTICLE 21 - BREACH OF CONTRACT	18
ARTICLE 22 - TRANSFER	18
ARTICLE 23 - LIMITS	19
ARTICLE 24 - HEADINGS	19
ARTICLE 25 - PARTIAL INVALIDITY	19
ARTICLE 26 - ELECTION OF DOMICILE	19
ARTICLE 27 - REGISTRATION	19
ARTICLE 28 - JURISDICTION	19

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EXHIBIT 10.116.1

WHICH HAVE AGREED TO THE FOLLOWING BEFOREHAND:

On May 29, 1995, the company SAGATRANS, a company specialized in logistics and the organization of transportation, and the company INTER PARFUMS, a company specialized in the creation, manufacture and marketing of perfumes and cosmetic Products, have signed a Memorandum of Understanding, with retroactive effect to January 1, 1995, under the terms of which INTER PARFUMS has entrusted to SAGATRANS, from its site at Rouen, Leon Maletra street, the management of its cosmetic Products and perfume stock intended for export. This contract was amended on December 18 and 20, 1995, and on June 24, 1997.

In order to meet the needs of the company INTER PARFUMS created by the growth of its activities, and with its decision to entrust SAGATRANS with the storage of its Products bound for the French market as well as those intended for exportation, the parties have agreed to transfer storage of the Products marketed by INTER PARFUMS to a new platform dedicated to INTER PARFUMS' activity.

Therefore, on May 5, 1998, INTER PARFUMS and SAGATRANS signed a contract for the provision of services related to the organization and the execution of operations dealing with reception, storage, preparation of orders for cosmetic and perfume Products marketed by INTER PARFUMS, within a warehouse with 8,000 m(2) of area, (Building A) leased by SAGATRANS on the site of Rouen Vallee de Seine Logistique and dedicated solely to INTER PARFUMS' activities. Startup of the operation began on August 1, 1999.

To meet the needs of INTER PARFUMS, SAGATRANS has secured a lease on a building to be used as a warehouse located near S.C.I. SOGARIS-PORT OF ROUEN VALLEY OF THE SEINE beginning November 21, 2001 with a surface area of around 3,000 m(2) and built as an extension of Building A and to begin operations in July of 2002, and to pursue, together with the Port Authority of Rouen and SOGARIS, a study for a project for implementation of a new warehouse with a surface area of around 6,000 m(2) on the same site.

In the current of the year 2003 and 2004, the parties met regularly to examine the ways and means necessary to meet the needs caused by the growth announced by INTER PARFUMS. After concluding the various studies, the parties have agreed to provide a new extension of the storage capacities on the site of the ROUEN VALLEY OF THE SEINE. And to sign this contract which, from the date it goes into effect, will involve the cancellation of the contract dated May 5, 1998 and its amendments.

WHICH HEREBY AGREE TO THE FOLLOWING:

ARTICLE 1 - PURPOSE

INTER PARFUMS entrusts to SAGATRANS, which accepts, under the terms and conditions made know hereafter, the organization and execution of operations related to the reception, storage, and preparation of orders for Products hereafter defined in article 4, intended for the national market and exportation.

SAGATRANS commits to set up and adapt the structure, equipment, personnel and materials necessary for carrying out the service entrusted and required by the company INTER PERFUM under the conditions of these presents.

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EXHIBIT 10.116.1

ARTICLE 2 - EXCLUSIVITY

INTER PARFUMS entrusts to SAGATRANS exclusivity in the storage operations for the end Products hereafter defined ("Products") and of the logistics described in the present contract to the exclusion of all other complementary services. The Parties agree that this exclusivity is authorized and accepted as long as SAGATRANS, during the term of this contract, is able to offer to INTER PARFUMS the structure, equipment, personnel and materials necessary to meet INTER PARFUMS' storage demand capacity, in accordance with current law in force.

The parties expressly agree that notwithstanding this exclusivity, INTER PARFUMS reserves the right, should circumstances require it, and especially in an emergency, in the case of factories located abroad that produce promotional articles, to handle forwarding its Products using its own means from the factories and consequently to exclude the sales turnover related with this order from the calculation of SAGATRANS' remuneration, as defined in article 12.

ARTICLE 3 - SETUP AND EQUIPMENT

3.1. STORAGE AREAS

SAGATRANS has in place and on the site of ROUEN VALLEE DE SEINE LOGISTIQUE a property with the structure sufficient to carry out the service entrusted and required by INTER PARFUMS and that shall permit:

- Storage of the Products entrusted to them by INTER PARFUMS at ambient temperature (above freezing) in Warehouse A,

- Preparation of the orders (picking) for France and those for exportation

- The ability to ensure administrative management of the operations in the offices contiguous to warehouse A

In order to respond to the request of INTER PARFUMS to increase storage capacities, SAGATRANS hereby commits to lease, near the SCI constituted between the Port Authority of Rouen and SOGARIS or any other entity which it may act as a substitute, the new storage areas located on the public land on the site of Rouen Vallee de Seine Logistique.

At the current state of the construction project presented by the Port Authority, the additional storage areas could be put into operation by October 1, 2005. It is agreed that SAGATRANS, which INTER PARFUMS expressly accepts, shall not be held responsible for any delays in the construction to be carried out by the Port Authority of Rouen and/or the above mentioned SCI; and that consequently the realization of this work upon which the effective introduction of the extension depends, may carry no consequence regarding responsibility within the existing framework of the contractual relationship between INTER PARFUMS and SAGATRANS. Nevertheless, SAGATRANS will make its best effort to implement all necessary resources at the disposition of the SCI in order to ensure, as far as possible, the preparations for operation of the aforementioned supplementary storage areas within the expected time.

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EXHIBIT 10.116.1

SAGATRANS agrees to immediately inform INTER PARFUMS of any incident likely to call into question or delay the construction of the building, in order to allow the parties to consider new solutions.

Once the additional storage areas are operational, which is planned to take place on October 1, 2005, SAGATRANS will be able to offer INTER PARFUMS a storage capacity of 14,000 pallets (100 x 120 base) on the site of PORT DE ROUEN VALLEE DE SEINE LOGISTIQUE distributed between building A and building B, built and designed in conformity with the current law in force regarding these types of facilities and environmental protection. Building B shall be equipped with a sprinkling system adapted to the nature of the Products and their storage method. SAGATRANS is committed to increasing, throughout the term of this contract, its storage capacity to 20,000 pallets (100 x 120 base) as INTER PARFUMS' needs evolve linked to the development of its activities and as outlined in Annex 1 of these presents.

3.2. EQUIPMENT

SAGATRANS shall make available all equipment necessary to carry out the services defined in the present contract and in particular:

- a set of pallet racks which are able to accommodate pallets measuring 100 x 120,

- specific equipment (dynamic) to prepare orders for France including a heat shrink tunnel,

- a stretch film wrapper for pallets,

- a set of forklifts adapted to the storage arrangement.

It is agreed that SAGATRANS shall increase or supplement its equipment in order to ensure optimal management of the Product storage entrusted to it by INTER PARFUMS under this contract.

3.3. COMPUTER INSTALLATION

SAGATRANS has obtained a computer program specific to stock management, which it reserves the right to modify subject to prior agreement with INTER PARFUMS, and for which new functionalities, in particular as regards radio frequency and identification of parcels, will be in operation by January 31, 2005. SAGATRANS will implement all of these, in order to keep any disruption resulting from the modifications at a minimum, and should not involve any important function in the data processing.

A computer link shall be established between SAGATRANS and INTER PARFUMS in order to allow the latter to directly transmit its orders to SAGATRANS, to know the whereabouts of the stock, track order preparation, and packing lists.

SAGATRANS commits to perform updates of the new versions of the computer except for specific functions, which shall be subject to specific terms and conditions and to a special agreement between the parties.

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EXHIBIT 10.116.1

In the event of dysfunction of any nature involving this computer application, SAGATRANS shall commit to carry out or shall have any and all maintenance carried out that might be necessary to make the system operational as soon as possible, especially, to benefit INTER PARFUMS with maintenance deadlines, SAGATRANS should provide support with computer maintenance providers that are nearby. All requests must be attended to within a maximum of 24 business hours.

At the end of the contract, the computer application provided by SAGATRANS will remain the property of SAGATRANS. Consequently, INTER PARFUMS commits to restoring said application to SAGATRANS, as well as the modem, interface and all other materials belonging to SAGATRANS, upon the first request from the latter. At the end of the contract, SAGATRANS will put automatically terminate the computer link.

3.4. SUITABILITY OF THE RESOURCES IMPLEMENTED

INTER PARFUMS confirms that in the current state of development of its activities and the nature of the entrusted Products, the storage areas, facilities and equipment described above are necessary and sufficient to fulfill the services which it hereby entrusts to SAGATRANS and is particularly adapted to the conservation, maintenance, and processing of the flow of merchandise.

Respect for the date established by the parties and that were used as a basis for dimensioning the resources implemented was an essential point of this contract.

ARTICLE 4 - MERCHANDISE AND PACKAGING

4.1. INTER PARFUMS entrusts SAGATRANS with the following finished Products:

o perfumes,

o cosmetics and body care products,

o soaps, shampoos and other body cleansing products,

o spray conditioning products,

o in addition to the whole range and line of cosmetic or perfumery products as well as all accessories marketed by INTER PARFUMS, with the exception of packaging items such as pumps, stickers, bottles, caps, cases, boxes, concentrates, extracts, labels.

The parties agree that the brands assigned to the entire line of Products entrusted to SAGATRANS are all the brands marketed by INTER PARFUMS at the date of signature of this contract, with the express exception of LANVIN product sales intended for export which shall be entrusted to SAGATRANS once building B is in operation.

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EXHIBIT 10.116.1

The parties expressly exclude from this contract all products the storage of which (due to their nature and quantity) is not validly authorized by the Magisterial Decrees handed down in reference to categories 1510 (covered warehouse), 1430 (flammable liquids) in accordance with the regulation of facilities classified for the environmental protection which include the warehouses located on the site of the ROUEN VALLEY OF THE SEINE.

It is expressly specified that, in accordance with the Magisterial Decrees handed down an material to the framework of the regulation of facilities classified for environmental protection, the volume of alcohol contained in stored flammable liquids must not exceed 400 m3 in Warehouse A and 100 m(3) in Warehouse B. In the event the volume authorized is exceeded, the parties will act in concert to find methods of storage for the surplus of the Products concerned.

4.2. The Products are packaged on pallets covered with plastic film, indicating the number of boxes contained in each pallet, and the boxes shall indicate the number of Products which they contain.

4.3. INTER PARFUMS shall be responsible for providing all information to SAGATRANS on the characteristics of the Products and especially regarding their classifications, the volume of alcohol contained, any inherent storage restrictions in certain Products and incurred risks.

SAGATRANS shall not be held responsible for the consequences of incomplete or erroneous information, especially in regards to the nature and the composition of the Products.

SAGATRANS shall have the power to undertake a transfer of the goods (subject of an erroneous or incomplete statement) to a suitable location, that is to say to undertake reshipment, in the event said risk is likely to compromise the safety of its activities, its personnel or third parties.

SAGATRANS shall have the right to refuse the entry of the goods which, due to their state or their nature, would be in manifest infringement of current laws and regulations in force.

ARTICLE 5 - PROVISIONING AND RECEIPT OF MERCHANDISE

5.1. The company INTER PARFUMS shall only handle the management of the warehouse supply goods. It shall remain the responsibility of the company INTER PARFUMS to make sure that stock thus generated always be sufficient, in quantity as well as in assortment, to make it possible for SAGATRANS to prepare the INTER PARFUMS orders that go through to them.

INTER PARFUMS shall communicate a supply plan for the W+1 week to SAGATRANS so that they can ensure that the goods are received under optimal conditions.

As such, SAGATRANS shall not be held responsible for the breakage of the stock which is entrusted to them in this way.

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EXHIBIT 10.116.1

5.2. SAGATRANS shall be in charge of receiving and unloading the goods delivered to them from Monday to Friday, from 7:30 a.m. to 11:30 a.m. and 1:30 p.m. to 5:15 p.m.

5.3. SAGATRANS shall check the apparent state of the pallets and the boxes as well as the quantity delivered, shall reserve all rights with regard to the shippers in the event of damages, of certifiable breakage or missing items, the claim letter shall be written within the usual timeframe and all the necessary documents shall be transmitted to INTER PARFUMS in order for them to file a request for compensation from the shippers.

SAGATRANS shall immediately notify the company INTER PARFUMS of these incidents.

SAGATRANS will also carry out a quantitative and qualitative checking of the contents by opening of a delivered box and will inform INTER PARFUMS immediately of the inconsistencies recorded by comparing it against the delivery order.

In the event of significant damage, SAGATRANS shall have the right to require that INTER PARFUMS enlist the services of an expert in order to retain their rights with regard to its suppliers and/or transporters, given that that the transfer of responsibility is carried out during unloading.

5.4. It is expressly agreed that SAGATRANS shall not be held responsible for errors and/or breakages, no matter what the reason may be, that have occurred because of the shipper responsible for transporting these goods.

5.5. The Products shall be received on non-returnable pallets and packing.

ARTICLE 6 - LOGISTICS SERVICES

6.1. SAGATRANS will perform the following logistic services for the account of INTER PARFUMS:

- Unloading of the goods;

- Reception of the goods under the conditions outlined in articles 5.3 and 5.4

- Storage and conservation of the goods at ambient temperature (above freezing);

- Management of stock (control, inventory, first in

- first out, according to the manner of management retained by INTER PARFUMS); - Preparation of orders in accordance with the instructions from INTER PARFUMS and breakdown of the pallets used;

- Computer management of stock that allows the INTER PARFUMS company to track their own inventory.

6.2. All goods entrusted by the INTER PARFUMS company remain the property of the latter. Nevertheless, SAGATRANS agrees to give the Products the same care that it would give to objects belonging to them personally.

SAGATRANS is independent in its management. It accepts the responsibility of managing the stock of the INTER PARFUMS company by devoting to it all the care necessary, it is understood that the two parties agree to optimize the management of the stock through thoughtful organization.

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EXHIBIT 10.116.1

The computer management installed by SAGATRANS makes it possible for INTER PARFUMS to supervise the regular rotation of its stock.

6.3. If a product or several Products were not to be referred to by INTER PARFUMS any more, or were to remain in the warehouse for more than six (6) months with no inventory turnover, SAGATRANS would notify INTER PARFUMS and ask what possible provisions should to be taken as for their transfer to another SAGATRANS site located in Normandy.

SAGATRANS cannot be held responsible for the obsolescence of the Products in the warehouse that have reached their final sell-by dates. SAGATRANS may in no case be held responsible for the cost of the disposal of such Products.

ARTICLE 7 - COMPLEMENTARY SERVICES

SAGATRANS would be amenable to carrying out several services other than those given in article 6, at the request of INTER PARFUMS. Those would be the following, specifically:

o Extraordinary operations regarding inventory control or order preparation consisting of repackaging of Products; modification of and/or adding labels to the Products, coding and specific verification of the contents of the boxes or bottles (in addition to the usage checks at the time the Products are received and unloaded), verification of product returns of an exceptional nature;

o Routing of Products at the departure or the destination or from the SAGATRANS warehouse(s);

o Transporting of goods to other INTER PARFUMS sites and/or within France.

These services shall be subject to separate invoicing. The costs and methods of payment and execution shall be established beforehand in writing by mutual agreement between the parties, on a case by case basis, and in particular the planning of these exceptional operations, so that they do not upset the priority of processing orders intended for exportation and the French market.

ARTICLE 8 - RIGHT TO ACCESS

INTER PARFUMS shall enjoy free access to the SAGATRANS warehouse, provided, for reasons of safety, it advises SAGATRANS beforehand of all visits and it will be necessary that they be accompanied by a representative of SAGATRANS during the entire visit. These visits must take place during the hours the establishment is open and only on business days.

At the time of these visits, INTER PARFUMS may not be accompanied by third parties that are non-members of their group without authorization from SAGATRANS.

Access to the warehouses by third parties that are partners of INTER PARFUMS, in order for them to take samples, needed for performing expert testing or to carry out various control operations must be done under the same conditions as those which are described above in this article.

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EXHIBIT 10.116.1

ARTICLE 9 - INVENTORY

An annual cross-inventory will be carried out for the entire lot of the Products present in warehouse at the end of the fiscal year.

Moreover, the first business day of each month, an inventory will be carried out by SAGATRANS on 20 to 30 exportation order categories and 10 to 15 France order categories which will be selected by INTER PARFUMS. The inventories will be done by comparing physical stock with the SAGATRANS computer record of the stock.

The parties agree to use an accounting procedure for Products chosen by way of a mutual agreement and which is annexed to these presents under number 2.

ARTICLE 10: ORDERS

The company INTER PARFUMS shall send its orders to SAGATRANS by computer connection by specifying the references, and quantities of Products which make up the orders to be prepared, as well as the manner to prepare the order, the destination, the recipient of the goods, the method of transportation considered and date it will leave the warehouse.

However, finalized orders are systematically communicated to INTER PARFUMS who, in the event of a disagreement, must make known it to SAGATRANS at least 48 hours before the departure of the order. If notice of disagreement is not received, the order will be considered in order with the requirements of the INTER PARFUMS company.

Orders will be prepared according to the FI-FO rule (first in - first out) unless written instructions to the contrary from INTER PARFUMS are received.

SAGATRANS is committed to processing the orders within D+1 for France and D+3 for exportation. Respecting these deadlines implies that the orders sent by INTER PARFUMS systematically and that SAGATRANS will be given three weeks notice of all exceptional operations, except seasonal events, thus allowing the setup of additional methods.

Pallets, boxes, containers or other packing are ordered by SAGATRANS after reaching an agreement with INTER PARFUMS that will reflect INTER PARFUMS' needs in regards to orders that are requested from and invoiced directly to INTER PARFUMS.

Orders prepared at the request of INTER PARFUMS and that remain in the warehouse for longer than two months, will be, if SAGATRANS considers it to be useful, and after reaching a prior agreement with INTER PARFUMS, placed in other warehouses on standby to later be removed.

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EXHIBIT 10.116.1

ARTICLE 11 - MERCHANDISE OUTPUT

Orders will leave in boxes, on full pallets (complete with origin or reconstituted) or in containers, according to instructions given by INTER PARFUMS. Preparation of the boxes or pallets will be carried out by SAGATRANS as well as loading the containers. SAGATRANS shall be in charge of placing the shipping labels on the boxes and parcels prepared.

SAGATRANS will oversee loading of the trucks upon request of INTER PARFUMS. Loading leaving the warehouse will be performed, from Monday to Friday, from 7:30 a.m. to 11:30 a.m. and 1:30 p.m. to 5:30 p.m. A truck loading schedule shall be agreed upon, so that the lead time is reduced to a minimum.

ARTICLE 12 - REMUNERATION

12.1. Remuneration of SAGATRANS, which shall be applicable beginning January 1, 2005, shall be calculated as a percentage of the sales turnover realized by INTER PARFUMS according to following conditions, remembering that the total amount of sales turnover may not include sales turnovers realized on orders dispatched directly by INTER PARFUMS in accordance with article 2 and article 4.1:

12.1.1. EXPORT SERVICES
EXPORT SALES TURNOVER	REMUNERATION
TAX-FREE	TAX-FREE
Up to 100,000,000 Euros	1.85% of export sales turnover
From 100,000,000 to 150,000,000 Euros	1.60% of export sales turnover
From 150,000,000 to 200,000,000 Euros	1.50 % of export sales turnover
More than 200,000,000 Euros	1.40 % of export sales turnover

12.1.2. SERVICES IN FRANCE

20 % OF FRENCH TAX-FREE SALES TURNOVER

12.2. However, INTER PARFUMS guarantees a minimum annual remuneration to SAGATRANS, the amounts of which shall be set as follows:

Year 2005:    (euro) 2,100,000 Tax-Free

Year 2006:    (euro) 2,600,000 Tax-Free

Year 2007:    (euro) 2,600,000 Tax-Free

Year 2008:    (euro) 2,700,000 Tax-Free

Year 2009:    (euro) 2,800,000 Tax-Free

Year 2010:    (euro) 2,900,000 Tax-Free

Year 2011:    9/12 * (euro) 3,000,000 Tax-Free

12.3. SAGATRANS will establish a monthly invoicing system for a lump sum amount fixed at (euro) 210,000 in the year 2005 and at 1/12 of the amount of the minimal annual remuneration for the following years.

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EXHIBIT 10.116.1

Monthly invoices will be payable by check at 60 days from the date of the invoice, which shall be issued on the due date.

12.4. Remuneration due SAGATRANS will be paid semi-annually according to the sales turnover realized by INTER PARFUMS originating from the SAGATRANS warehouses. The net sales turnover, without tax, carried out in France and by exportation, after deducting the returned Products, will be made known through a certified affidavit issued by the Auditors of the INTER PARFUMS Company, and will be provided within 30 days after books are closed in the six-month period in which payment will be made. If the calculated amount, as indicated in article 12.1.1 is higher than the lump sum amount mentioned in article 12.3 for the six-month period contemplated, SAGATRANS shall establish an invoice representing the difference between the two amounts, payable upon receipt.

12.5. The remuneration referenced in article 12.1. covers all services performed by SAGATRANS, pursuant to the terms of this contract, with the exception of:

o Complementary services referred to in article 7;

o Supplies specific to the processing of INTER PARFUMS operations, to wit:

pallets, boxes for certain orders, plastic film for the pallets coming out of stock, labels, boxes for the preparation of orders within France, labels for hazardous Products, tissue paper to protect bottles in parcels destined for France, steel strapping to close boxes for France, packing peanuts for nonstandard packages, other than all the usual office and computer supplies.

o Possible leasing of containers,

o expenses incurred for express shipping or any other method of fast routing of envelopes or small parcels.

These services shall be subject to separate invoicing payable at 30 days. Costs will be fixed beforehand in writing by mutual agreement between the parties, on a case-by-case basis.

12.6. Any delay of payment shall involve late penalties at the legal rate of interest x 1.5 at prorata temporis for the number of days of delay, the post office date stamp shall serve as verification.

ARTICLE 13 - EXTRAORDINARY REVIEWS

Within the framework of this partnership contract, the parties agree that in the event the information given by INTER PARFUMS changes in such a way that it would cause new constraints to be placed upon SAGATRANS that were not envisaged on the date this contract is signed, for example:

- Changes in the nature and characteristics of the Products,

- Changes in service completion periods,

- Changes to the packaging or handling materials,

- Changes to the computer system,

SAGATRANS may require a revision of the financial conditions of the contract because of the aforesaid changes and resulting constraints in order to maintain the economic equilibrium of this contract.

12

EXHIBIT 10.116.1

In the same way, if new regulations become obligatory, especially regarding warehouse safety, or if significant changes were to be imposed by INTER PARFUMS regarding the storage conditions that would likely affect the economic equilibrium of the contract, an extraordinary revision of the financial conditions would be implemented within a maximum of one month after the date when these events occur.

Also, the INTER PARFUMS company may request an extraordinary revision of the financial conditions of the contract, if a substantial rise in its prices occurs that is not related to increases in the business cycle.

ARTICLE 14 - RESPONSIBILITIES

14.1. SAGATRANS' RESPONSIBILITY AS A WAREHOUSE OWNER Throughout the entire period when storage is provided, SAGATRANS shall be responsible for guarding and conserving both the exterior quantity and exterior quality of the goods and merchandise which are entrusted to him, in the conditions hereafter outlined.

14.1.1. BREAKAGE

14.1.1.1. Any breakage found upon receipt of the goods at the platform will be pointed out immediately by SAGATRANS to the INTER PARFUMS company. As indicated in article 5.4, the INTER PARFUMS company shall conduct its dispute directly with the transporters.

The damaged goods will be unloaded and stored in a specific zone where they will be held at the disposal of the company INTER PARFUMS for a period of 30 days. At the end of this period, if the goods concerned have not been removed or destroyed by the INTER PARFUMS company, they will be destroyed or removed by SAGATRANS at the expense of the INTER PARFUMS company, after having duly informed INTER PARFUMS.

The cost of storing these goods shall be borne by the INTER PARFUMS company under the conditions set forth in article 12.5.

14.1.1.2. Breakage discovered inside the warehouse, and which has occurred because of SAGATRANS shall be stored in a specific area, pointed out to INTER PARFUMS who will invoice SAGATRANS for the breakage at the resale price that was quoted in the last audited stock listing; to which an overhead charge set by mutual agreement between the parties will be added. If these destroyed or damaged goods are part of an order invoiced by INTER PARFUMS, it will be invoiced to SAGATRANS at the selling price invoiced by INTER PARFUMS to its customer.

These goods shall be destroyed at the expense of SAGATRANS.

With the breakage thus noted, the stock is removed from the computer inventory, and will not be included in the determination of the difference to be subtracted from the total as set forth in article 14.1.2.2.

13

EXHIBIT 10.116.1

14.1.2. MISSING MERCHANDISE

14.1.2.1. Any merchandise found missing upon receipt of the goods at the platform will be pointed out immediately by SAGATRANS to the INTER PARFUMS company. As indicated in article 5.4, the INTER PARFUMS company shall conduct its dispute directly with their transporters and/or providers.

14.1.2.2. SAGATRANS may not be held responsible for the contents for the boxes and other packaging since those were prepared, packed and closed under the care of the supplier and the responsibility to check their contents does not lie with SAGATRANS.

SAGATRANS may not be held responsible for missing stock occurring in the warehouse and possibly noted at the time of the inventory, if the difference noted between the physical inventory and computer inventory does not exceed 1.5% (one and one-half percent).

If higher differences were to be noted, after taking a new physical cross-inventory to confirm them, they would be invoiced at the quoted resale price to SAGATRANS as defined in article 14.1.1.2 above.

SAGATRANS is committed however to notifying INTER PARFUMS of all missing Products noticed when opening boxes or other packages when breaking them down in the "picking" zone. In the event a batch is discovered to have a significant number of missing Products, SAGATRANS will have INTER PARFUMS intervene so that it may explore all recourse it has with its supplier.

In such case, the missing Products thus noted would not be retained in the calculation of the difference referred to above.

14.2. SAGATRANS' RESPONSIBILITY REGARDING DISTRIBUTION AND TRANSPORTATION

14.2.1. Responsibility for making substitutions:

SAGATRANS remains fully responsible with respect to INTER PARFUMS as well as with all third parties, for any damages that might be caused to INTER PARFUMS as well as to itself, by its employees or by any person asked assist or to act in their behalf, and will therefore assume the obligation as a result of this contract.

If SAGATRANS becomes liable due to the actions of its subcontractors, it shall be strictly limited to that liability incurred by the subcontractor and calculated in accordance with the provisions set forth by the International Conventions and the national legislation applicable to the subcontractor. When the limits of liability set for the subcontractor do not result from imperative or legal provisions, they shall be considered identical to those applying to SAGATRANS.

14

EXHIBIT 10.116.1

14.2.2. If SAGATRANS becomes personally liable, it shall be limited to:

In the event of losses and damages:

a) All attributable damage to the merchandise during transport regarding losses and harm and for all consequences that may result thereof, with a ceiling on any compensation to be fixed in accordance to current legal or lawful provisions in force and applicable to transportation.

b) In any case, where the damage to the merchandise or any consequences resulting thereof is not due to the action of transportation, at 14 euros per kilogram of gross weight of missing or damaged goods not to exceed, whatever the weight, volume, dimensions, nature or value of the goods concerned, a sum higher than the product of the gross weight of the goods expressed in tons multiplied by 2,300 euros with a maximum of 50,000 euros per event.

For all the other damage, and in particular those caused by a delay in the delivery time agreed upon, reparation due by SAGATRANS, within the framework of its personal liability, shall be strictly limited to the price of the transport of the merchandise (excluding all duties, taxes and incidental fees).

In no case shall this compensation exceed that which is due in the event of loss or of damage of the goods.

INTER PARFUMS shall relinquish and shall make every effort to make the insurers waive any recourse against SAGATRANS beyond the limits defined in this article.

14.2.3. Responsibilities of INTER PARFUMS

INTER PARFUMS remains solely and completely responsible for its declarations to the authorities, for any certification or authorization relating to the detention, importation or distribution of the Products.

ARTICLE 15 - INSURANCE

15.1. INSURANCE OF THE WAREHOUSED GOODS

INTER PARFUMS shall insure itself at its own risks and peril for its own warehoused goods within the framework of this agreement against risk of theft due to burglary, riots, wars, be they declared or not, against water or fire damage, and any other additional risks. INTER PARFUMS will in this way, personally handle all damage or losses that may occur, due to the risks referred to above, to the goods belonging to him, within the framework of the underwritten policies.

Consequently, INTER PARFUMS shall relinquish and shall agree to make the insurers waive any recourse against SAGATRANS and its insurers for disasters covered by insurance taken hereto.

SAGATRANS shall be responsible under the conditions set forth in articles 14.1, for disasters which may occur arising out the cases examined in clause 1, above.

15

EXHIBIT 10.116.1

15.2 INSURANCE FOR SAGATRANS' PROPERTY

SAGATRANS shall be personally responsible for insurance covering all other property belonging to him or that has been placed under its responsibility. SAGATRANS shall relinquish and shall agree to make the insurers waive any right to recourse against INTER PARFUMS and its insurers, including any event of disaster which may occur due to actions of the latter in regards to other stored goods.

15.3 Each of two parties shall purchase insurance policies necessary to provide guaranteed protection against any remaining risks for which they are responsible under the terms of the provisions referred to above. Each party shall pay the premiums and any deductibles due for the insurance policies thus underwritten. The limits of the guarantee of said policies shall not be enforceable against the other party.

The insurance policies shall additionally include an abandonment of the rights of subrogation of the insurers, in favor of the other party.

Each party will provide, upon the first request from the other party, a copy of the insurance certificates justifying possession of the required guarantees.

15.4 - INSURANCE ON TRANSPORTED MERCHANDISE

INTER PARFUMS shall purchase its own insurance covering the merchandise during transport.

ARTICLE 16 - ACTS OF GOD

The following are considered to be Acts of God: All events independent of the will of the parties, when said events intervene after signing the contract and thereby prevent the total or partial execution of it.

In the event an Act of God arises, this contract will be automatically suspended for the entire period of said Act of God, and none of the parties shall be held responsible by the other party of any contractual non-fulfillment due to such an event.

For the application of this clause, the following are regarded as, but are not limited to these events of "force majeure" (Acts of God): A lockout of the platform, fire, mobilization, requisition, embargo, insurrection, war, declared or not, civil war, revolution, riot, sabotage, interruption of transport means, energy restrictions, dealings by any public authority, prohibitions on importations, exportations or the transfer of goods...

The parties shall meet in order to determine by mutual agreement the conditions of arrangements or substitutions that will permit a resumption of the implementation of the contract as soon as possible.

In the event an Act of God occurs preventing the continuation of the contractual relation, the parties hereby acknowledge that this contract would be broken without right to compensation from one party or the other.

16

EXHIBIT 10.116.1

ARTICLE 17 - MANAGING AND ADAPTING THE CONTRACT

The parties agree to meet as needed, in order to examine how to adapt the contract to the any evolution due to economic, technical or regulatory factors.

And more particularly, the parties will meet in the event of major events or of significant changes in the parameters that determined the obligations of one or the other of the parties.

ARTICLE 18 - TERM

This contract shall enter into effect on January 1, 2005, and shall end on September 30, 2011.

The parties agree to consult each other 10 (ten) months before the expiration of the contract, in order to fix the terms and conditions of its possible renewal, and to provide notification of their decision to renew or to not renew this contract, by registered letter with return receipt acknowledgment, 7 (seven) months before September 30, 2011.

It will be renewed at that time for successive periods of 3 (three) years, except if one of the parties renounces this by its decision to not renew, 7 (seven) months before the expiration, by registered letter with return receipt acknowledgment.

It may be ended, under the same conditions, after renewing the contract with an expiration occurring with every 3 (three) years period by providing notice 7 (seven) months in advance.

ARTICLE 19 - AUTONOMY OF THE PARTIES

SAGATRANS shall conduct business, under all circumstances, on its own behalf and shall act as an independent company and with no possibility of representation.

The parties shall assume the entire responsibility of any obligations for which they are charged by reason of these presents. Except by express agreement in writing to the contrary, SAGATRANS has no ability to act in the name of the company INTER PARFUMS and/or to bind it in any manner, and must take all measures required to avoid any confusion of third parties in this respect, and conversely.

ARTICLE 20 - CONFIDENTIALITY

The parties hereby acknowledge that any information which is provided to them and/or which they may collect during the execution of the contract (customers, method of management, and all information of a technical, commercial, and financial nature) shall be of a strictly confidential nature. They do hereby commit, during the period of the contract as well as after its expiration, not to reveal this information to third parties, and to take all required measures necessary, in particular with regard to their personnel, to maintain and guarantee the secrecy of it.

17

EXHIBIT 10.116.1

At the expiration of the agreement, each party shall restore to the other, the documents belonging to him.

ARTICLE 21 - BREACH OF CONTRACT

21.2. Throughout the entire first period, which shall expire on September 30, 2011, this contract may only be terminated for repeated failure of a party in its essential obligations or for failure representing serious damage, that is directly and entirely attributable to one of the parties, thus causing, directly or indirectly, an important commercial loss to the other party, and after a notice is sent by registered letter with return receipt acknowledgment addressed to the party in default has remained unfruitful for one month. For any contractual failure, voluntary or constitutive of a serious fault, the injured party shall have the right to require damages be granted.

Beyond the first period that will expire on September 30, 2011, and in the event of renewal, cancellation will be possible due to non-fulfillment of obligations by one of the parties, and after a notice is sent by registered letter with return receipt acknowledgment addressed to the party in default has remained unfruitful for one month. This contract shall be automatically terminated, without prejudice to the damages which may be claimed from the party in default.

21.3. In the event of a breach of this contract, for whatever reason that may be, the INTER PARFUMS company shall be responsible for making its own arrangements to remove the Products in stock on the platform on the date of this breach.

21.4. In the event of cancellation for any reason that may be, the parties shall commit to an agreement of reciprocal non-disparagement with any third party, since this would possibly harm the reputation and public image of each party as well as their commercial development and the continuation of logistic activities.

ARTICLE 22 - TRANSFER

This contract was negotiated and concluded by each party in consideration of the intuiti personae attachment to the other party. Consequently, no transfer shall be possible without obtaining a prior express agreement in writing from both parties.

The following are to be considered a transfer of the contract: corporate contributions, a merger, a take-over, a transfer of business, a change of majority in the distribution of the authorized capital by one of the parties and generally all operations tending to make changes in the contract assets, except in the case of an internal reclassification within the Group to which each party belongs.

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EXHIBIT 10.116.1

ARTICLE 23 - LIMITS

The fact that either of the parties relinquishes and/or does not prevailing itself upon an unspecified provision of the agreement, will in no case constitute a permanent renunciation applicable to a later violation of this provision, the obligatory character of which shall remain in full and complete force.

ARTICLE 24: HEADINGS

The descriptions or headings of the various articles and paragraphs of this contract were inserted exclusively for reasons of clarity of text and can in no way be considered to define, limit or circumscribe in any way its field of application or the purpose of the article or specific paragraph to which they refer.

ARTICLE 25 - PARTIAL INVALIDITY

In the eventuality that a clause of this contract is declared null or contrary to essential laws or concerning public law and order, the here undersigned parties shall agree to consult with each other to seek in good faith an agreement of a valid clause which shall exert the same effects, inasmuch as possible, as the invalidated clause.

ARTICLE 26 - ELECTION OF DOMICILE

Any notification from one party to another must be made by registered letter with return receipt acknowledgment addressed so as to be delivered to the registered corporate offices of each party.

ARTICLE 27 - REGISTRATION

If one of the parties so requires it, these presents shall be registered at the expense of the requiring party.

ARTICLE 28 - JURISDICTION

Any disagreement relating to the interpretation and the application of this contract shall be under the jurisdiction of the Tribunal of Commerce of Nanterre.

Executed in

On

in two copies

INTER PARFUMS SAGATRANS

PHILLIPE BENACIN PHILIPPE CHAMINADE

19

EX-10.119

SCI 4-6 Rond Point des Champs Elysées/INTER PARFUMS SA

Locaux 4 ème étage droite

VISE POUR TIMBRE ET ENREGISTRÉ A LA RECETTE

DE EUROPE (ILLISIBLE) LE

SERVICE DE L'ENREGISTREMENT

REÇU (ILLISIBLE)

RENOUVELLEMENT DE BAIL COMMERCIAL

Soumis aux Articles L 145.1 à L 145.60 du Nouveau Code de Commerce

et au décret du 30 Septembre 1953

ENTRE LES SOUSSIGNES

- La Société Civile Immobilière du 4/6 Rond-Point des Champs Elysées,

Représentée par : DAUCHEZ , Administrateurs de Biens, Société Anonyme ayant son siège social 132 boulevard Haussmann 75008 PARIS.

Titulaire de la carte professionnelle n o G 989, garantie par la Société Anonyme d'Assurance SOCAMAB ASSURANCES, 18 rue Beaurepaire PARIS 10 ème , ladite société représentée par

Madame Mabé LE CHATELIER,

ci-après dénommée << le Bailleur >>,

d'une part,

ET

- La Société INTER PARFUMS S.A, au capital de 12 816 594,00 euros, immatriculée au Registre du Commerce et des Sociétés de PARIS sous le n o B 350 219 382 dont le siège social est situé 4/6, Rond-Point des Champs Elysées 75008 PARIS,

et représentée aux fins des présentes par Monsieur Philippe SANTI , en qualité de Directeur Administratif et Financier, dûment habilité aux fins des présentes,

ci-après dénommée << le Preneur >>

d'autre part,

PREALABLEMENT AUDIT ACTE, IL EST EXPOSE CE QUI SUIT :

Suivant acte s.s.p. en date à Paris du 30 septembre 1993, enregistré à Paris 8 ème ROULE ARTOIS, le 5 octobre 1993, Bordereau 1081, Folio 1/12, la SOCIETE CIVILE IMMOBILIERE. DU 4/6 ROND POINT DES CHAMPS ELYSEES propriétaire, a consenti un bail à la SOCIETE INTER PARFUMS S.A. pour une durée de TROIS, SIX ou NEUF années à compter du 1er octobre 1993 moyennant un loyer annuel en principal de 121 959, 23 EUROS HT (800 000 Francs HT).

Suivant avenant s.s p. en date à Paris du 3 décembre 1993, enregistré à Paris 8 ème Roule Artois, le 28 décembre 1993, bordereau 1230, Folio 7/1, la SOCIETE CIVILE IMMOBILIERE DU 4/6 ROND POINT DES CHAMPS ELYSEES a consenti à la Société INTER PARFUMS S.A. l'autorisation de domicilier toute société mère existante ou venir à l'immeuble 4/6 Rond Point des Champs Elysées 75008 Paris.

Suivant acte s.s.p par anticipation en date à Paris du 7 août 1996, enregistré à Paris 8 ème ROULE ARTOIS, le 5 septembre 1996, Bordereau 432/2, Folio 83, la SOCIETE CIVILE IMMOBILIERE DU 4/6 ROND POINT DES CHAMPS ELYSEES a consenti par anticipation à la Société INTER PARFUMS S.A. un renouvellement de bail pour une durée de TROIS, SIX ou NEUF années à compter du 1er juillet 1996 moyennant un loyer annuel en principal de 108 528, 45 EUROS HT (711 900 Francs HT).

Suivant acte d'huissier en date du 1er septembre 2004, la SOCIETE CIVILE IMMOBILIERE DU 4/6 ROND POINT DES CHAMPS ELYSEES a fait délivrer à la Société INTER PARFUMS S.A. un congé avec offre de renouvellement à compter du 1er Juillet 2005, pour un loyer annuel en principal proposé à 169.825,00 Euros.

CECI EXPOSE, IL A ETE CONVENU CE QUI SUIT :

Le bailleur, donne à loyer au preneur, qui accepte, les lieux ci-après désignés dépendant d'un immeuble sis au 4-6 Rond Point des Champs Elysées - PARIS 8 ème .

DESIGNATION

Dans un immeuble sis 4-6 Rond Point des Champs Elysées-75008 PARIS

Les locaux situés au quatrième étage droite, d'une surface d'environ 346,50 m 2 , correspondant au lot n o 10 sis à l'angle du Rond-Point des Champs-Elysées et de l'Avenue Franklin Roosevelt et comprenant :

Entrée, réception, quatorze bureaux, deux salles de réunion, une réserve, une cuisine, un bloc sanitaires, rangements, dégagements, tels qu'ils figurent au plan annexé au présent acte.

Ainsi au surplus que les lieux s'étendent, se poursuivent et comportent, avec toutes leurs dépendances, sans aucune exception ni réserve et sans qu'il soit besoin d'en faire ici une plus ample désignation, le preneur déclarant les bien connaître pour les occuper déjà,

Il est précisé que toute erreur dans la désignation ci-dessus ne peut justifier ni réduction ni augmentation du loyer, les parties se référant à la consistance des locaux tels qu'ils se comportent.

DUREE

Le présent bail, qui commencera à courir le 1er Juillet 2005 est consenti pour une durée de trois, six ou neuf ans, qui expireront les 30 Juin 2008, 30 Juin 2011 ou 30 Juin 2014, au choix du preneur seul à charge par lui s'il désire donner congé pour l'expiration de la première ou de la deuxième période triennale de respecter un préavis de six mois.

Tout congé devra être signifié par acte extrajudiciaire.

PRIX

La présente location est consentie et acceptée moyennant un loyer annuel en principal de CENT SOIXANTE HUIT MILLE CINQUANTE DEUX EUROS ET CINQUANTE CENTIMES (168.052,50 euros) , ainsi que la T.V.A., applicable, que le preneur s'oblige à payer au bailleur ou à son mandataire, au domicile de celui-ci, par quart, aux quatre termes ordinaires de l'année, le premier jour de chaque trimestre, de trois mois en trois mois, jusqu'à l'expiration de la location, à terme d'avance.

Ledit loyer sera automatiquement indexé le premier juillet de chaque année en fonction de la variation de l'indice du coût de la construction d'un immeuble tel qu'il sera publié par l'Institut National des Statistiques et des Études Économiques (INSEE) pour le 4 ème trimestre de chaque année.

La première indexation interviendra pour la première fois le 1er Juillet 2006 sur la base de la variation entre l'indice du 4éme trimestre 2004 qui est de 1269 , et celui qu'il publiera pour le 4 ème trimestre 2005, et dans le futur sur la base des indices du 4 ème trimestre de chaque année.

En sus du loyer ci-dessus fixé, le preneur remboursera au bailleur, en même temps que chaque terme de loyer, les différentes prestations et fournitures que les propriétaires peuvent récupérer sur les locataires, en particulier sa part :

· des dépenses municipales (balayage, enlèvement des ordures ménagères) des dépenses d'entretien, des appointements des gardiens, huissier, agents d'accueil, employés d'immeuble, et charges accessoires ;

· des dépenses d'eau froide ;

· SCI 4-6 Rond Point des Champs Elysées/ INTER PARFUMS SA 4

· des dépenses de fonctionnement ;

· des dépenses concernant l'ascenseur qui dessert les étages ;

· des dépenses de climatisation ;

· de la taxe annuelle sur les bureaux et les commerces en Ile de France concernant les lieux loués, si elle est due, au premier janvier de chaque année. Il est expressément convenu que cette taxe sur les bureaux est due par le preneur à partir de l'année 2004,

· De la taxe foncière et de la taxe d'enlèvement des ordures ménagères. Il est expressément convenu que ces taxes sont dues par le preneur à partir de l'année 2004 (prorata temporis).

· de la taxe d'enlèvement des déchets industriels et commerciaux, si elle est due.

Il sera demandé pour le remboursement de ces charges une provision trimestrielle de DEUX MILLE TROIS CENT QUATRE VINGT QUATRE EUROS (2.384,00 euros) , le compte définitif étant établi en fin d'exercice.

Toutefois, la taxe annuelle sur les Bureaux et commerces en Ile de France, la taxe foncière, la taxe d'enlèvement des ordures ménagères et éventuellement celle d'enlèvement des déchets industriels et commerciaux, ne sont pas incluses dans les provisions sur charges ordinaires et sont appelées une fois par an.

Les modalités de répartition des charges pourront être modifiées par voie contractuelle, judiciaire, ou légale.

Tout retard dans le règlement des sommes dues, tant au titre du loyer qu'au titre des charges et accessoires, donnera lieu à des relances dont les frais incomberont au preneur, à savoir : pour la première relance : 10 euros, pour la deuxième relance : 20 euros, suivant les tarifs en vigueur au jour de la signature des présentes.

La somme de 2,00 euros sera demandée chaque mois pour frais d'établissement d'avis d'échéance, suivant les tarifs en vigueur au jour de la signature des présentes.

DEPOT DE GARANTIE

Le preneur versera en outre à la signature des présentes, à titre de complément de dépôt de garantie, la somme de NEUF MILLE QUATRE CENT QUATRE VINGT QUINZE EUROS ET QUARANTE CINQ CENTIMES (9.495,45 Euros) , qui, avec celle déjà versée de TRENTE DEUX MILLE CINQ CENT QUINZE EUROS ET SOIXANTE SEPT CENTIMES (32.515,67 Euros) , formera un dépôt de garantie total de QUARANTE DEUX MILLE TREIZE EUROS ET DOUZE CENTIMES (42.013,12 euros) représentant trois mois de loyers H.T.

A chaque indexation ou révision de loyer, ce dépôt de garantie sera réajusté de telle sorte qu'il corresponde toujours à trois mois de loyers H.T.

Ladite somme sera remboursée au preneur après déménagement et remise des clés, déduction faite des loyers et réparations locatives ou toutes autres sommes pouvant être dues par le preneur au bailleur, ou dont celui-ci pourrait être rendu responsable pour le preneur. Cette somme ne sera en aucun cas productive d'intérêts au profit du preneur.

CLAUSE RESOLUTOIRE

Il est expressément convenu que :

1) A défaut de paiement d'un seul terme de loyer en principal, charges, taxes et prestations, à son échéance convenue, comme au cas d'infraction ou d'inexécution d'une des conditions générales ou particulières prévues au bail, un mois après un simple commandement demeuré infructueux, malgré toutes offres ultérieures de payer ou d'exécuter, la présente location sera résiliée de plein droit, si bon semble au bailleur, sans qu'il soit besoin d'aucune formalité judiciaire autre qu'une simple ordonnance de référé rendue par M. le Président du Tribunal de Grande Instance prononçant l'expulsion, ladite ordonnance ayant pour objet, non de prononcer la résiliation qui a lieu de plein droit si bon semble au bailleur, mais d'en assurer l'exécution.

2) Au cas de résiliation prévue au paragraphe premier de la présente clause résolutoire, les sommes versées au bailleur à titre de dépôt de garantie lui seront acquises à titre d'indemnité, sans préjudice de tous dépens et de tous dommages et intérêts.

3) En cas de non-paiement de toute somme due à son échéance ou d'inexécution d'une des conditions générales ou particulières prévues au bail et dès le premier acte d'huissier, le preneur devra de plein droit payer en sus, outre les frais de recouvrement y compris la totalité du droit proportionnel dû à l'huissier de justice, une pénalité égale à 10% (dix pour cent) du montant de la somme due pour couvrir le bailleur tant des dommages pouvant résulter du retard dans le paiement que des frais, diligences et honoraires exposés pour le recouvrement de cette somme. Cette pénalité s'ajoute à l'intérêt légal dû à compter du commandement.

CONDITIONS GENERALES

Le présent bail est consenti et accepté sous les charges ordinaires de droit, suivant l'usage des lieux, et en outre aux conditions suivantes que le preneur s'oblige à exécuter ou supporter à peine de résiliation, sans pouvoir prétendre à aucune indemnité ni diminution de loyer, ni sans aucun recours contre le bailleur ni contre son assureur.

1 o Prise de possession : De prendre les lieux loués dans l'état où ils se trouvent actuellement sans pouvoir exiger du bailleur aucune mise en état ni aucune réparation quelconque, le gros oeuvre des murs et planchers étant seul à la charge du bailleur.

2 o Fermeture - Couverture : De ne pouvoir réclamer d'autres fermetures ni serrures que celles existant actuellement, le preneur déclarant renoncer à tous recours contre le bailleur ou contre son assureur, au cas de vol ou d'effraction dans les lieux loués.

De supporter la dépose définitive de persiennes ou volets, au gré du bailleur, sans indemnité.

De ne pouvoir placer sous les châssis, vitres, verrières ou plafonds en béton translucide s'il en existe, des objets, machines, etc. pouvant être endommagés par des fuites d'eau, le bailleur déclinant toute responsabilité au cas de dégâts pouvant en résulter à raison de la nature même de ce mode de couverture dont l'étanchéité n'est pas garantie.

3 o État des lieux et entretien : D'entretenir les lieux loués, pendant toute la durée du bail, en bon état de réparations locatives, et de faire, en conséquence, exécuter à ses frais toutes réparations d'électricité, de robinetterie, serrurerie, fumisterie, plomberie, chauffage central, menuiserie, peinture, fenêtres et volets, etc., en un mot tous travaux qu'il serait nécessaire de faire effectuer dans les lieux, même le remplacement total ou partiel.

Seul le gros oeuvre des murs et planchers (au sens de l'article 606 du Code Civil) restera à la charge du bailleur.

De rendre à la fin de la location les lieux loués dans le même état que celui dans lequel l'état des lieux dressé lors de la prise de possession montrera qu'ils se trouvaient au début de la location.

A l'expiration de la location, il sera dressé un autre état des lieux indiquant les réparations locatives pouvant être dues par le preneur. Ledit preneur devra en régler le montant.

4 o Travaux par le preneur - Embellissements - Améliorations : De ne pouvoir, sans le consentement exprès et par écrit du bailleur, rien changer dans la distribution des lieux loués, notamment en ce qui concerne l'affectation donnée aux différentes parties des lieux loués.

De ne pouvoir faire aucun changement, installation, démolition, percement de murs, cloisons, planchers, ni scellement sans le consentement exprès et par écrit du bailleur.

De ne pouvoir faire exécuter ces travaux, s'ils étaient autorisés par le bailleur, qu'après l'approbation et sous la direction de l'architecte du bailleur, dont le preneur paierait les honoraires.

De laisser à la fin de la location si bon semble au bailleur, sans indemnité, les changements et travaux ainsi exécutés.

De laisser également tous décors, embellissements, armoires fixées aux murs, conduites de gaz, d'eau et d'électricité, que le preneur pourrait faire installer et, en général, toutes installations et tous embellissements devenant immeubles par destination, à moins que le bailleur ne préfère que les lieux soient rétablis, aux frais du preneur et sans indemnité, dans leur état primitif.

De ne pouvoir surcharger les planchers des lieux loués, sans en avoir au préalable complété la solidité au moyen de mesures que préconiserait l'architecte du bailleur, sous les ordres duquel les travaux devraient d'ailleurs être exécutés, aux frais du preneur.

De supporter les frais d'une modification éventuelle des lieux loués qui pourrait être exigée par une quelconque administration, même si cette exigence était imprévisible et constitutive, par suite d'un fait de force majeure.

5 o Travaux dans l'immeuble - Visite des Lieux - Canalisations : De souffrir, sans aucune indemnité, ni diminution de loyer, les travaux que le bailleur jugerait nécessaire de faire exécuter dans les lieux loués, ou dans l'immeuble dont ils dépendent, leur durée excéderait-elle quarante jours.

Le bailleur se réserve la faculté, au besoin par dérogation à l'Article 1723 du Code civil, d'apporter toutes les modifications qu'il jugera à propos, tant à l'aspect extérieur qu'à l'intérieur de l'immeuble dont dépendent les locaux loués, à l'exclusion des lieux présentement loués.

De laisser passer par les lieux loués, si besoin était, pour procéder au nettoyage des cours, courettes, visites des contrepoids d'ascenseur ou autres travaux nécessaires à la bonne tenue de l'immeuble ou au fonctionnement de tous appareils.

De supporter, sans aucune indemnité, ni diminution de loyer, tous les travaux que le bailleur estimerait devoir subir ou serait forcé de subir, ainsi que toutes constructions ou démolitions voisines, tous bouchements de cours, courettes ou jours de souffrance.

De laisser traverser ses caves par toutes canalisations nécessaires.

De déposer à ses frais et sans délai tous coffrages et décoration ainsi que toutes installations qu'il aurait faites et dont l'enlèvement serait utile pour la recherche et la réparation des fuites de toute nature, de fissures dans les conduits de fumée et de ventilation, notamment après incendie ou infiltrations, et en général pour l'exécution de travaux.

Au cas où des travaux s'avéreraient nécessaires sur toutes canalisations, le bailleur se réserve la possibilité de remplacer les canalisations encastrées par des canalisations apparentes.

En cas de travaux, constructions, vente de l'immeuble par parties ou en totalité, le bailleur pourra modifier la répartition des caves et procéder à un échange de locaux.

De laisser le bailleur, son architecte et leurs représentants pénétrer dans les lieux loués chaque fois qu'ils le jugeront utile; ces derniers veillant à prévenir le preneur 24 heures à l'avance (sauf urgence).

6 o Expropriation : De ne pouvoir exiger du bailleur aucune indemnité ni diminution de loyer si, pendant la durée du présent bail, l'immeuble dont dépendent les lieux présentement loués venait être démoli en totalité ou en partie par suite de retranchement, reculement ou expropriation pour cause d'utilité publique, sauf bien entendu le recours du locataire contre les parties expropriantes.

7 o Garnissement : De tenir les lieux loués constamment garnis de meubles, marchandise, objets mobiliers en quantité et de valeur suffisante pour répondre du paiement des loyers et de l'exécution des charges et conditions du bail.

De maintenir dans les lieux loués une activité commerciale constante, sans pouvoir sous aucun prétexte, sauf la fermeture normale pour congés payés cesser, même momentanément, de les employer à la destination ci-dessous indiquée.

Tout déménagement partiel anticipé est interdit au preneur qui, dans tous les cas, ne pourra quitter les lieux loués qu'après l'entière exécution des obligations prévues au présent acte.

8 o Assurances : Perte de la chose louée, recours et assurances

8 - 1 - biens propriété du preneur

Le preneur assurera et maintiendra assurés pendant toute la durée du bail contre les risques d'incendie, d'explosion, dégâts des eaux, destruction, les meubles, objets mobiliers, matériels et de manière générale tout ce qui est sa propriété à l'intérieur des locaux, y inclus les agencements, renonçant à tout recours à l'encontre du bailleur dans l'hypothèse où les meubles, objets mobiliers, matériels, agencements ou autres seraient endommagés partiellement ou totalement.

Le preneur s'engage à imposer à son assureur la même renonciation à recours à l'encontre de son bailleur.

8 - 2 - vis-à-vis des tiers

Le preneur devra également s'assurer contre le recours de tous tiers, renonçant également à tout recours contre le bailleur si par le fait d'un tiers les biens qui sont sa propriété sont partiellement ou totalement endommagés ou encore s'il doit interrompre momentanément ou totalement son activité.

Le preneur s'engage à imposer cette même renonciation à recours à son assureur.

8 - 3 - biens propriété bailleur

Le bailleur assurera l'immeuble et tous les éléments d'équipement ou autres devenus immeuble par destination contre les risques d'incendie, d'explosion, dégât des eaux, destruction partielle ou totale pour quelque cause que ce soit et ce, en valeur reconstruction à neuf.

Le bailleur, dans l'hypothèse d'un sinistre, renonce à tous recours à l'égard du preneur, il s'engage à imposer à son assureur la même renonciation à l'encontre du preneur.

Le preneur remboursera au bailleur toute surprime née des activités exercées, s'obligeant en outre à communiquer tous les éléments permettant de connaître les biens devenus immeuble par destination, sauf à engager sa responsabilité vis-à-vis du bailleur et dans l'hypothèse d'un sinistre à réparer le préjudice subi par le bailleur en cas d'insuffisance de garantie.

Dès lors que les primes seraient établies pour une garantie concernant la totalité de l'immeuble, à l'exception de la surprime née des activités exercées dont la totalité demeure en toute hypothèse à la charge du preneur, la quote-part due par le preneur serait celle rappelée à l'article 4.1.9, savoir :

8 - 4 - renonciations réciproques

Les parties s'obligent compte tenu des renonciations ci-dessus rappelées, à se notifier dans le délai de deux mois et à compter de la prise d'effet des présentes leurs polices d'assurances, lesquelles établies en fonction de leurs obligations respectives devront :

pour le preneur, stipuler que lui-même et ses assureurs renoncent, en cas de sinistre couvert par les garanties prévues aux articles 8-1 et 8-2, à tout recours contre le bailleur et ses assureurs.

pour le bailleur, stipuler que lui-même et ses assureurs, pour les garanties prévues à l'article 8-3 renoncent à tout recours contre le preneur et ses assureurs.

Ces renonciations à recours seront réciproques de telle sorte que sous réserve de la renonciation à recours de la part du preneur et de ses assureurs, le bailleur et ses assureurs renoncent pour les mêmes sinistres, à tout recours qu'ils seraient fondés à exercer contre le preneur et ses assureurs et que sous réserve de la renonciation à recours de la part du bailleur et de ses assureurs, le preneur et ses assureurs renoncent pour les mêmes sinistres à tout recours qu'ils seraient fondés à exercer contre le bailleur et ses assureurs,

9 o Contributions - Salubrité : De satisfaire à toutes les charges de ville et de police dont les locataires sont ordinairement tenus.

De se conformer à toutes les prescriptions de l'autorité compétente pour cause d'hygiène et de salubrité publique.

D'acquitter exactement toutes contributions et taxes pouvant lui incomber personnellement. De justifier, avant son déménagement, au bailleur ou à son mandataire du règlement de ses contributions par le reçu du Percepteur.

De supporter, pendant la durée de la location, sa part de tous impôts et taxes d'État, de département ou de ville, sous quelque forme qu'ils soient créés, perçus ou non sur le propriétaire.

10 o Règlement intérieur : De ne pouvoir rendre le bailleur responsable des interruptions qui pourraient se produire dans les services d'eau, gaz, électricité ou tout autre service public, ou des restrictions qui pourraient, éventuellement, être imposées par les pouvoirs publics aux divers services de l'immeuble.

D'entretenir normalement les canalisations intérieures d'alimentation ou d'écoulement d'eau, ainsi que toutes canalisations de gaz et d'électricité, le bailleur ne devant jamais être inquiété à ce sujet et le preneur n'utilisant ces canalisations qu'à ses risques et périls.

Le preneur devra en prenant possession des lieux, faire exécuter les travaux éventuellement nécessaires pour mettre l'installation électrique propre aux lieux loués, en conformité aux règlements en vigueur.

De faire ramoner à ses frais, par un fumiste qualifié, autant que besoin sera, les cheminées et conduits de fumée dépendant des lieux loués.

Le bailleur ne garantit pas leur état et le preneur ne pourra les utiliser qu'à ses risques et périls. Il ne pourra jamais demander leur remise en état. Il ne pourra y brancher aucun poêle ou radiateur.

De ne rien déposer, ni laisser déposer, dans le vestibule de l'entrée de l'immeuble, les couloirs, escaliers, et d'une façon plus générale, toutes parties communes de l'immeuble qui sont formellement exclues de la présente location.

De ne pouvoir placer ni des fleurs, ni des objets quelconques aux fenêtres aussi bien sur rue que sur cour.

De respecter les conditions imposées par tout organisme créé entre propriétaires ou occupants de l'immeuble, éventuellement avec la participation des propriétaires ou occupants des immeubles voisins.

D'observer rigoureusement les usages établis à Paris en matière de voisinage. D'éviter à ce sujet tous bruits, odeurs ou autres causes de gêne pour les autres occupants de l'immeuble ou des immeubles voisins.

De veiller à ce que les équipements de ventilation tels que hottes aspirantes, extracteurs, conduits, etc. répondent aux normes requis pour l'activité autorisée par le présent bail, et que ces équipements soient maintenus en parfait état de fonctionnement ; de telle sorte que le bailleur ne soit en aucun cas inquiété par des gênes occasionnés au voisinage, sous forme de fumées, odeurs, trépidations de machinerie, ou autres bruits.

De veiller à ce que son personnel ne stationne pas dans les parties communes de l'immeuble, de lui interdire tous cris ou bruits quelconques, notamment au moment des entrées et sorties, de telle sorte que la tranquillité de l'immeuble ne soit pas troublée par leur présence.

De ne pouvoir avoir aucun animal malpropre ou bruyant.

De se substituer au bailleur sur toutes réclamations qui pourraient être élevées par un voisin, le bailleur ne devant jamais être inquiété à ce sujet.

De ne faire en aucun cas de vente publique dans les lieux loués, même après faillite ou liquidation judiciaire.

Lorsque le preneur aura reçu ou donné congé, et dans les six derniers mois de la location, le bailleur pourra faire mettre un écriteau sans gêne pour le preneur, à l'emplacement de son choix, indiquant que les lieux sont à louer. Le preneur devra laisser visiter tous les jours ouvrables de 10 heures à midi et de 14 heures à 17 heures, en prévenant à l'avance. Il en sera également ainsi en cas de mise en vente des lieux loués.

11 o Chauffage : Il existe dans les lieux loués une installation de chauffage privative.

Le preneur devra supporter directement, sans que le bailleur n'ait jamais à intervenir de quelque manière que ce soit, la charge entière de l'installation de chauffage, de son remplacement total ou partiel, de manière à laisser, à son départ, lesdites installations en bon état de fonctionnement.

11 o bis : Climatisation :

Dans le cas où une installation de climatisation privative serait mise en place dans ses locaux, le preneur devra supporter directement, sans que le bailleur n'ait jamais à intervenir de quelque manière que ce soit, la charge entière de cette installation de climatisation dans ces locaux, de son remplacement total ou partiel, de manière à laisser, à son départ, lesdites installations en bon état de fonctionnement

12 o Ascenseurs : De ne pouvoir utiliser l'ascenseur qu'à ses risques et périls, et en se conformant aux prescriptions édictées à cet effet par l'entreprise chargée de l'entretien.

De respecter la charge utile de cet appareil.

De respecter la possibilité d'usage de l'appareil par les autres occupants de l'immeuble.

L'usage en est réservé aux locataires : il est interdit pour le transport de tous matériaux ou objets et ne doit pas être utilisé par les livreurs ou coursiers .

Le bailleur décline toute responsabilité pour les accidents qui pourraient survenir du fait de l'ascenseur et quelles qu'en soient les causes.

13 o Destination des lieux : De ne pouvoir exercer dans les lieux loués que l'activité D'IMPORTATION et EXPORTATION DE PARFUMS, COSMETIQUES, ARTICLES DE MODE ET ACCESSOIRES.

Etant entendu que le commerce de la société INTER PARFUMS SA ne devra jamais être limité au commerce exclusif des articles <<ARTICLES DE MODE ET ACCESSOIRES >> ci-dessus énumérés à titre d'accessoires.

Les lieux objets des présentes sont loués à usage exclusif de bureaux .

Les lieux loués ne pourront servir à aucun autre usage, étant entendu que le bailleur se réserve le droit de louer tous autres locaux de l'immeuble pour tous commerces ou professions semblables ou similaires à celui du preneur.

14 o Crédit-Bail : Dans le cas où le preneur aurait recours à un crédit-bail sur son fonds de commerce ou sur un des éléments de celui-ci, il a l'obligation d'en prévenir le bailleur par lettre recommandée avec accusé de réception dans le mois qui précède la signature du

contrat de crédit-bail. De même, il aura l'obligation de le prévenir de la date d'expiration du contrat de crédit-bail.

En cas de cession du fonds de commerce, le crédit-preneur aura la même obligation vis-à-vis du crédit bailleur afin que le bailleur ne soit jamais inquiété par l'établissement crédit-bailleur auprès duquel le contrat de crédit-bail aura été souscrit.

Au moment de la cession du fonds de commerce, le crédit-bailleur doit informer le propriétaire que toutes les formalités et obligations prévues au contrat de crédit-bail ont été remplies par le crédit-preneur cessionnaire.

Au cas de demande de renouvellement du présent bail par le crédit-bailleur désirant installer un nouvel exploitant, ce dernier devra exercer une activité identique à celle de l'ancien crédit-preneur. Le crédit-bailleur devra en ce cas adresser au bailleur, en même temps que la demande de renouvellement, toutes informations concernant le nouvel exploitant (K-bis, statuts, références bancaires) et son activité pour être soumis à son agrément exprès et par écrit.

15 o Cession - Apport - Sous-location : De ne pouvoir céder son droit au présent bail si ce n'est à l'acquéreur de son fonds de commerce, pourvu que ce soit en totalité, et à charge de rester garant et répondant solidaire envers le bailleur de tous cessionnaires successifs ; tant pour raison du paiement des loyers que pour l'exécution des conditions générales du présent bail.

L'acte contenant la cession devra être fait sous la forme authentique ; le bailleur devra y être appelé et une grosse dudit acte devra lui être remise gratuitement dans le mois de la signature ; au dit acte de cession les cessionnaires s'obligeront naturellement envers le bailleur au paiement du loyer et à l'exécution des charges et conditions du présent bail.

Aucun apport ou cession ne pourra être fait s'il est dû des loyers et charges par le preneur. Ces stipulations seront applicables à toutes cessions successives.

De ne pouvoir donner son fonds en gérance, se substituer toute personne, prêter les lieux loués, même temporairement, à des tiers.

De ne pouvoir sous-louer et domicilier ni en totalité ni en partie, sans l'accord préalable et écrit du Bailleur.

15 o bis Toutefois , le preneur est d'ores et déjà autorisé à domicilier dans les lieux loués des sociétés du Groupe INTER PARFUMS, à condition de respecter les cinq conditions indivisibles suivantes:

1) Que l'activité exercée par ces sociétés soit la même que celle prévue à la 13 ème condition générale ci-dessus et que le preneur adresse au bailleur une copie des statuts et du Kbis de ces sociétés;

2) Qu'il s'agisse de sociétés du Groupe INTER PARFUMS, dont il détient au moins 30% du capital social;

SCI 4-6 Rond Point des Champs Elysées/ INTER PARFUMS SA 13

3) Que le Président, le Directeur Général ou le gérant de ces sociétés soit un des administrateurs de la société INTER PARFUMS, titulaire du présent bail;

4) Qu'au départ de la société INTER PARFUMS, les locaux, objet du présent bail, soient rendus libres de toute occupation, les lieux formant dans la commune intention des parties un tout indivisible.

En aucun cas, ces domiciliations ne devront créer de lien de droit entre ces sociétés et le bailleur, qui n'aura à leur égard aucune obligation directe.

5) La société INTER PARFUMS restera donc seule responsable vis à vis du bailleur de toute conséquence préjudiciable à celui-ci. Elle garantit la stricte exécution des conditions ci-dessus et s'oblige à faire prendre le même engagement écrit à toute société domiciliée qu'elle aura obligation de faire connaître au bailleur.

16 o Enseignes - Plaques commerciales : aucune plaque, enseigne, store ou installation quelconque intéressant l'aspect extérieur ou l'aspect intérieur de l'immeuble ne pourra être placée sans avoir été au préalable soumise à l'agrément du bailleur qui sollicitera en tant que de besoin les autorisations prévues au règlement de l'immeuble ou à tout autre règlement, cahier des charges ou statuts auquel lui-même sera soumis, étant toutefois précisé que le preneur fera son affaire personnelle des autorisations administratives exigées et du règlement des taxes qui pourraient être exigées de ce fait.

Il ne pourra modifier ou faire modifier ladite façade, sans avoir au préalable soumis les plans au bailleur, et sans que celui-ci ait autorisé la transformation projetée, et ceci sous la surveillance de l'architecte du bailleur, dont les honoraires de vacations seront à la charge du preneur.

17 o Nantissement : Le preneur s'engage, s'il consentait des nantissements sur son fonds de commerce, à en avertir le bailleur, et lui faire connaître les noms et adresses des créanciers nantis dans les quinze jours de la constitution desdits nantissements.

18 o Clause de rigueur : Toutes les charges, clauses et conditions du présent bail sont de rigueur. Toute dérogation du preneur sans autorisation expresse et par écrit du bailleur n'aura d'effet qu'à titre de tolérance, et ne pourra jamais être considérée comme ayant fait novation, ni porter jamais atteinte aux présentes clauses et conditions, dont le bailleur aura toujours le droit d'exiger la stricte exécution.

19 o T.V.A. - Enregistrement - Frais : De payer le droit de bail, les frais de timbre, d'enregistrement, les honoraires afférents au présent bail, aux révisions du loyer et aux renouvellements éventuels du présent bail, et la T.V.A. applicable.

Le bailleur a opté pour le régime de l'assujettissement à la taxe sur la valeur ajoutée, dans le cadre prévu par le décret N o 67-1126 du 22 décembre 1967 complétant la loi du 6 janvier 1966. Le preneur devra payer au bailleur la T.V.A. au taux en vigueur en fonction du montant de son loyer en principal.

20 o Élection de domicile : Pour l'exécution de présentes, le preneur fait élection de domicile dans les lieux loués et le bailleur au domicile du Gérant de l'immeuble. Ces domiciles sont attributifs de juridiction et toutes significations et notifications y seront valablement faites.

Fait en trois exemplaires originaux, dont un pour l'enregistrement

à Paris le

LE PRENEUR (1) LE BAILLEUR (1)

PJ : Plan des locaux

Barème des honoraires de la société DAUCHEZ ADB au jour des présentes.

(1) Faire précéder la signature de la mention manuscrite << lu et approuvé >> et parapher chaque page.

non-public area likely to containRond-Point des Champs E

weight-bearing structures or pipes.

DAUCHEZ

ADMINISTRATEURS DE BIENS

BAREME d'HONORAIRES

LOCATION (honoraires répartis par moitié entre le propriétaire et le locataire)
Sujet	Assiette	Tarif HT			Tarif TTC
Baux habitation	Loyer net de charge de la 1 ère année		12,00	%		14,352	%
Par année supplémentaire au-delà de 3 ans			1,00	%		1,196	%
Parking annexe de l'habitation	FORFAITAIRE		100,00		119,60 euros
LOCATION (honoraires à la charge exclusive du locataire)
Baux habitation meublée	Loyer net de charge de la 1 ère année		10,00	%		11,960	%
Par année supplémentaire			1,00	%		1,196	%
Parking isolé	FORFAITAIRE		100,00		119,60 euros
Baux commerciaux	Loyer HT de la 1ère année, ou		30,00	%		35,88	%
	Loyer HT de la 1ère période triennale		10,00	%		11,96	%

REDACTION D'ACTES (honoraires répartis par moitié entre le propriétaire et le locataire, sauf meublés à charge exclusive du locataire)
Studio, 2 pièces, 3 pièces	Commission de location TTC		10,45	%		12,50	%
4 pièces et au dessus			8,36	%		10,00	%
Parking annexe de l'habitation	FORFAITAIRE	30,00 euros			35,88 euros
REDACTION D'ACTES (honoraires à la charge exclusive du locataire)
Locaux commerciaux	Loyer annuel TTC avec un minimum de 400 euros TTC		1,00	%		1,196	%
Parking isolé	FORFAITAIRE	30,00 euros			35,88 euros

ETAT DES LIEUX (honoraires répartis par moitié entre le propriétaire et le locataire)
STUDIO	FORFAITAIRE	117,06 euros			140,00 euros
2 PIECES		133,78 euros			160,00 euros
3 PIECES (Double living + 1 ch)		146,32 euros			175,00 euros
4 ou 5 PIECES (Double living + 2 ou 3 ch)		229,93 euros			275,00 euros
6 ou 7 PIECES (Double living + 4 ou 5 ch)		305,18 euros			365,00 euros
ETAT DES LIEUX (honoraires à la charge exclusive du locataire)
Meublés et baux dérogatoires à la loi du 06/07/1989 (Majoration)	Montant forfaitaire TTC des frais d'état des lieux		+ 30,00	%
Locaux commerciaux < 100 m 2	FORFAITAIRE	154,68 euros			185,00 euros
Locaux commerciaux entre 100 et 200 m 2		229,93 euros			275,00 euros
Locaux commerciaux > 200 m 2		305,18 euros			365,00 euros

REMBOURSEMENT DE FRAIS DU LOCATAIRE
1 er Rappel Simple	FORFAITAIRE	8,36 euros	10,00 euros
2 nd Rappel Simple		16,72 euros	20,00 euros
Frais d'établissement sur avis de quittancement		1,67 euros	2,00 euros

RENOUVELLEMENT DES BAUX ET AVENANTS (Pour l'habitation, honoraires répartis par moitié entre le propriétaire et le locataire)
Habitation	Loyer net de charge de la 1 ère année	3,00	%	3,588	%
Commercial	Loyer net de charge HT de la 1 ère année	5,00	%	5,980	%
Négociation Bail Commercial (majoration)	Loyer net de charge HT de la 1 ère année	3,00	%	3,588	%

REVISION TRIENNALE POUR LES LOCAUX COMMERCIAUX
Jusqu'à 30500 euros de loyer annuel HT	FORFAITAIRE	260,00 euros	310,96 euros
Au dessus de 30500 euros de loyer annuel HT		460,00 euros	550,16 euros

GESTION LOCATIVE (Honoraires pour la compte du propriétaire bailleur)
Au maximum	Sommes encaissées TTC		8,360	%		10	%
Au minimum	FORFAITAIRE Annuel	610,00 euros			729,56 euros
Frais Fixes de gestion	Par locataire et par an	20,00 euros			23,92 euros
Déclaration Foncier (minimum)	Chaque déclaration	50,00 euros			59,80 euros
Suivi des travaux exceptionnels	Montant des travaux TTC (suivant mission)	2 à 5		%	2,39 à 5,98		%

VENTE (Honoraires pour le compte du propriétaire vendeur)
Habitation / Commercial	Prix de vente hors taxe et hors droits	4.18 à 8,36	%	5 à 10	%

TVA en vigueur au 17 janvier 2005 :19,60%Barème n9 du 17/01/2005

EX-10.119.1

SCI 4-6 Rond Point des Champs Elysees/INTER PARFUMS SA

Locales 4 th Floor, Right

RECEIPT STAMPED AND RECORDED

EUROPE (Illegible) ON

REGISTRATION SERVICE

RECEIVED (Illegible)

RENEWAL OF COMMERCIAL LEASE

Subject to the Articles L 145.1 through L 145.60 of the New Commercial law

and to the decree of September 30, 1953

BY AND BETWEEN THE UNDERSIGNED

- Real Estate Company at 4/6 Rond-Point des Champs Elysees,

Represented by: DAUCHEZ, Property Managers, Inc. with registered headquarters at 132 boulevard Haussmann 75008 PARIS.

Bearer of Professional ID Card No. G 989, bonded by the Insurance Company, SOCAMAB INSURANCE, 18 rue Beaurepaire PARIS 10 th , the aforementioned company is represented by Madame Mabe LE CHATELIER .

hereinafter "the Lessor",

party of the first part,

AND

- The INTER PARFUMS Company , a Corporation with capital of 12,816,594.00, registered with the Commerce and Companies Registry of Paris under the number B-350-219-382, with headquarters at 4/6 Rond point des Champs Elysees, 75008 PARIS

and represented by Monsieur Philippe SANTI , duly authorized for the purposes herein in his capacity as Administrative and Financial Director,

hereinafter "the Lessee",

party of the second part,

WHICH HAVE AGREED TO THE FOLLOWING AS SET OUT BEFOREHAND:

In accordance with S.S.P. act dated the 30 th of September, 1993, as recorded in Paris 8 th ROULE ARTOIS, on the 5 th of October, 1993, Memorandum 1081, Folio 1/12, the owner, the REAL ESTATE COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has consented to grant a lease to the INTER PARFUMS COMPANY, INC. for a period of THREE, SIX, or NINE years beginning on the 1 st of October, 1993, with a yearly principal rental amount of 121,959.23 EUROS (EXCLUDING TAX) (800,000.00 Francs, excluding tax).

In accordance with S.S.P. pre-existing act of the 3 rd of December, 1993, recorded in Paris 8 th Roule Artois, on the 28 th of December, 1993, Memorandum 1230, Folio 7/1, the REAL ESTATE COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has given to INTER PARFUMS Company, Inc. authorization to domicile any existing or future parent company in the building at 4/6 Rond Point des Champs Elys s 75008 Paris.

In accordance with S.S.P. in advance of the date of the 7 th of August, 1996, as recorded in Paris 8 th ROULE ARTOIS, on the 5 th of September, 1996, Memorandum 432/2, Folio 83, REAL ESTATE COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has consented in advance to renew the lease with the INTER PARFUMS Company, Inc. for a period of THREE, SIX, or NINE years beginning on the 1 st of July, 1996, with a yearly principal rental amount of 108,528.45 EUROS (EXCLUDING TAX) (711,900.00 Francs, excluding tax).

In accordance with the document sent by messenger on September 1, 2004, the REAL ESTATE COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has delivered to the INTER PARFUMS Company, Inc. notice of an offer of renewal to begin on July 1, 2005, for a yearly principal rental amount proposed at 169,825.00 Euros.

WHICH DECLARE AND AGREE TO THE FOLLOWING

The Lessor, gives to rent to the Lessee, who accepts, the locations indicated hereafter belonging to a building located at 4-6 Rond Point des Champs Elys s - PARIS 8 th .

DESIGNATION

Within a building located at 4-6 Rond Point des Champs Elys s -75008 PARIS.

The locales located on the fourth floor right, with a surface area of 346.50 m 2 , corresponding to lot No. 10, found at the intersection of Rond-Point des Champs-Elys s and Franklin Roosevelt Avenue and includes:

Entry, reception, fourteen offices, two meeting rooms, one storeroom, a kitchen, a group of restrooms, storage, passageways, as outlined in the floor plan annexed to this contract.

Therefore as far as the extra space which these places offer, it shall be understood, the aforementioned property is leased as seen/"as is", with no exceptions nor reserve and without it being necessary to make of it here a fuller designation, the Lessee does hereby state that all this is well known to him due to having occupied the premises already.

It is hereby specified that any error in designation above shall justify neither reduction nor increase in the rent, the parties shall accept the Property as is and in its present condition.

DURATION OF LEASE

This lease, which shall commence on July 1, 2005 , is authorized for the duration of three, six or nine years, and shall expire on 30 th of June, 2008, 30 th June, 2011, or 30 th June, 2014, which date shall be the sole choice and responsibility to be undertaken by the Lessee and if the Lessee wishes to change the expiration from the first or the second three year period, he must give six months advance notice.

Any notice shall imply an extrajudicial act.

PRICE

The present location is granted and accepted through an principal annual rental amount of ONE HUNDRED SIXTY-EIGHT THOUSAND, FIFTY-TWO EUROS AND FIFTY CENTS (168,052.50 Euros) , as well as the applicable VAT, that the Lessee commits to pay to the Lessor or his agent, at the domicile of the latter, quarterly, in other words, four ordinary times a year, the first day of each quarter, every three months, until the expiration of tenancy, in advance .

The aforementioned rent will be automatically indexed on the first of July of every year in accordance with the fluctuation in index of costs to construct a building as is published by the National Institute of the Statistics and the Economic Surveys (l'Institut National des Statistiques et des udes onomiques - INSEE) for the 4 th quarter of each year.

The first index shall intervene for the first time on July 1, 2006 on the basis of the fluctuation between the index of the 4 th quarter of 2004 which is 1269 , and that which will be published for the 4 th quarter of 2005, and in the future on the basis of index of the 4 th quarter of each year.

In addition to the rental amount set above, the Lessee shall pay to the Lessor, at the same time as each rent is paid, the amount due for the various services and supplies to which the owners may recover from their tenants, specifically his share of:

· municipal costs (sweeping, household garbage collection), maintenance costs, security salaries, ushers, door men, building employees and additional charges;

· cold water charges;

· administrative expenditures;

· expenditures related to the elevator which serves the different floors;

· expenditures for air conditioning;

· annual taxes on offices and trade in Ile de France as concerns rented locales, in the event that it is due, on the first of January each year. It is expressly agreed that this tax on offices shall be due from the Lessee beginning in the year, 2004.

· Property and household garbage collection tax. It is expressly agreed that this tax shall be due from the Lessee beginning in the year, 2004 (prorata temporis).

· the tax on the removal of the industrial and commercial waste, in the event it is due.

The payment of these charges shall be paid on a quarterly basis in the amount of TWO THOUSAND THREE HUNDRED EIGHTY-FOUR EUROS (2,384.00 Euros) , the final amount being established at the end of the fiscal year.

However, the annual tax on offices and trade on Ile de France, property tax, tax on household garbage collection and possibly the tax for the removal of the industrial and commercial waste, are not included in the provisions covering ordinary charges and are required once a year.

The method of cost-sharing may be modified contractually, judicially, or legally.

Any delay in payment of the amounts due, as well the rent payment itself and the additional charges will cause a late fee reminder to be issued. The Lessee shall be wholly responsible for payment of these charges, to wit: for the first reminder: 10 Euros, for the second reminder: 20 Euros, in accordance with the tariffs currently in force on the day of the signature of these presents.

The amount of 2.00 Euros shall be charged each month as a payment notice fee, in accordance with the tariffs currently in force on the day of the signature of these presents.

SECURITY DEPOSIT

Upon signing the present contract, the Lessee shall provide as a security deposit, the amount of NINE THOUSAND FOUR HUNDRED NINETY-FIVE THOUSAND EUROS AND FORTY-FIVE CENTS (9,495.45 Euros) which with the sum which has already been paid of THIRTY-TWO THOUSAND, FIVE HUNDRED FIFTEEN AND SIXTY-SEVEN EUROS AND SIXTY-SEVEN CENTS (32,515.67 Euros), shall constitute a security deposit total of FORTY-TWO THOUSAND THIRTEEN EUROS AND TWELVE CENTS (42,013.12 Euros), which is equivalent to three months rent, excluding tax.

With each indexing or revision of rent, this deposit will be readjusted so that it always is equivalent to three months of rent, excluding tax.

The aforementioned amount shall be reimbursed to the Lessee after removal and handing-over of the keys, after deductions are made for rent and tenant's repairs or all other amounts that may be due for payment by the Lessee to the Lessor, or any other amounts for which the Lessee may be responsible. Interest of benefit to the Lessee, shall not be earned upon this amount in any case whatsoever.

RESOLUTORY CLAUSE

It is expressly agreed that:

1) If any payment is in default within a single rent term, charges, taxes and services, in its agreed upon payment amount, such as in a case of infringement or non-fulfillment of one of the General or Special Conditions outlined in the lease agreement, one month after notice is served and if the appropriate response does not take place, despite all later offers to pay or execute, the present lease shall be automatically cancelled, in whatever way appears satisfactory to the Lessor, with no need for any legal formality other than a simple ordinance of summary procedure issued by the President of the Supreme Court pronouncing expulsion, the aforementioned ordinance shall fulfill the purpose of assuring its enforcement, not to issue the cancellation which takes place automatically if the Lessor deems it necessary.

2) In the event that a cancellation takes place as outlined in the first paragraph of this Resolutory Clause, the amount paid to the Lessor as a deposit shall be appropriated by him to serve as compensation, without prejudice to all expenses and damages incurred.

3) In the event of non-payment of any amount due at its term or of failure to comply with any of the General or Special Conditions provided for in the lease and with the first service by a bailiff, in addition, the Lessee will automatically be required to pay all other charges of recovery including the entire amount owed to the bailiff, a penalty equal to 10% (ten percent) of the amount of the sum owed to cover all damages to the Lessor caused by the delay in payment and the expenses, due diligence and fees incurred in the recovery efforts for this amount. This penalty is added to the legally incurred interest due once the order is issued.

GENERAL CONDITIONS

This lease is authorized and accepted under the ordinary burden of law, according to the use of the locales, and moreover, in the following conditions the Lessee commits to carry out or support under penalty of cancellation, with no right to claim any compensation nor reduction in rent, neither any recourse against the Lessor nor against his insurer.

1 Taking possession : The Lessee shall take possession of the locales rented in the state they are currently in, and shall not require that the Lessor make any changes to its state nor any repairs whatsoever, the structural work of the walls and floors shall be the only obligation borne by the Lessor.

2 Closure - Coverage : Since no request may be made for other doors or locks than those currently existing, the Lessee shall relinquish all recourse against the Lessor and against his insurer, in the event of robbery or burglary in the leased locales.

Effect the final removal of blinds or shutters, at the option of the Lessor, without compensation.

Objects, machines, etc., that are susceptible to water damage, must not be placed under the frames, window panes, windows or ceilings made of glazed reinforced concrete, if in existence, the Lessor denies any responsibility in the event that damage occurs resulting from a force of nature in this way, since sealing is not guaranteed to be waterproof.

3 Inventory and maintenance : Maintain the locales rented, during the entire lease period, in good condition through repairs made by the tenant, and to perform, consequently, and to carry out at his own expenses, all electrical repairs, repairs of locks, iron work, furnaces, pluming, central heating, carpentry, painting, windows and shutters, etc., in other words, all work necessary to keep the locales functional, as well as making all replacements, be they total or partial.

Only the structural work of walls and floors (in the sense set forth by article 606 of the Civil Code) shall be the responsibility of the Lessor.

Return the locales rented at the end of the lease, in the same state, (as shown by the inventory drawn up at the time possession was taken of the locales) as at the beginning of the lease.

At the expiration of the lease, another inventory shall be drawn up indicating the tenant's repairs, which may be owed by the Lessee. The aforementioned Lessee shall pay the amount.

4 Work Done by the Lessee - Embellishments - Improvements : Without the express and written consent of the Lessor, the Lessee shall not make any changes to the layout of the rented locales, in particular concerning the apportionment of the different areas of the rented locales.

The Lessee shall not make any change, installation, demolition, holes in walls, partitions, floors, nor sealing without the express and written consent of the Lessor.

No work shall be performed, unless authorized by the Lessor, after which approval and under the direction of the Lessor's architect; the Lessee shall pay the fees.

To leave to the end of the lease, if the Lessor is in agreement, without compensation, all changes and work thus accomplished.

All decorations, embellishments, cabinets mounted on walls, gas, water, electrical connections, that the Lessee might install and, in general, all fixed installations and embellishments, shall also be left in place, unless the Lessor prefers that the locales not be remodeled, (which shall be made at the expense of the Lessee and without compensation), but in their original state.

The floors should not be overloaded in the rented locales, without completing reinforcement by means of measures recommended by the Lessor's architect, under whose orders this work must be carried out, at the expense of the Lessee.

The cost of a possible modification to the rented locales must be covered as required by the administration, even if this requirement were unforeseeable and essential, as a consequence of an event of force majeure.

5 Work in the Building - Visiting the Locales - Pipelines : Suffer, without compensation, or reduction in rent, any work which the Lessor may consider necessary to perform in the rented locales, or in the building where they are located, the duration of which would exceed forty days

The Lessor reserves the right, without prejudice to the requirement in Article 1723 of the Civil Code, to make any modifications which he deems appropriate, to the exterior appearance as well as to the inside of the building where the locales are to be found, excluding the other locales that are at present rented.

Permit access to the rented locales, if need be, in order to perform cleaning of the doorways, court yards, inspections of the elevator counterweights or other work necessary to maintain good functionality in the building itself and in the operation of all machinery.

Tolerate, without receiving any compensation, or reduction in rent, all work which the Lessor considers necessary or that is forced to perform, such as any nearby construction or demolition, all blocked access, court yards or days of inconvenience.

Allow that all necessary pipelines cross through their cellars.

File without delay, together with the cost, all formwork, decoration, installations or removal of same, to be performed that may prove useful for research and repair in the event of leakages of any kind, or of cracks in smoke or ventilation channels, especially after a fire or smoke damage from a fire, and in general for the performance of the task.

If work proves to be necessary on all the piping, the Lessor reserves the right to replace buried pipes with visible pipes.

In the event of work, construction, sale of the building in part or in full, the Lessor may modify the layout of the cellars and proceed to exchange buildings.

Permit the Lessor, his architect and their representatives to enter the rented places whenever they consider it useful; the latter shall make sure to notify the Lessee 24 hours in advance (except in the case of emergencies).

6 Expropriation : No compensation nor reduction in rent may be required by the Lessee of the Lessor if, throughout the duration of this lease, the building in which the currently rented locales are found, come to be demolished in part or in full as a result of cutbacks, recession, or expropriation for use by the public sector, with the exception of course, of the tenant's recourse against the parties to the expropriation.

7 Furnishings : Make sure the locales rented are continually decorated with furniture, goods, and furnishings in sufficient quantity and worth to answer for the payment of the rent and for payment of fees and other conditions of the lease.

The Lessee shall make sure that the rented locales maintain constant commercial activity, and shall not cease, under any pretext (except for being closed for normal activities such as paid leave), even temporarily, to use the locales for the purpose indicated below.

Any relocation before the scheduled time is prohibited the Lessee, who, in all the cases, shall only be permitted to vacate the locales rented after all obligations set forth in the present Contract have been fulfilled.

8 Insurances : Loss of the leased property, recourse and insurance

8 - 1 - Goods that are Property of the Lessee

The Lessee shall insure and maintain insured for entire duration of the lease against fire hazards, explosion, water damage, destruction, all furniture, furnishings, materials and in a general way, all of its property inside the locales, including improvements, relinquishing any recourse against the Lessor for the possibility that the furniture, furnishings, materials, improvements or other items might become damaged partially or completely.

The Lessee commits to require that his insurer make the same waiver of recourse against the Lessor.

8 - 2 - Vis-a-Vis Third Parties

The Lessee shall also ensure that third parties have no recourse, also relinquishing any recourse against the Lessor in the event that goods belonging to a third party are partially or completely damaged or if they must temporarily or completely interrupt activity.

The Lessee commits to require that his insurer make this same waiver of recourse against the Lessor.

8 - 3 - Goods that are Property of the Lessor

The Lessor shall insure the building and all the elements of equipment or other fixtures and fittings against the hazards of fire, explosion, water damage, partial or total destruction due to any cause that may be, for the amount necessary to rebuild anew.

The Lessor, in the event of a disaster, shall waive all recourse against the Lessee, and commits to require that his insurer make the same waiver of recourse against the Lessee.

The Lessee shall reimburse the Lessor for any additional premium required, due to activities performed, and commits moreover to notify the Lessor of all fixtures and fittings he has installed, apart from pledging responsibility with respect to the Lessor and in the event of a disaster, to make reparations for the damage undergone by the Lessor in the event the guarantee is insufficient.

Since the premiums would be established as a guarantee for the totality of the building, with the exception of the additional premium required due to the activities performed, the total cost of which shall be the responsibility of the lessee, the quota due from the Lessee shall be as stated in Article 4.1.9, to wit:

8 - 4 - Reciprocal Waivers

The parties commit to keep in mind the aforementioned waivers, to notify each other, within two months beginning with the effective date of these presents, of their insurance policies, established according to their respective obligations, and which must have:

on the part of the Lessee, stipulations that he and his insurers shall waive, in the event of a disaster covered by the guarantees set forth in Articles 8-1 and 8-2, all recourse against the Lessor and his insurers,

on the part of the Lessor, stipulations that he and his insurers shall waive, by the guarantees set forth in Articles 8-3, all recourse against the Lessee and his insurers.

These waivers of recourse shall be reciprocal, in such a way that subject to the waiver of recourse on behalf of the Lessee and his insurers, the Lessor and his insurers waive, in the event of a disaster, any recourse that they may have against the Lessee and his insurers and who, subject to the waiver of recourse on behalf of the Lessor and his insurers, the Lessee and his insurers waive, in the case of disaster, any recourse that they might have against the Lessor and his insurers.

9 Contributions - Health : Fulfill all the requirements of the city and police force to which tenants are usually held.

Conform to all the regulations of the proper authority regarding hygiene and public health.

Pay all contributions and taxes precisely that may correspond to him personally. Demonstrate, before relocation, to the Lessor or his agent that payment of taxes has been made, by providing the Tax Collector receipt.

Pay, throughout the duration of the lease, his share of all levies and taxes, be they State, Department or City, in whatever form they are created, whether perceived or not by the owner.

10 Internal By-Laws : The Lessor shall not be held responsible for any interruptions which could occur in water, gas, or electrical services or of any other public utility, or of any restrictions which could, possibly, be imposed by the authorities on the various services with which the building is provided.

Regularly maintain the interior water supply and drainage pipelines, as well as all electrical and gas pipelines, the Lessor must never have to be worried on this subject and the Lessee shall use these pipelines only at his own risk and peril.

The Lessee must, by taking possession of the locales, arrange to have work performed that may possibly be necessary for the proper electrical installation specifically for the rented locales, in conformity with the regulations in force.

Have the chimneys and flues cleaned in the rented locales, by a qualified chimney-sweep, whenever the need arises.

The Lessor does not guarantee their state and the Lessee shall use them only with his own risk and peril. He shall never be called upon to repair them. No stove or radiator may be connected there.

Nothing must be thrown away, nor allowed to be thrown away, in the building's entry vestibule, in the corridors, on the staircases, and in a more general way, all common areas of the building that are formally excluded from this lease.

Flowers and other objects must not be placed in the windows neither on the street nor in the courtyard.

Conditions imposed by any organization formed between the owners or occupants of the building must be abided by, with the possible participation of the owners or occupants of the buildings close by.

Rigorously observe the rules of usage as established in Paris regarding vicinity. Avoid all noises, odors or other causes of embarrassment for the other occupants of the building or the close buildings.

Take care that ventilation equipment such as range hoods, extractors, conduits, etc. meets the standards necessary for the activity authorized by this lease, and that this equipment is maintained in perfect operating condition; so that the Lessor does in no case have to be worried by embarrassments caused in the neighborhood, in the form of fumes, odors, machinery vibration, or other noises.

Take care that personnel does not park in the areas common to the building, prohibit all manner of shouting or noises, in particular at the moment when they enter and leave the building, so that the peace of the building is not disturbed by their presence.

No messy or noisy animals shall be allowed.

Act as a substitute to the Lessor on all complaints which may be raised by a neighbor, the Lessor must never have to be worried on this subject.

No public sale shall take place in the locales rented at any time, even after failure of the business or bankruptcy.

Once the Lessee has received or given notice to vacate, during the last six months of the lease, the Lessor shall have the right to make and put up a sign, without bothering the Lessee, at the site of his choice, indicating that the locales are to be rented. The Lessee shall be open for business on all business days from 10 AM to noon and from 2:00 PM to 5:00 PM, as a consideration in advance. It will be also thus in the event of a sale of the rented locales.

11 Heating : There is a private heating system installed in the rented locales.

The Lessee must provide maintenance directly, without the Lessor having to ever intervene in any manner whatsoever, for the entire responsibility of the heating system, as well as for its total or partial replacement, so as to leave, after vacating the premises, the aforementioned system in good operating condition.

11. (a): Air-conditioning :

If a private air-conditioning system is installed in the buildings, the Lessee must provide maintenance directly, without the Lessor having to ever intervene in any manner whatsoever, for the entire responsibility of the air-conditioning system within the locales, as well as for its total or partial replacement, so as to leave, after vacating the premises, the aforementioned system in good operating condition.

12 Elevators : The elevator shall only be used at the Lessee's own risk and peril, and shall be maintained by the company in charge of maintenance in such a manner as to be in compliance with the regulations enacted for this purpose.

The weight limits of this device must be strictly adhered to.

Accept the possibility that other occupants of the building may use the device.

Its use is reserved for the tenants : the transport of all materials or objects by the elevator is prohibited and it must not be used by delivery men or couriers .

The Lessor shall bear no responsibility for accidents which may occur because of the elevator, no matter what the causes are.

13 Use and Purpose of Locales : The rented locales shall only be used for the purpose of IMPORTING and EXPORTING PERFUMES, COSMETICS, FASHION ARTICLES, AND ACCESSORIES.

Being understood that the business activity of the company, INTER PARFUMS, INC., shall never be limited to the exclusive trade of "FASHION ARTICLES AND ACCESSORIES" outlined above under accessories.

The locales that are subject to these presents are leased exclusively to serve as offices .

The rented locales may not be used for any other purpose, with the understanding that the Lessor reserves the right to rent all other locales in the building for any mercantile or professional purposes that are similar to those of the Lessee.

14 Credit-Lease : In the event that the Lessee has recourse to a credit-lease on his business or one of the components thereof, the Lessee shall be obligated to warn the Lessor by registered letter with return receipt, by the month preceding the signing of this credit-lease contract.

The Lessee shall also be obligated to report the date of expiration of the credit-lease contract.

In the event the business is transferred, the Credit-Lessee shall be likewise obligated to the Credit-Lessor so that the Lessor will never have to worry about the establishment with the Credit-Lessor of the credit-lease contract.

At the time of the business transfer, the Credit-Lessor must inform the owner that all the legal formalities and obligations set forth in the Credit-Lease contract have been fulfilled by the Credit-Lessee assignee.

In the event that a renewal of this lease is requested by the Credit-Lessor wishing to install a new operator, the latter will be required to carry on an activity identical to that of the former Credit-Lessor. In this case, the Credit-Lessor must send to the Lessor, at the same time as the request for renewal, all information concerning the new operator (K-(a), statutes, banking references) and of his activity, which shall be subject to his express and written approval.

15 Transfer - Contribution - Sub-Lease : It shall not be permitted to yield the right to the present lease unless it is to the purchaser of the business, provided that such assignment is made in its entirety, and with the obligation to remain as a guarantor and jointly and severally responsible towards the Lessor for all subsequent assignees, both in respect of payments of rent and in regard to fulfilling the general conditions of the present lease.

The legal instrument containing the transfer must made in authenticated form; the Lessor must and will be summoned and an overview of the aforesaid act must be delivered him at no charge within the month of the signing; at said act of the instrument of transfer, the assignees shall of course be responsible to pay the rent to the Lessor together with the fulfillment of all responsibilities and conditions of the present lease.

No contribution or transfer may be made if the Lessee has any unpaid rent or charges due. These stipulations will be applicable to all successive transfers.

The business may not be given to a management agent, nor shall any person be substituted, nor shall the rented locales be lent to any third parties, even temporarily.

No sub-leasing or domiciling, in part or in totality, shall be allowed, without obtaining prior written agreement from the Lessor.

15. (a) However , the Lessee is authorized at the present time to domicile within the rented locales of the companies of the INTER PERFUMES Group, with the proviso of observing the following five infrangible conditions:

1) That the activity carried on by these companies be the same as that set forth in the 13 th General Condition above and that the Lessee sends to the Lessor a copy of the statutes and of the K-(a) of these companies;

2) That they be companies of the INTER PERFUMES Group, of which at least 30% of the capital stock is in holdings;

SCI 4-6 Rond Point des Champs Elysees/INTER PARFUMS SA 13

3) That the President, the Director General, or the manager of these companies be one of the administrators of the INTER PERFUMES company, bearer of the present lease;

4) That the INTER PERFUMES company, upon vacating the premises that are the subject of this lease, make sure that they are made free of any occupation; the locals form an indivisible whole through the common intention of its parts.

Under no circumstances, may these domiciliations transfer the commitment of rights that exists between these companies and the Lessor, who shall have no direct obligation in regards to them.

5) The company, INTER PARFUMS shall remain as the sole responsible party in respect with the Lessor, for any damages to same. It shall guarantee strict fulfillment of the conditions above and commits to pledge same in writing for any domiciled company, which it will have the obligation to make known to the Lessor.

16 Signs - Commercial Name Plaques : No plate, sign, shade/awning or any attractive installation to the exterior or interior appearance of the building may not be used without first being subject to the approval of the Lessor who will necessarily request the authorizations as set forth in Building Regulations or any other Regulation, schedule of conditions, or statutes to which it will be subject, however with the stipulation that the Lessee shall personally arrange for all administrative authorizations required and shall be responsible for payment of the taxes which may be required.

The aforementioned fa de shall not be changed or ordered to be changed, without having submitted the plans to the Lessor beforehand, and without the Lessor's authorization for the projected changes, which shall be carried out under the supervision of the Lessor's architect, whose session fees shall be the responsibility of the Lessee.

17 Collateral Security : The Lessee hereby commits, if he consents to using his business as collateral security, to inform the Lessor, and make known to him all names and addresses of the secured creditors within fifteen days of establishing the aforesaid collateral.

18 Binding Clause : All the responsibilities, clauses and conditions of this lease are obligatory. Any deviation of the Lessee without express and written authorization from the Lessor will have effect only through tolerance, and could never be regarded as having made novation, nor to be adherent to the present clauses and conditions, to which the Lessor shall always have the right to require strict fulfillment.

19 VAT - Registration - Expenses : Payment of the lease fee, the stamp charges, registration fees, charges related to the present lease, revisions to the rent amount and possible renewals of this lease, plus the applicable VAT.

The Lessor has opted for the regime subject to the value-added tax, within the framework set forth by decree No. 67-1126 of December 22, 1967, supplementing the law of January 6, 1966. The Lessee shall be required to pay to the Lessor the VAT at the rate in force on the principal amount of the rent.

20 Selection of Domicile : For the execution of these presents, the Lessee selects his domicile as the locales rented and the Lessor the domicile of the Property Manager. These domiciles are attributive of jurisdiction and all announcements and notifications shall validly be made there.

Created in three original copies, including one for registration

Executed in Paris on (Illegible Handwriting)

	Read and approved (Handwritten)
(Illegible Signature)	(Illegible Signature)
THE LESSEE (1)	THE LESSOR (1)

Attachments: Blue-prints of the locales

Fee Schedule for the DAUCHEZ ADB Company as of the day of these presents.

(1) Please attach signature next to the handwritten reference, "read and approved" and initial each page.

non-public area likely to containRond-Point des Champs E

weight-bearing structures or pipes.

DAUCHEZ

PROPERTY ADMINISTRATORS

FEE SCHEDULE

LEASING (fees shared in equal parts between the owner and the tenant)
Topic	Assessment	Rate Excluding Tax			Rate Including Tax
Property Lease	1 st year's net rent charge		12.00	%		14.352	%
Per additional year beyond 3 years			1.00	%		1.196	%
Parking adjoining the property	SET FEE	100.00 euros			119,60 euros
LEASING (fees borne exclusively by the tenant)
Furnished Property Lease	1 st year's net rent charge		10.00	%		11.960	%
Per additional year			1.00	%		1.196	%
Private Parking	SET FEE	100.00 euros			119.60 euros
Commercial Lease	1 st year's rent, excluding tax, or		30.00	%		35.88	%
	1 st three year period's rent, excluding tax		10.00	%		11.96	%

DRAFTING OF DOCUMENTS (fees shared in equal parts between the owner and the tenant, except furnished properties which are the exclusive responsibility of the tenant)
Studio, 2 rooms, 3 rooms	Lease Commission including Tax		10.45	%		12.50	%
4 Rooms and loft			8.36	%		10.00	%
Parking adjoining the property	SET FEE	30.00 euros			35.88 euros-
DRAFTING OF DOCUMENTS (fees borne exclusively by the tenant)
Commercial Property	Annual rent including tax with a minimum of 400 Euros including tax		1.00	%		1.196	%
Private Parking	SET FEE		30.00			35.88

INVENTORY (fees shared in equal parts between the owner and the tenant)
STUDIO	SET FEE	117.06 euros			140.00 euros
2 ROOMS		133.78 euros			160.00 euros
3 ROOMS (Double Living Room + 1 Bedroom)		146.32 euros			175.00 euros
4 or 5 ROOMS (Double Living Room + 2 or 3 Bedrooms)		229.93 euros			275.00 euros
6 or 7 ROOMS (Double Living Room + 4 or 5 Bedrooms)		305.18 euros			365.00 euros
INVENTORY (fees borne exclusively by the tenant)
Furnished properties and leases overriding the law of 06/07/1989 (Increase)	Total Amount including Tax of the Inventory Cost		+ 30.00	%
Commercial Property < 100 m 2	SET FEE	154.68 euros			185.00 euros
Commercial Property between 100 and 200 m 2		229.93 euros			275.00 euros
Commercial Property > 200 m 2		305.18 euros			365.00 euros

RECOVERY OF TENANT FEES
1 st Notice	SET FEE	8.36	10.00
2 nd Notice		16.72	20.00
Payment Notice Fee		1.67	2.00

LEASE RENEWAL AND AMENDMENTS (For occupying premises, fees shared in equal parts between the owner and the tenant)
Dwelling	1st year's net rent charge	3.00	%	3.588	%
Commercial	1st year's net rent charge, excluding tax	5.00	%	5.980	%
Negotiation of Commercial Lease (increase)	1st year's net rent charge, excluding tax	3.00	%	3.588	%

THREE YEAR REVISION FOR COMMERCIAL PROPERTIES
Up to 30,500 Euros in annual rent, excluding tax	SET FEE	260.00	310.96
Above 30,500 Euros in annual rent, excluding tax		460.00	550.16

TENANT MANAGEMENT (Fees to be borne by the Lessor/Owner)
Maximum	Amounts collected, including tax		8.360	%		10	%
Maximum	Annual SET FEE	610.00 euros			729.56 euros
Fixed management fees	By Tenant and Annually	20.00 euros			23.92 euros
Property Tax Statement (Minimum)	Each Statement	50.00 euros			59.80 euros
Following Extraordinary Work	Total amount due for work, including tax (following task)	2 to 5		%	2.39 to 5.98		%

SALE (Fees to be borne by the Owner/Seller)
Dwelling/Commercial Property	Sale price excluding tax and fees	4.18 to 8.36	%	5 to 10	%

VAT in effect as of January 17, 2005:19.60%Fee Schedule No. 9 dated 01/17/2005

EX-10.120

SCI 4-6 Rond Point des Champs Elysées/INTER PARFUMS SA

Locaux 4 ème étage gauche

(illisible)

SERVICE DE L'ENREGISTREMENT

RENOUVELLEMENT DE BAIL COMMERCIAL

Soumis aux Articles L 145.1 à L 145.60 du Nouveau Code de Commerce

et au décret du 30 Septembre 1953

ENTRE LES SOUSSIGNES

- La Société Civile Immobilière du 4/6 Rond-Point des Champs Elysées,

Représentée par : DAUCHEZ , Administrateurs de Biens, Société Anonyme ayant son siège social 132 boulevard Haussmann 75008 PARIS.

Titulaire de la carte professionnelle n o G 989, garantie par la Société Anonyme d'Assurance SOCAMAB ASSURANCES, 18 rue Beaurepaire PARIS 10 ème , ladite société représentée par

Madame Mabé LE CHATELIER,

ci-après dénommée << le Bailleur >> >> ,

d'une part,

ET

- La Société INTER PARFUMS S.A, au capital de 12 816 594,00 euros, immatriculée au Registre du Commerce et des Sociétés de PARIS sous le n o B 350 219 382 dont le siège social est situé 4/6, Rond-Point des Champs Elysées 75008 PARIS,

et représentée aux fins des présentes par Monsieur Philippe SANTI , en qualité de Directeur Administratif et Financier, dûment habilité aux fins des présentes,

ci-après dénommée << le Preneur >>

d'autre part,

PREALABLEMENT AUDIT ACTE, IL EST EXPOSE CE QUI SUIT :

Suivant acte s.s.p. en date à Paris du 2 Mars 1994, enregistré à Paris 8ème ROULE ARTOIS, le 10 Mars 1994, Bordereau 108, Folio 12/23, la SOCIETE CIVILE IMMOBILIERE DU 4/6 ROND POINT DES CHAMPS ELYSEES propriétaire, a consenti un bail à la SOCIETE INTER PARFUMS S.A. pour une durée de UN MOIS ET TROIS, SIX ou NEUF années à compter du 1er Mars 1994 moyennant un loyer annuel en principal de 72,794,41 HT (477 500 Francs HT)

Suivant acte s.s.p par anticipation en date à Paris du 17 août 1996, enregistré à Paris 8 ème EUROPE ROME, le 30 septembre 1996, Bordereau 186, la SOCIETE CIVILE IMMOBILIERE DU 4/6 ROND POINT DES CHAMPS ELYSEES a consenti à la Société INTER PARFUMS S.A. un renouvellement de bail par anticipation pour une durée de TROIS, SIX ou NEUF années à compter du 1 er juillet 1996 moyennant un loyer annuel en principal de 61.147,30 EUROS HT (401 100,00 Francs HT).

Suivant acte d'huissier en date du 6 septembre 2004, la SOCIETE CIVILE IMMOBILIERE DU 4/6 ROND POINT DES CHAMPS ELYSEES a fait délivrer à la Société INTER PARFUMS S.A. un congé avec offre de renouvellement à compter du 1er Juillet 2005, pour un loyer annuel en principal proposé à 95.525,00 Euros.

CECI EXPOSE, IL A ETE CONVENU CE QUI SUIT :

Le bailleur, donne à loyer au preneur, qui accepte, les lieux ci-après désignés dépendant d'un immeuble sis au 4-6 Rond Point des Champs Elysées - PARIS 8 ème

DESIGNATION

Dans un immeuble sis à 4-6 Rond Point des Champs Elysées-75008 PARIS.

Les locaux situés au 4ème étage gauche d'une surface d'environ 193,20 m 2 , correspondant au lot n o 11, à l'angle du Rond-Point des Champs-Elysées et de la rue Jean Mermoz et comprenant :

Entrée, dix bureaux, une salle informatique, dégagements, bloc sanitaires, tels qu'ils figurent au plan annexé au présent acte.

Ainsi au surplus que les lieux s'étendent, se poursuivent et comportent, avec toutes leurs dépendances, sans aucune exception ni réserve et sans qu'il soit besoin d'en faire ici une plus ample désignation, le preneur déclarant les bien connaître pour les occuper déjà.

Il est précisé que toute erreur dans la désignation ci-dessus ne peut justifier ni réduction ni augmentation du loyer, les parties se référant à la consistance des locaux tels qu'ils se comportent.

DUREE

Le présent bail, qui commencera à courir le 1er Juillet 2005 est consenti pour une durée de trois, six ou neuf ans, qui expireront les 30 Juin 2008, 30 Juin 2011 ou 30 Juin 2014, au choix du preneur seul à charge par lui s'il désire donner congé pour l'expiration de la première ou de la deuxième période triennale de respecter un préavis de six mois.

Tout congé devra être signifié par acte extrajudiciaire.

PRIX

La présente location est consentie et acceptée moyennant un loyer annuel en principal de QUATRE VINGT TREIZE MILLE SEPT CENT DEUX EUROS (93.702,00 euros) , ainsi que la T.V.A., applicable, que le preneur s'oblige à payer au bailleur ou à son mandataire, au domicile de celui-ci, par quart, aux quatre termes ordinaires de l'année, le premier jour de chaque trimestre, de trois mois en trois mois, jusqu'à l'expiration de la location, à terme d'avance .

Ledit loyer sera automatiquement indexé le premier juillet de chaque année en fonction de la variation de l'indice du coût de la construction d'un immeuble tel qu'il sera publié par l'Institut National des Statistiques et des Études Économiques (INSEE) pour le 4ème trimestre de chaque année.

La première indexation interviendra pour la première fois le 1 er Juillet 2006 sur la base de la variation entre l'indice du 4 ème trimestre 2004 qui est de 1269 , et celui qu'il publiera pour le 4ème trimestre 2005, et dans le futur sur la base des indices du 4 ème trimestre de chaque année.

En sus du loyer ci-dessus fixé, le preneur remboursera au bailleur, en même temps que chaque terme de loyer, les différentes prestations et fournitures que les propriétaires peuvent récupérer sur les locataires, soit en particulier sa part :

· des dépenses municipales (balayage, enlèvement des ordures ménagères) des dépenses d'entretien, des appointements des gardiens, huissier, agents d'accueil, employés d'immeuble..., et charges accessoires ;

· des dépenses d'eau froide ;

· des dépenses de fonctionnement ;

· des dépenses concernant l'ascenseur qui dessert les étages ;

· des dépenses de climatisation

· de la taxe annuelle sur les bureaux et les commerces en Ile de France concernant les lieux loués, si elle est due, au premier janvier de chaque année. Il est expressément convenu que cette taxe sur les bureaux est due par le preneur à partir de l'année 2004.

De la taxe foncière et de la taxe d'enlèvement des ordures ménagères. Il est expressément convenu que ces taxes sont dues par le preneur à partir de l'année 2004 (prorata temporis).

· de la taxe d'enlèvement des déchets industriels et commerciaux, si elle est due.

Il sera demandé pour le remboursement de ces charges une provision trimestrielle de MILLE TRES CENT EUROS ET QUARANTE ET UN CENTIMES (1.341,00 euros) , le compte définitif étant établi en fin d'exercice.

Toutefois, la taxe annuelle sur les Bureaux et commerces en Ile de France, la taxe foncière, la taxe d'enlèvement des ordures ménagères et éventuellement celle d'enlèvement des déchets industriels et commerciaux, ne sont pas incluses dans les provisions sur charges ordinaires et sont appelées une fois par an.

Les modalités de répartition des charges pourront être modifiées par voie contractuelle, judiciaire, ou légale.

Tout retard dans le règlement des sommes dues, tant au titre du loyer qu'au titre des charges et accessoires, donnera lieu à des relances dont les frais incomberont au preneur, à savoir : pour la première relance : 10 euros, pour la deuxième relance : 20 euros, suivant les tarifs en vigueur au jour de la signature des présentes.

La somme de 2,00 euros sera demandée chaque mois pour frais d'établissement d'avis d'échéance, suivant les tarifs en vigueur au jour de la signature des présentes.

DEPOT DE GARANTIE

Le preneur versera en outre à la signature des présentes, à titre de complément de dépôt de garantie, la somme de CINQ MILLE CENT CINQ EUROS ET CINQUANTE (5.105,50 euros) qui, avec celle déjà versée de DIX HUIT MILLE TROIS CENT VINGT EUROS (18.320,00 ) formera un dépôt de garantie total de VINGT TROIS MILLE QUATRE CENT VINGT CINQ EUROS ET CINQUANTE CENTIMES (23.425,50 Euros) représentant trois mois de loyers H.T.

A chaque indexation ou révision de loyer, ce dépôt de garantie sera réajusté de telle sorte qu'il corresponde toujours à trois mois de loyers H.T.

Ladite somme sera remboursée au preneur après déménagement et remise des clés, déduction faite des loyers et réparations locatives ou toutes autres sommes pouvant être dues par le preneur au bailleur, ou dont celui-ci pourrait être rendu responsable pour le preneur. Cette somme ne sera en aucun cas productive d'intérêts au profit du preneur

CLAUSE RESOLUTOIRE

Il est expressément convenu que :

1) A défaut de paiement d'un seul terme de loyer en principal, charges, taxes et prestations, à son échéance convenue, comme au cas d'infraction ou d'inexécution d'une des conditions générales ou particulières prévues au bail, un mois après un simple commandement demeuré infructueux, malgré toutes offres ultérieures de payer ou d'exécuter, la présente location sera résiliée de plein droit, si bon semble au bailleur, sans qu'il soit besoin d'aucune formalité judiciaire autre qu'une simple ordonnance de référé rendue par M. le Président du Tribunal de Grande Instance prononçant l'expulsion, ladite ordonnance ayant pour objet, non de prononcer la résiliation qui a lieu de plein droit si bon semble au bailleur, mais d'en assurer l'exécution.

2) Au cas de résiliation prévue au paragraphe premier de la présente clause résolutoire, les sommes versées au bailleur à titre de dépôt de garantie lui seront acquises à titre d'indemnité, sans préjudice de tous dépens et de tous dommages et intérêts.

3) En cas de non-paiement de toute somme due à son échéance ou d'inexécution d'une des conditions générales ou particulières prévues au bail et dès le premier acte d'huissier, le preneur devra de plein droit payer en sus, outre les frais de recouvrement y compris la totalité du droit proportionnel dû à l'huissier de justice, une pénalité égale à 10% (dix pour cent) du montant de la somme due pour couvrir le bailleur tant des dommages pouvant résulter du retard dans le paiement que des frais, diligences et honoraires exposés pour le recouvrement de cette somme. Cette pénalité s'ajoute à l'intérêt légal dû à compter du commandement.

CONDITIONS GENERALES

Le présent bail est consenti et accepté sous les charges ordinaires de droit, suivant l'usage des lieux, et en outre aux conditions suivantes que le preneur s'oblige à exécuter ou supporter à peine de résiliation, sans pouvoir prétendre à aucune indemnité ni diminution de loyer, ni sans aucun recours contre le bailleur ni contre son assureur.

1 o Prise de possession : De prendre les lieux loués dans l'état où ils se trouvent actuellement sans pouvoir exiger du bailleur aucune mise en état ni aucune réparation quelconque, le gros oeuvre des murs et planchers étant seul à la charge du bailleur.

2 o Fermeture - Couverture : De ne pouvoir réclamer d'autres fermetures ni serrures que celles existant actuellement, le preneur déclarant renoncer à tous recours contre le bailleur ou contre son assureur, au cas de vol ou d'effraction dans les lieux loués.

De supporter la dépose définitive de persiennes ou volets, au gré du bailleur, sans indemnité.

SCI 4-6 Rond Point des Champs Elysées/ INTER PARFUMS SA 6

De ne pouvoir placer sous les châssis, vitres, verrières ou plafonds en béton translucide s'il en existe, des objets, machines, etc. pouvant être endommagés par des fuites d'eau, le bailleur déclinant toute responsabilité au cas de dégâts pouvant en résulter à raison de la nature même de ce mode de couverture dont l'étanchéité n'est pas garantie.

3 o État des lieux et entretien : D'entretenir les lieux loués, pendant toute la durée du bail, en bon état de réparations locatives, et de faire, en conséquence, exécuter à ses frais toutes réparations d'électricité, de robinetterie, serrurerie, fumisterie, plomberie, chauffage central, menuiserie, peinture, fenêtres et volets, etc., en un mot tous travaux qu'il serait nécessaire de faire effectuer dans les lieux, même le remplacement total ou partiel. Seul le gros oeuvre des murs et planchers (au sens de l'article 606 du Code Civil) restera à la charge du bailleur.

De rendre à la fin de la location les lieux loués dans le même état que celui dans lequel l'état des lieux dressé lors de la prise de possession montrera qu'ils se trouvaient au début de la location.

A l'expiration de la location, il sera dressé un autre état des lieux indiquant les réparations locatives pouvant être dues par le preneur. Ledit preneur devra en régler le montant.

4 o Travaux par le preneur - Embellissements - Améliorations : De ne pouvoir, sans le consentement exprès et par écrit du bailleur, rien changer dans la distribution des lieux loués, notamment en ce qui concerne l'affectation donnée aux différentes parties des lieux loués.

De ne pouvoir faire aucun changement, installation, démolition, percement de murs, cloisons, planchers, ni scellement sans le consentement exprès et par écrit du bailleur.

De ne pouvoir faire exécuter ces travaux, s'ils étaient autorisés par le bailleur, qu'après l'approbation et sous la direction de l'architecte du bailleur, dont le preneur paierait les honoraires.

De laisser à la fin de la location si bon semble au bailleur, sans indemnité, les changements et travaux ainsi exécutés.

De laisser également tous décors, embellissements, armoires fixées aux murs, conduites de gaz, d'eau et d'électricité, que le preneur pourrait faire installer et, en général, toutes installations et tous embellissements devenant immeubles par destination, à moins que le bailleur ne préfère que les lieux soient rétablis, aux frais du preneur et sans indemnité, dans leur état primitif.

De ne pouvoir surcharger les planchers des lieux loués, sans en avoir au préalable complété la solidité au moyen de mesures que préconiserait l'architecte du bailleur, sous les ordres duquel les travaux devraient d'ailleurs être exécutés, aux frais du preneur.

De supporter les frais d'une modification éventuelle des lieux loués qui pourrait être exigée par une quelconque administration, même si cette exigence était imprévisible et constitutive, par suite d'un fait de force majeure.

5 o Travaux dans l'immeuble -_Visite des Lieux - Canalisations : De souffrir, sans aucune indemnité, ni diminution de loyer, les travaux que le bailleur jugerait nécessaire de faire exécuter dans les lieux loués, ou dans l'immeuble dont ils dépendent, leur durée excéderait-elle quarante jours.

Le bailleur se réserve la faculté, au besoin par dérogation à l'Article 1723 du Code civil, d'apporter toutes les modifications qu'il jugera à propos, tant à l'aspect extérieur qu'à l'intérieur de l'immeuble dont dépendent les locaux loués, à l'exclusion des lieux présentement loués.

De laisser passer par les lieux loués, si besoin était, pour procéder au nettoyage des cours, courettes, visites des contrepoids d'ascenseur ou autres travaux nécessaires à la bonne tenue de l'immeuble ou au fonctionnement de tous appareils.

De supporter, sans aucune indemnité, ni diminution de loyer, tous les travaux que le bailleur estimerait devoir subir ou serait forcé de subir, ainsi que toutes constructions ou démolitions voisines, tous bouchements de cours, courettes ou jours de souffrance.

De laisser traverser ses caves par toutes canalisations nécessaires.

De déposer à ses frais et sans délai tous coffrages et décoration ainsi que toutes installations qu'il aurait faites et dont l'enlèvement serait utile pour la recherche et la réparation des fuites de toute nature, de fissures dans les conduits de fumée et de ventilation, notamment après incendie ou infiltrations, et en général pour l'exécution de travaux.

Au cas où des travaux s'avéreraient nécessaires sur toutes canalisations, le bailleur se réserve la possibilité de remplacer les canalisations encastrées par des canalisations apparentes.

En cas de travaux, constructions, vente de l'immeuble par parties ou en totalité, le bailleur pourra modifier la répartition des caves et procéder à un échange de locaux.

De laisser le bailleur, son architecte et leurs représentants pénétrer dans les lieux loués chaque fois qu'ils le jugeront utile; ces derniers veillant à prévenir le preneur 24 heures à l'avance (sauf urgence).

6 o Expropriation : De ne pouvoir exiger du bailleur aucune indemnité ni diminution de loyer si, pendant la durée du présent bail, l'immeuble dont dépendent les lieux présentement loués venait être démoli en totalité ou en partie par suite de retranchement, reculement ou expropriation pour cause d'utilité publique, sauf bien entendu le recours du locataire contre les parties expropriantes.

7 o Garnissement : De tenir les lieux loués constamment garnis de meubles, marchandise, objets mobiliers en quantité et de valeur suffisante pour répondre du paiement des loyers et de l'exécution des charges et conditions du bail.

De maintenir dans les lieux loués une activité commerciale constante, sans pouvoir sous aucun prétexte, sauf la fermeture normale pour congés payés cesser, même momentanément, de les employer à la destination ci-dessous indiquée.

SCI 4-6 Rond Point des Champs Elysées/ INTER PARFUMS SA 8

Tout déménagement partiel anticipé est interdit au preneur qui, dans tous les cas, ne pourra quitter les lieux loués qu'après l'entière exécution des obligations prévues au présent acte.

8 o Assurances : Perte de la chose louée, recours et assurances

8 -1 - biens propriété du preneur

Le preneur assurera et maintiendra assurés pendant toute la durée du bail contre les risques d'incendie, d'explosion, dégâts des eaux, destruction, les meubles, objets mobiliers, matériels et de manière générale tout ce qui est sa propriété à l'intérieur des locaux, y inclus les agencements, renonçant à tout recours à l'encontre du bailleur dans l'hypothèse où les meubles, objets mobiliers, matériels, agencements ou autres seraient endommagés partiellement ou totalement.

Le preneur s'engage à imposer à son assureur la même renonciation à recours à l'encontre de son bailleur.

8 - 2 - vis-à-vis des tiers

Le preneur devra également s'assurer contre le recours de tous tiers, renonçant également à tout recours contre le bailleur si par le fait d'un tiers les biens qui sont sa propriété sont partiellement ou totalement endommagés ou encore s'il doit interrompre momentanément ou totalement son activité.

Le preneur s'engage à imposer cette même renonciation à recours à son assureur.

8 - 3 - biens propriété bailleur

Le bailleur assurera l'immeuble et tous les éléments d'équipement ou autres devenus immeuble par destination contre les risques d'incendie, d'explosion, dégât des eaux, destruction partielle ou totale pour quelque cause que ce soit et ce, en valeur reconstruction à neuf.

Le bailleur, dans l'hypothèse d'un sinistre, renonce à tous recours à l'égard du preneur, il s'engage à imposer à son assureur la même renonciation à l'encontre du preneur.

Le preneur remboursera au bailleur toute surprime née des activités exercées, s'obligeant en outre à communiquer tous les éléments permettant de connaître les biens devenus immeuble par destination, sauf à engager sa responsabilité vis-à-vis du bailleur et dans l'hypothèse d'un sinistre à réparer le préjudice subi par le bailleur en cas d'insuffisance de garantie.

Dès lors que les primes seraient établies pour une garantie concernant la totalité de l'immeuble, à l'exception de la surprime née des activités exercées dont la totalité demeure en toute hypothèse à la charge du preneur, la quote-part due par le preneur serait celle rappelée à l'article 4.1.9, savoir

8 - 4 - renonciations réciproques

Les parties s'obligent compte tenu des renonciations ci-dessus rappelées, à se notifier dans le délai de deux mois et à compter de la prise d'effet des présentes leurs polices d'assurances, lesquelles établies en fonction de leurs obligations respectives devront :

pour le preneur, stipuler que lui-même et ses assureurs renoncent, en cas de sinistre couvert par les garanties prévues aux articles 8-1 et 8-2, à tout recours contre le bailleur et ses assureurs,

pour le bailleur, stipuler que lui-même et ses assureurs, pour les garanties prévues à l'article 8-3 renoncent à tout recours contre le preneur et ses assureurs.

Ces renonciations à recours seront réciproques de telle sorte que sous réserve de la renonciation à recours de la part du preneur et de ses assureurs, le bailleur et ses assureurs renoncent pour les mêmes sinistres, à tout recours qu'ils seraient fondés à exercer contre le preneur et ses assureurs et que sous réserve de la renonciation à recours de la part du bailleur et de ses assureurs, le preneur et ses assureurs renoncent pour les mêmes sinistres à tout recours qu'ils seraient fondés à exercer contre le bailleur et ses assureurs.

9 o Contributions - Salubrité : De satisfaire à toutes les charges de ville et de police dont les locataires sont ordinairement tenus.

De se conformer à toutes les prescriptions de l'autorité compétente pour cause d'hygiène et de salubrité publique.

D'acquitter exactement toutes contributions et taxes pouvant lui incomber personnellement. De justifier, avant son déménagement, au bailleur ou à son mandataire du règlement de ses contributions par le reçu du Percepteur.

De supporter, pendant la durée de la location, sa part de tous impôts et taxes d'État, de département ou de ville, sous quelque forme qu'ils soient créés, perçus ou non sur le propriétaire.

10 o Règlement intérieur : De ne pouvoir rendre le bailleur responsable des interruptions qui pourraient se produire dans les services d'eau, gaz, électricité ou tout autre service public, ou des restrictions qui pourraient, éventuellement, être imposées par les pouvoirs publics aux divers services de l'immeuble.

D'entretenir normalement les canalisations intérieures d'alimentation ou d'écoulement d'eau, ainsi que toutes canalisations de gaz et d'électricité, le bailleur ne devant jamais être inquiété à ce sujet et le preneur n'utilisant ces canalisations qu'à ses risques et périls.

Le preneur devra en prenant possession des lieux, faire exécuter les travaux éventuellement nécessaires pour mettre l'installation électrique propre aux lieux loués, en conformité aux règlements en vigueur.

De faire ramoner à ses frais, par un fumiste qualifié, autant que besoin sera, les cheminées et conduits de fumée dépendant des lieux loués.

Le bailleur ne garantit pas leur état et le preneur ne pourra les utiliser qu'à ses risques et périls. Il ne pourra jamais demander leur remise en état. Il ne pourra y brancher aucun poêle ou radiateur.

De ne rien déposer, ni laisser déposer, dans le vestibule de l'entrée de l'immeuble, les couloirs, escaliers, et d'une façon plus générale, toutes parties communes de l'immeuble qui sont formellement exclues de la présente location.

De ne pouvoir placer ni des fleurs, ni des objets quelconques aux fenêtres aussi bien sur rue que sur cour.

De respecter les conditions imposées par tout organisme créé entre propriétaires ou occupants de l'immeuble, éventuellement avec la participation des propriétaires ou occupants des immeubles voisins.

D'observer rigoureusement les usages établis à Paris en matière de voisinage. D'éviter à ce sujet tous bruits, odeurs ou autres causes de gêne pour les autres occupants de l'immeuble ou des immeubles voisins.

De veiller à ce que les équipements de ventilation tels que hottes aspirantes, extracteurs, conduits, etc. répondent aux normes requis pour l'activité autorisée par le présent bail, et que ces équipements soient maintenus en parfait état de fonctionnement ; de telle sorte que le bailleur ne soit en aucun cas inquiété par des gênes occasionnés au voisinage, sous forme de fumées, odeurs, trépidations de machinerie, ou autres bruits.

De veiller à ce que son personnel ne stationne pas dans les parties communes de l'immeuble, de lui interdire tous cris ou bruits quelconques, notamment au moment des entrées et sorties, de telle sorte que la tranquillité de l'immeuble ne soit pas troublée par leur présence.

De ne pouvoir avoir aucun animal malpropre ou bruyant.

De se substituer au bailleur sur toutes réclamations qui pourraient être élevées par un voisin, le bailleur ne devant jamais être inquiété à ce sujet.

De ne faire en aucun cas de vente publique dans les lieux loués, même après faillite ou liquidation judiciaire.

Lorsque le preneur aura reçu ou donné congé, et dans les six derniers mois de la location, le bailleur pourra faire mettre un écriteau sans gêne pour le preneur, à l'emplacement de son choix, indiquant que les lieux sont à louer. Le preneur devra laisser visiter tous les jours ouvrables de 10 heures à midi et de 14 heures à 17 heures, en prévenant à l'avance. Il en sera également ainsi en cas de mise en vente des lieux loués.

11 o Chauffage : Il existe dans les lieux loués une installation de chauffage privative.

Le preneur devra supporter directement, sans que le bailleur n'ait jamais à intervenir de quelque manière que ce soit, la charge entière de l'installation de chauffage, de son remplacement total ou partiel, de manière à laisser, à son départ, lesdites installations en bon état de fonctionnement.

11 o bis : Climatisation :

Dans le cas où une installation de climatisation privative serait mise en place dans ses locaux, le preneur devra supporter directement, sans que le bailleur n'ait jamais à intervenir de quelque manière que ce soit, la charge entière de cette installation de climatisation dans ces locaux, de son remplacement total ou partiel, de manière à laisser, à son départ, lesdites installations en bon état de fonctionnement

12 o Ascenseurs : De ne pouvoir utiliser l'ascenseur qu'à ses risques et périls, et en se conformant aux prescriptions édictées à cet effet par l'entreprise chargée de l'entretien.

De respecter la charge utile de cet appareil.

De respecter la possibilité d'usage de l'appareil par les autres occupants de l'immeuble.

L'usage en est réservé aux locataires : il est interdit pour le transport de tous matériaux ou objets et ne doit pas être utilisé par les livreurs ou coursiers .

Le bailleur décline toute responsabilité pour les accidents qui pourraient survenir du fait de l'ascenseur et quelles qu'en soient les causes.

13 o Destination des lieux : De ne pouvoir exercer dans les lieux loués que l'activité D'IMPORTATION et EXPORTATION DE PARFUMS, COSMETIQUES, ARTICLES DE MODE ET ACCESSOIRES .

Etant entendu que le commerce de la société INTER PARFUMS SA ne devra jamais être limité au commerce exclusif des articles << ARTICLES DE MODE ET ACCESSOIRES >> ci-dessus énumérés à titre d'accessoires.

Les lieux objets des présentes sont loués à usage exclusif de bureaux .

Les lieux loués ne pourront servir à aucun autre usage, étant entendu que le bailleur se réserve le droit de louer tous autres locaux de l'immeuble pour tous commerces ou professions semblables ou similaires à celui du preneur,

14 o Crédit-Bail : Dans le cas où le preneur aurait recours à un crédit-bail sur son fonds de commerce ou sur un des éléments de celui-ci, il a l'obligation d'en prévenir le bailleur par lettre recommandée avec accusé de réception dans le mois qui précède la signature du

contrat de crédit-bail. De même, il aura l'obligation de le prévenir de la date d'expiration du contrat de crédit-bail.

En cas de cession du fonds de commerce, le crédit-preneur aura la même obligation vis-à-vis du crédit bailleur afin que le bailleur ne soit jamais inquiété par l'établissement crédit-bailleur auprès duquel le contrat de crédit-bail aura été souscrit,

Au moment de la cession du fonds de commerce, le crédit-bailleur doit informer le propriétaire que toutes les formalités et obligations prévues au contrat de crédit-bail ont été remplies par le crédit-preneur cessionnaire.

Au cas de demande de renouvellement du présent bail par le crédit-bailleur désirant installer un nouvel exploitant, ce dernier devra exercer une activité identique à celle de l'ancien crédit-preneur. Le crédit-bailleur devra en ce cas adresser au bailleur, en même temps que la demande de renouvellement, toutes informations concernant le nouvel exploitant (K-bis, statuts, références bancaires) et son activité pour être soumis à son agrément exprès et par écrit.

15 o Cession - Apport - Sous-location : De ne pouvoir céder son droit au présent bail si ce n'est à l'acquéreur de son fonds de commerce, pourvu que ce soit en totalité, et à charge de rester garant et répondant solidaire envers le bailleur de tous cessionnaires successifs ; tant pour raison du paiement des loyers que pour l'exécution des conditions générales du présent bail.

L'acte contenant la cession devra être fait sous la forme authentique ; le bailleur devra y être appelé et une grosse dudit acte devra lui être remise gratuitement dans le mois de la signature ; au dit acte de cession les cessionnaires s'obligeront naturellement envers le bailleur au paiement du loyer et à l'exécution des charges et conditions du présent bail.

Aucun apport ou cession ne pourra être fait s'il est dû des loyers et charges par le preneur.

Ces stipulations seront applicables à toutes cessions successives.

De ne pouvoir donner son fonds en gérance, se substituer toute personne, prêter les lieux loués, même temporairement, à des tiers.

De ne pouvoir sous-louer et domicilier ni en totalité ni en partie, sans l'accord préalable et écrit du Bailleur.

15 o bis Toutefois , le preneur est d'ores et déjà autorisé à domicilier dans les lieux loués des sociétés du Groupe INTER PARFUMS, à condition de respecter les cinq conditions indivisibles suivantes:

1) Que l'activité exercée par ces sociétés soit la même que celle prévue à la 13ème condition générale ci-dessus et que le preneur adresse au bailleur une copie des statuts et du Kbis de ces sociétés;

2) Qu'il s'agisse de sociétés du Groupe INTER PARFUMS, dont il détient au moins 30% du capital social;

3) Que le Président, le Directeur Général ou le gérant de ces sociétés soit un des administrateurs de la société INTER PARFUMS, titulaire du présent bail;

4) Qu'au départ de la société INTER PARFUMS, les locaux, objet du présent bail, soient rendus libres de toute occupation, les lieux formant dans la commune intention des parties un tout indivisible.

En aucun cas, ces domiciliations ne devront créer de lien de droit entre ces sociétés et le bailleur, qui n'aura à leur égard aucune obligation directe.

5) La société INTER PARFUMS restera donc seule responsable vis à vis du bailleur de toute conséquence préjudiciable à celui-ci. Elle garantit la stricte exécution des conditions ci-dessus et s'oblige à faire prendre le même engagement écrit à toute société domiciliée qu'elle aura obligation de faire connaître au bailleur.

16 o Enseignes - Plaques commerciales : aucune plaque, enseigne, store ou installation quelconque intéressant l'aspect extérieur ou l'aspect intérieur de l'immeuble ne pourra être placée sans avoir été au préalable soumise à l'agrément du bailleur qui sollicitera en tant que de besoin les autorisations prévues au règlement de l'immeuble ou à tout autre règlement, cahier des charges ou statuts auquel lui-même sera soumis, étant toutefois précisé que le preneur fera son affaire personnelle des autorisations administratives exigées et du règlement des taxes qui pourraient être exigées de ce fait.

Il ne pourra modifier ou faire modifier ladite façade, sans avoir au préalable soumis les plans au bailleur, et sans que celui-ci ait autorisé la transformation projetée, et ceci sous la surveillance de l'architecte du bailleur, dont les honoraires de vacations seront à la charge du preneur.

17 o Nantissement : Le preneur s'engage, s'il consentait des nantissements sur son fonds de commerce, à en avertir le bailleur, et lui faire connaître les noms et adresses des créanciers nantis dans les quinze jours de la constitution desdits nantissements.

18 o Clause de rigueur : Toutes les charges, clauses et conditions du présent bail sont de rigueur. Toute dérogation du preneur sans autorisation expresse et par écrit du bailleur n'aura d'effet qu'à titre de tolérance, et ne pourra jamais être considérée comme ayant fait novation, ni porter jamais atteinte aux présentes clauses et conditions, dont le bailleur aura toujours le droit d'exiger la stricte exécution.

19 o T.V.A. - Enregistrement - Frais : De payer le droit de bail, les frais de timbre, d'enregistrement, les honoraires afférents au présent bail, aux révisions du loyer et aux renouvellements éventuels du présent bail, et la T.V.A. applicable.

Le bailleur a opté pour le régime de l'assujettissement à la taxe sur la valeur ajoutée, dans le cadre prévu par le décret N o 67-1126 du 22 décembre 1967 complétant la loi du 6 janvier 1966. Le preneur devra payer au bailleur la T.V.A. au taux en vigueur en fonction du montant de son loyer en principal.

20 o Élection de domicile : Pour l'exécution de présentes, le preneur fait élection de domicile dans les lieux loués et le bailleur au domicile du Gérant de l'immeuble. Ces domiciles sont attributifs de juridiction et toutes significations et notifications y seront valablement faites.

Fait en trois exemplaires originaux, dont un pour l'enregistrement

à Paris le

LE PRENEUR (1) LE BAILLEUR (1)

PJ : Plan des locaux

Barème des honoraires de la société DAUCHEZ ADB au jour des présentes.

(1) Faire précéder la signature de la mention manuscrite << lu et approuvé >> et parapher chaque page.

DAUCHEZ

ADMINISTRATEURS DE BIENS

BAREME d'HONORAIRES

LOCATION (honoraires répartis par moitié entre le propriétaire et le locataire)
Sujet	Assiette	Tarif HT			Tarif TTC
Baux habitation	Loyer net de charge de la 1 ère année		12,00	%		14,352	%
Par année supplémentaire au-delà de 3 ans			1,00	%		1,196	%
Parking annexe de l'habitation	FORFAITAIRE	100,00 euros			119,60 euros
LOCATION (honoraires à la charge exclusive du locataire)
Baux habitation meublée	Loyer net de charge de la 1 ère année		10,00	%		11,960	%
Par année supplémentaire			1,00	%		1,196	%
Parking isolé	FORFAITAIRE	100,00 euros			119,60 euros
Baux commerciaux	Loyer HT de la 1ère année, ou		30,00	%		35,88	%
	Loyer HT de la 1ère période triennale		10,00	%		11,96	%

REDACTION D'ACTES (honoraires répartis par moitié entre le propriétaire et le locataire, sauf meublés à charge exclusive du locataire)
Studio, 2 pièces, 3 pièces	Commission de location TTC		10,45	%		12,50	%
4 pièces et au dessus			8,36	%		10,00	%
Parking annexe de l'habitation	FORFAITAIRE	30,00 euros			35,88 euros
REDACTION D'ACTES (honoraires à la charge exclusive du locataire)
Locaux commerciaux	Loyer annuel TTC avec un minimum de 400 euros TTC		1,00	%		1,196	%
Parking isolé	FORFAITAIRE	30,00 euros			35,88 euros

ETAT DES LIEUX (honoraires répartis par moitié entre le propriétaire et le locataire)
STUDIO	FORFAITAIRE	117,06 euros			140,00 euros
2 PIECES		133,78 euros			160,00 euros
3 PIECES (Double living + 1 ch)		146,32 euros			175,00 euros
4 ou 5 PIECES (Double living + 2 ou 3 ch)		229,93 euros			275,00 euros
6 ou 7 PIECES (Double living + 4 ou 5 ch)		305,18 euros			365,00 euros
ETAT DES LIEUX (honoraires à la charge exclusive du locataire)
Meublés et baux dérogatoires à la loi du 06/07/1989 (Majoration)	Montant forfaitaire TTC des frais d'état des lieux		+ 30,00	%
Locaux commerciaux < 100 m 2	FORFAITAIRE	154,68 euros			185,00 euros
Locaux commerciaux entre 100 et 200 m 2		229,93 euros			275,00 euros
Locaux commerciaux > 200 m 2		305,18 euros			365,00 euros

REMBOURSEMENT DE FRAIS DU LOCATAIRE
1 er Rappel Simple	FORFAITAIRE	8,36 euros	10,00 euros
2 nd Rappel Simple		16,72 euros	20,00 euros
Frais d'établissement sur avis de quittancement		1,67 euros	2,00 euros

RENOUVELLEMENT DES BAUX ET AVENANTS (Pour l'habitation, honoraires répartis par moitié entre le propriétaire et le locataire)
Habitation	Loyer net de charge de la 1 ère année	3,00	%	3,588	%
Commercial	Loyer net de charge HT de la 1 ère année	5,00	%	5,980	%
Négociation Bail Commercial (majoration)	Loyer net de charge HT de la 1 ère année	3,00	%	3,588	%

REVISION TRIENNALE POUR LES LOCAUX COMMERCIAUX
Jusqu'a 30500 euros de loyer annuel HT	FORFAITAIRE	260,00 euros	310,96 euros
Au dessus de 30500 euros de loyer annuel HT		460,00 euros	550,16 euros

GESTION LOCATIVE (Honoraires pour la compte du propriétaire bailleur)
Au maximum	Sommes encaissées TTC		8,360	%		10	%
Au minimum	FORFAITAIRE Annuel	610,00 euros			729,56 euros
Frais Fixes de gestion	Par locataire et par an	20,00 euros			23,92 euros
Déclaration Foncier (minimum)	Chaque déclaration	50,00 euros			59,80 euros
Suivi des travaux exceptionnels	Montant des travaux TTC (suivant mission)	2 à 5		%	2,39 à 5,98		%

VENTE (Honoraires pour le compte du propriétaire vendeur)
Habitation / Commercial	Prix de vente hors taxe et hors droits	4.18 à 8,36	%	5 à 10	%

TVA en vigueur au 17 janvier 2005 :19,60%Barème n9 du 17/01/2005

EX-10.120.1

SCI 4-6 Rond Point des Champs Elysees/INTER PARFUMS SA

Locales, 4 th Floor, Left

(Illegible)

REGISTRATION SERVICE

RENEWAL OF COMMERCIAL LEASE

Subject to the Articles L 145.1 through L 145.60 of the New Commercial law

and to the decree of September 30, 1953

BY AND BETWEEN THE UNDERSIGNED

- Real Estate Company at 4/6 Rond-Point des Champs Elysees,

Represented by: DAUCHEZ, Property Managers, Inc. with registered headquarters at 132 boulevard Haussmann 75008 PARIS.

Bearer of Professional ID Card No. G 989, bonded by the Insurance Company, SOCAMAB INSURANCE, 18 rue Beaurepaire PARIS 10 th , the aforementioned company is represented by Madame Mabe LE CHATELIER .

hereinafter "the Lessor",

party of the first part,

AND

- The INTER PARFUMS Company , a Corporation with capital of 12,816,594.00, registered with the Commerce and Companies Registry of Paris under the number B-350-219-382, with headquarters at 4/6 Rond point des Champs Elysees, 75008 PARIS

and represented by Monsieur Philippe SANTI , duly authorized for the purposes herein in his capacity as Administrative and Financial Director,

hereinafter "the Lessee",

party of the second part,

WHICH HAVE AGREED TO THE FOLLOWING AS SET OUT BEFOREHAND:

In accordance with S.S.P. act dated the 2 nd of March, 1994, as recorded in Paris 8 th ROULE ARTOIS, on the 10 th of March, 1994, Memorandum 108, Folio 12/23, the owner, the REAL ESTATE COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has consented to grant a lease to the INTER PARFUMS COMPANY, INC. for a period of ONE MONTH AND THREE, SIX, or NINE years beginning on the 1 st of March, 1994, with a yearly principal rental amount of 72,794.41 (EXCLUDING TAX) (477,500.00 Francs, Excluding Tax).

In accordance with S.S.P. in advance of the date of the 17 th of August, 1996, as recorded in Paris 8 th EUROPE ROME, on the 30 th of September, 1996, Memorandum 186, Folio 83, REAL ESTATE COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has consented in advance to renew the lease with the INTER PARFUMS Company, Inc. for a period of THREE, SIX, or NINE years beginning on the 1 st of July, 1996, with a yearly principal rental amount of 61,147.30 EUROS (EXCLUDING TAX) (401,100.00 Francs, Excluding Tax).

In accordance with the document sent by messenger on September 6, 2004, the REAL ESTATE COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has delivered to the INTER PARFUMS Company, Inc. notice of an offer of renewal to begin on July 1, 2005, for a yearly principal rental amount proposed at 95,525.00 Euros.

WHICH DECLARE AND AGREE TO THE FOLLOWING

The Lessor, gives to rent to the Lessee, who accepts, the locations indicated hereafter belonging to a building located at 4-6 Rond Point des Champs Elys s - PARIS 8 th .

DESIGNATION

Within a building located at 4-6 Rond Point des Champs Elys s -75008 PARIS.

The locales located on the fourth floor right, with a surface area of 193.20 m 2 , corresponding to lot No. 11, found at the intersection of Rond-Point des Champs-Elys s and Jean Mermoz Street and includes:

Entry, ten offices, computer room, passageways, a group of restrooms, as outlined in the floor plan annexed to this contract.

Therefore as far as the extra space which these places offer, it shall be understood, the aforementioned property is leased as seen/"as is", with no exceptions nor reserve and without it being necessary to make of it here a fuller designation, the Lessee does hereby state that all this is well known to him due to having occupied the premises already.

It is hereby specified that any error in designation above shall justify neither reduction nor increase in the rent, the parties shall accept the Property as is and in its present condition.

DURATION OF LEASE

This lease, which shall commence on July 1, 2005 , is authorized for the duration of three, six or nine years, and shall expire on 30 th of June, 2008, 30 th June, 2011, or 30 th June, 2014, which date shall be the sole choice and responsibility to be undertaken by the Lessee and if the Lessee wishes to change the expiration from the first or the second three year period, he must give six months advance notice.

Any notice shall imply an extrajudicial act.

PRICE

The present location is granted and accepted through an principal annual rental amount of NINETY-THREE THOUSAND, SEVEN HUNDRED TWO EUROS (93,702.00 Euros) , as well as the applicable VAT, that the Lessee commits to pay to the Lessor or his agent, at the domicile of the latter, quarterly, in other words, four ordinary times a year, the first day of each quarter, every three months, until the expiration of tenancy, in advance .

The aforementioned rent will be automatically indexed on the first of July of every year in accordance with the fluctuation in index of costs to construct a building as is published by the National Institute of the Statistics and the Economic Surveys (l'Institut National des Statistiques et des udes onomiques - INSEE) for the 4 th quarter of each year.

The first index shall intervene for the first time on July 1, 2006 on the basis of the fluctuation between the index of the 4 th quarter of 2004 which is 1269 , and that which will be published for the 4 th quarter of 2005, and in the future on the basis of index of the 4 th quarter of each year.

In addition to the rental amount set above, the Lessee shall pay to the Lessor, at the same time as each rent is paid, the amount due for the various services and supplies to which the owners may recover from their tenants, being specifically his share of:

· municipal costs (sweeping, household garbage collection), maintenance costs, security salaries, ushers, door men, building employees and additional charges;

· cold water charges;

· administrative expenditures;

· expenditures related to the elevator which serves the different floors;

· expenditures for air conditioning;

· annual taxes on offices and trade in Ile de France as concerns rented locales, in the event that it is due, on the first of January each year. It is expressly agreed that this tax on offices shall be due from the Lessee beginning in 2004.

· Property and household garbage collection tax. It is expressly agreed that this tax shall be due from the Lessee beginning in the year, 2004 (prorata temporis).

· SCI 4-6 Rond Point des Champs Elysees/INTER PARFUMS SA 4

· the tax on the removal of the industrial and commercial waste, in the event it is due.

The payment of these charges shall be paid on a quarterly basis in the amount of ONE THOUSAND THREE HUNDRED EUROS AND FORTY-ONE CENTS (1,341.00 ) , the final amount being established at the end of the fiscal year.

However, the annual tax on offices and trade on Ile de France, property tax, tax on household garbage collection and possibly the tax for the removal of the industrial and commercial waste, are not included in the provisions covering ordinary charges and are required once a year.

The method of cost-sharing may be modified contractually, judicially, or legally.

Any delay in payment of the amounts due, as well the rent payment itself and the additional charges will cause a late fee reminder to be issued. The Lessee shall be wholly responsible for payment of these charges, to wit: for the first reminder: 10 Euros, for the second reminder: 20 Euros, in accordance with the tariffs currently in force on the day of the signature of these presents.

The amount of 2.00 Euros shall be charged each month as a payment notice fee, in accordance with the tariffs currently in force on the day of the signature of these presents.

SECURITY DEPOSIT

Upon signing the present contract, the Lessee shall provide as a security deposit, the amount of FIVE THOUSAND ONE HUNDRED FIVE EUROS AND FIFTY CENTS (5,105.50 Euros) which with the sum which has already been paid of EIGHTEEN THOUSAND, THREE HUNDRED TWENTY EUROS (18,320.00 ), shall constitute a security deposit total of TWENTY-THREE THOUSAND FOUR HUNDRED TWENTY-FIVE EUROS AND FIFTY CENTS (23,425.50 Euros), which is equivalent to three months rent, excluding tax.

With each indexing or revision of rent, this deposit will be readjusted so that it always is equivalent to three months of rent, excluding tax.

The aforementioned amount shall be reimbursed to the Lessee after removal and handing-over of the keys, after deductions are made for rent and tenant's repairs or all other amounts that may be due for payment by the Lessee to the Lessor, or any other amounts for which the Lessee may be responsible. Interest of benefit to the Lessee, shall not be earned upon this amount in any case whatsoever.

RESOLUTORY CLAUSE

It is expressly agreed that:

1) If any payment is in default within a single rent term, charges, taxes and services, in its agreed upon payment amount, such as in a case of infringement or non-fulfillment of one of the General or Special Conditions outlined in the lease agreement, one month after notice is served and if the appropriate response does not take place, despite all later offers to pay or execute, the present lease shall be automatically cancelled, in whatever way appears satisfactory to the Lessor, with no need for any legal formality other than a simple ordinance of summary procedure issued by the President of the Supreme Court pronouncing expulsion, the aforementioned ordinance shall fulfill the purpose of assuring its enforcement, not to issue the cancellation which takes place automatically if the Lessor deems it necessary.

2) In the event that a cancellation takes place as outlined in the first paragraph of this Resolutory Clause, the amount paid to the Lessor as a deposit shall be appropriated by him to serve as compensation, without prejudice to all expenses and damages incurred.

3) In the event of non-payment of any amount due at its term or of failure to comply with any of the General or Special Conditions provided for in the lease and with the first service by a bailiff, in addition, the Lessee will automatically be required to pay all other charges of recovery including the entire amount owed to the bailiff, a penalty equal to 10% (ten percent) of the amount of the sum owed to cover all damages to the Lessor caused by the delay in payment and the expenses, due diligence and fees incurred in the recovery efforts for this amount. This penalty is added to the legally incurred interest due once the order is issued.

GENERAL CONDITIONS

This lease is authorized and accepted under the ordinary burden of law, according to the use of the locales, and moreover, in the following conditions the Lessee commits to carry out or support under penalty of cancellation, with no right to claim any compensation nor reduction in rent, neither any recourse against the Lessor nor against his insurer.

1 o Taking possession : The Lessee shall take possession of the locales rented in the state they are currently in, and shall not require that the Lessor make any changes to its state nor any repairs whatsoever, the structural work of the walls and floors shall be the only obligation borne by the Lessor.

2 o Closure - Coverage : Since no request may be made for other doors or locks than those currently existing, the Lessee shall relinquish all recourse against the Lessor and against his insurer, in the event of robbery or burglary in the leased locales.

Effect the final removal of blinds or shutters, at the option of the Lessor, without compensation.

Objects, machines, etc., that are susceptible to water damage, must not be placed under the frames, window panes, windows or ceilings made of glazed reinforced concrete, if in existence, the Lessor denies any responsibility in the event that damage occurs resulting from a force of nature in this way, since sealing is not guaranteed to be waterproof.

3 o Inventory and maintenance : Maintain the locales rented, during the entire lease period, in good condition through repairs made by the tenant, and to perform, consequently, and to carry out at his own expenses, all electrical repairs, repairs of locks, iron work, furnaces, pluming, central heating, carpentry, painting, windows and shutters, etc., in other words, all work necessary to keep the locales functional, as well as making all replacements, be they total or partial. Only the structural work of walls and floors (in the sense set forth by article 606 of the Civil Code) shall be the responsibility of the Lessor.

Return the locales rented at the end of the lease, in the same state, (as shown by the inventory drawn up at the time possession was taken of the locales) as at the beginning of the lease.

At the expiration of the lease, another inventory shall be drawn up indicating the tenant's repairs, which may be owed by the Lessee. The aforementioned Lessee shall pay the amount.

4 o Work Done by the Lessee - Embellishments - Improvements : Without the express and written consent of the Lessor, the Lessee shall not make any changes to the layout of the rented locales, in particular concerning the apportionment of the different areas of the rented locales.

The Lessee shall not make any change, installation, demolition, holes in walls, partitions, floors, nor sealing without the express and written consent of the Lessor.

No work shall be performed, unless authorized by the Lessor, after which approval and under the direction of the Lessor's architect; the Lessee shall pay the fees.

To leave to the end of the lease, if the Lessor is in agreement, without compensation, all changes and work thus accomplished.

All decorations, embellishments, cabinets mounted on walls, gas, water, electrical connections, that the Lessee might install and, in general, all fixed installations and embellishments, shall also be left in place, unless the Lessor prefers that the locales not be remodeled, (which shall be made at the expense of the Lessee and without compensation), but in their original state.

The floors should not be overloaded in the rented locales, without completing reinforcement by means of measures recommended by the Lessor's architect, under whose orders this work must be carried out, at the expense of the Lessee.

The cost of a possible modification to the rented locales must be covered as required by the administration, even if this requirement were unforeseeable and essential, as a consequence of an event of force majeure.

5 o Work in the Building - Visiting the Locales - Pipelines : Suffer, without compensation, or reduction in rent, any work which the Lessor may consider necessary to perform in the rented locales, or in the building where they are located, the duration of which would exceed forty days

The Lessor reserves the right, without prejudice to the requirement in Article 1723 of the Civil Code, to make any modifications which he deems appropriate, to the exterior appearance as well as to the inside of the building where the locales are to be found, excluding the other locales that are at present rented.

Permit access to the rented locales, if need be, in order to perform cleaning of the doorways, court yards, inspections of the elevator counterweights or other work necessary to maintain good functionality in the building itself and in the operation of all machinery.

Tolerate, without receiving any compensation, or reduction in rent, all work which the Lessor considers necessary or that is forced to perform, such as any nearby construction or demolition, all blocked access, court yards or days of inconvenience.

Allow that all necessary pipelines cross through their cellars.

File without delay, together with the cost, all formwork, decoration, installations or removal of same, to be performed that may prove useful for research and repair in the event of leakages of any kind, or of cracks in smoke or ventilation channels, especially after a fire or smoke damage from a fire, and in general for the performance of the task.

If work proves to be necessary on all the piping, the Lessor reserves the right to replace buried pipes with visible pipes.

In the event of work, construction, sale of the building in part or in full, the Lessor may modify the layout of the cellars and proceed to exchange buildings.

Permit the Lessor, his architect and their representatives to enter the rented places whenever they consider it useful; the latter shall make sure to notify the Lessee 24 hours in advance (except in the case of emergencies).

6 o Expropriation : No compensation nor reduction in rent may be required by the Lessee of the Lessor if, throughout the duration of this lease, the building in which the currently rented locales are found, come to be demolished in part or in full as a result of cutbacks, recession, or expropriation for use by the public sector, with the exception of course, of the tenant's recourse against the parties to the expropriation.

7 o Furnishings : Make sure the locales rented are continually decorated with furniture, goods, and furnishings in sufficient quantity and worth to answer for the payment of the rent and for payment of fees and other conditions of the lease.

The Lessee shall make sure that the rented locales maintain constant commercial activity, and shall not cease, under any pretext (except for being closed for normal activities such as paid leave), even temporarily, to use the locales for the purpose indicated below.

Any relocation before the scheduled time is prohibited the Lessee, who, in all the cases, shall only be permitted to vacate the locales rented after all obligations set forth in the present Contract have been fulfilled.

8 o Insurances : Loss of the leased property, recourse and insurance

8 -1 - Goods that are Property of the Lessee

The Lessee shall insure and maintain insured for entire duration of the lease against fire hazards, explosion, water damage, destruction, all furniture, furnishings, materials and in a general way, all of its property inside the locales, including improvements, relinquishing any recourse against the Lessor for the possibility that the furniture, furnishings, materials, improvements or other items might become damaged partially or completely.

The Lessee commits to require that his insurer make the same waiver of recourse against the Lessor.

8 - 2 - Vis-a-Vis Third Parties

The Lessee shall also ensure that third parties have no recourse, also relinquishing any recourse against the Lessor in the event that goods belonging to a third party are partially or completely damaged or if they must temporarily or completely interrupt activity.

The Lessee commits to require that his insurer make this same waiver of recourse against the Lessor.

8 - 3 - Goods that are Property of the Lessor

The Lessor shall insure the building and all the elements of equipment or other fixtures and fittings against the hazards of fire, explosion, water damage, partial or total destruction due to any cause that may be, for the amount necessary to rebuild anew.

The Lessor, in the event of a disaster, shall waive all recourse against the Lessee, and commits to require that his insurer make the same waiver of recourse against the Lessee.

The Lessee shall reimburse the Lessor for any additional premium required, due to activities performed, and commits moreover to notify the Lessor of all fixtures and fittings he has installed, apart from pledging responsibility with respect to the Lessor and in the event of a disaster, to make reparations for the damage undergone by the Lessor in the event the guarantee is insufficient.

Since the premiums would be established as a guarantee for the totality of the building, with the exception of the additional premium required due to the activities performed, the total cost of which shall be the responsibility of the lessee, the quota due from the Lessee shall be as stated in Article 4.1.9, to wit:

8 - 4 - Reciprocal Waivers

The parties commit to keep in mind the aforementioned waivers, to notify each other, within two months beginning with the effective date of these presents, of their insurance policies, established according to their respective obligations, and which must have:

on the part of the Lessee, stipulations that he and his insurers shall waive, in the event of a disaster covered by the guarantees set forth in Articles 8-1 and 8-2, all recourse against the Lessor and his insurers,

on the part of the Lessor, stipulations that he and his insurers shall waive, by the guarantees set forth in Articles 8-3, all recourse against the Lessee and his insurers.

These waivers of recourse shall be reciprocal, in such a way that subject to the waiver of recourse on behalf of the Lessee and his insurers, the Lessor and his insurers waive, in the event of a disaster, any recourse that they may have against the Lessee and his insurers and who, subject to the waiver of recourse on behalf of the Lessor and his insurers, the Lessee and his insurers waive, in the case of disaster, any recourse that they might have against the Lessor and his insurers.

9 o Contributions - Health : Fulfill all the requirements of the city and police force to which tenants are usually held.

Conform to all the regulations of the proper authority regarding hygiene and public health.

Pay all contributions and taxes precisely that may correspond to him personally. Demonstrate, before relocation, to the Lessor or his agent that payment of taxes has been made, by providing the Tax Collector receipt.

Pay, throughout the duration of the lease, his share of all levies and taxes, be they State, Department or City, in whatever form they are created, whether perceived or not by the owner.

10 o Internal By-Laws : The Lessor shall not be held responsible for any interruptions which could occur in water, gas, or electrical services or of any other public utility, or of any restrictions which could, possibly, be imposed by the authorities on the various services with which the building is provided.

Regularly maintain the interior water supply and drainage pipelines, as well as all electrical and gas pipelines, the Lessor must never have to be worried on this subject and the Lessee shall use these pipelines only at his own risk and peril.

The Lessee must, by taking possession of the locales, arrange to have work performed that may possibly be necessary for the proper electrical installation specifically for the rented locales, in conformity with the regulations in force.

Have the chimneys and flues cleaned in the rented locales, by a qualified chimney-sweep, whenever the need arises.

The Lessor does not guarantee their state and the Lessee shall use them only with his own risk and peril. He shall never be called upon to repair them. No stove or radiator may be connected there.

Nothing must be thrown away, nor allowed to be thrown away, in the building's entry vestibule, in the corridors, on the staircases, and in a more general way, all common areas of the building that are formally excluded from this lease.

Flowers and other objects must not be placed in the windows neither on the street nor in the courtyard.

Conditions imposed by any organization formed between the owners or occupants of the building must be abided by, with the possible participation of the owners or occupants of the buildings close by.

Rigorously observe the rules of usage as established in Paris regarding vicinity. Avoid all noises, odors or other causes of embarrassment for the other occupants of the building or the close buildings.

Take care that ventilation equipment such as range hoods, extractors, conduits, etc. meets the standards necessary for the activity authorized by this lease, and that this equipment is maintained in perfect operating condition; so that the Lessor does in no case have to be worried by embarrassments caused in the neighborhood, in the form of fumes, odors, machinery vibration, or other noises.

Take care that personnel does not park in the areas common to the building, prohibit all manner of shouting or noises, in particular at the moment when they enter and leave the building, so that the peace of the building is not disturbed by their presence.

No messy or noisy animals shall be allowed.

Act as a substitute to the Lessor on all complaints which may be raised by a neighbor, the Lessor must never have to be worried on this subject.

No public sale shall take place in the locales rented at any time, even after failure of the business or bankruptcy.

Once the Lessee has received or given notice to vacate, during the last six months of the lease, the Lessor shall have the right to make and put up a sign, without bothering the Lessee, at the site of his choice, indicating that the locales are to be rented. The Lessee shall be open for business on all business days from 10 AM to noon and from 2:00 PM to 5:00 PM, as a consideration in advance. It will be also thus in the event of a sale of the rented locales.

11 o Heating : There is a private heating system installed in the rented locales.

The Lessee must provide maintenance directly, without the Lessor having to ever intervene in any manner whatsoever, for the entire responsibility of the heating system, as well as for its total or partial replacement, so as to leave, after vacating the premises, the aforementioned system in good operating condition.

11. (a): Air-conditioning :

If a private air-conditioning system is installed in the buildings, the Lessee must provide maintenance directly, without the Lessor having to ever intervene in any manner whatsoever, for the entire responsibility of the air-conditioning system within the locales, as well as for its total or partial replacement, so as to leave, after vacating the premises, the aforementioned system in good operating condition.

12 o Elevators : The elevator shall only be used at the Lessee's own risk and peril, and shall be maintained by the company in charge of maintenance in such a manner as to be in compliance with the regulations enacted for this purpose.

The weight limits of this device must be strictly adhered to.

Accept the possibility that other occupants of the building may use the device.

Its use is reserved for the tenants ,: the transport of all materials or objects by the elevator is prohibited and it must not be used by delivery men or couriers .

The Lessor shall bear no responsibility for accidents which may occur because of the elevator, no matter what the causes are.

13 o Use and Purpose of Locales : The rented locales shall only be used for the purpose of IMPORTING and EXPORTING PERFUMES, COSMETICS, FASHION ARTICLES, AND ACCESSORIES.

Being understood that the business activity of the company, INTER PARFUMS, INC., shall never be limited to the exclusive trade of "FASHION ARTICLES AND ACCESSORIES" outlined above under accessories.

The locales that are subject to these presents are leased exclusively to serve as offices .

The rented locales may not be used for any other purpose, with the understanding that the Lessor reserves the right to rent all other locales in the building for any mercantile or professional purposes that are similar to those of the Lessee.

14 o Credit-Lease : In the event that the Lessee has recourse to a credit-lease on his business or one of the components thereof, the Lessee shall be obligated to warn the Lessor by registered letter with return receipt, by the month preceding the signing of this credit-lease contract.

The Lessee shall also be obligated to report the date of expiration of the credit-lease contract.

In the event the business is transferred, the Credit-Lessee shall be likewise obligated to the Credit-Lessor so that the Lessor will never have to worry about the establishment with the Credit-Lessor of the credit-lease contract.

At the time of the business transfer, the Credit-Lessor must inform the owner that all the legal formalities and obligations set forth in the Credit-Lease contract have been fulfilled by the Credit-Lessee assignee.

In the event that a renewal of this lease is requested by the Credit-Lessor wishing to install a new operator, the latter will be required to carry on an activity identical to that of the former Credit-Lessor. In this case, the Credit-Lessor must send to the Lessor, at the same time as the request for renewal, all information concerning the new operator (K-(a), statutes, banking references) and of his activity, which shall be subject to his express and written approval.

15 o Transfer - Contribution - Sub-Lease : It shall not be permitted to yield the right to the present lease unless it is to the purchaser of the business, provided that such assignment is made in its entirety, and with the obligation to remain as a guarantor and jointly and severally responsible towards the Lessor for all subsequent assignees, both in respect of payments of rent and in regard to fulfilling the general conditions of the present lease.

The legal instrument containing the transfer must made in authenticated form; the Lessor must and will be summoned and an overview of the aforesaid act must be delivered him at no charge within the month of the signing; at said act of the instrument of transfer, the assignees shall of course be responsible to pay the rent to the Lessor together with the fulfillment of all responsibilities and conditions of the present lease.

No contribution or transfer may be made if the Lessee has any unpaid rent or charges due.

These stipulations will be applicable to all successive transfers.

The business may not be given to a management agent, nor shall any person be substituted, nor shall the rented locales be lent to any third parties, even temporarily.

No sub-leasing or domiciling, in part or in totality, shall be allowed, without obtaining prior written agreement from the Lessor.

15. (a) However , the Lessee is authorized at the present time to domicile within the rented locales of the companies of the INTER PERFUMES Group, with the proviso of observing the following five infrangible conditions:

1) That the activity carried on by these companies be the same as that set forth in the 13 th General Condition above and that the Lessee sends to the Lessor a copy of the statutes and of the K-(a) of these companies;

2) That they be companies of the INTER PERFUMES Group, of which at least 30% of the capital stock is in holdings;

3) That the President, the Director General, or the manager of these companies be one of the administrators of the INTER PERFUMES company, bearer of the present lease;

4) That the INTER PERFUMES company, upon vacating the premises that are the subject of this lease, make sure that they are made free of any occupation; the locals form an indivisible whole through the common intention of its parts.

Under no circumstances, may these domiciliations transfer the commitment of rights that exists between these companies and the Lessor, who shall have no direct obligation in regards to them.

5) The company, INTER PARFUMS shall remain as the sole responsible party in respect with the Lessor, for any damages to same. It shall guarantee strict fulfillment of the conditions above and commits to pledge same in writing for any domiciled company, which it will have the obligation to make known to the Lessor.

16 o Signs - Commercial Name Plaques : No plate, sign, shade/awning or any attractive installation to the exterior or interior appearance of the building may not be used without first being subject to the approval of the Lessor who will necessarily request the authorizations as set forth in Building Regulations or any other Regulation, schedule of conditions, or statutes to which it will be subject, however with the stipulation that the Lessee shall personally arrange for all administrative authorizations required and shall be responsible for payment of the taxes which may be required.

The aforementioned fa de shall not be changed or ordered to be changed, without having submitted the plans to the Lessor beforehand, and without the Lessor's authorization for the projected changes, which shall be carried out under the supervision of the Lessor's architect, whose session fees shall be the responsibility of the Lessee.

17 o Collateral Security : The Lessee hereby commits, if he consents to using his business as collateral security, to inform the Lessor, and make known to him all names and addresses of the secured creditors within fifteen days of establishing the aforesaid collateral.

18 o Binding Clause : All the responsibilities, clauses and conditions of this lease are obligatory. Any deviation of the Lessee without express and written authorization from the Lessor will have effect only through tolerance, and could never be regarded as having made novation, nor to be adherent to the present clauses and conditions, to which the Lessor shall always have the right to require strict fulfillment.

19 o VAT - Registration - Expenses : Payment of the lease fee, the stamp charges, registration fees, charges related to the present lease, revisions to the rent amount and possible renewals of this lease, plus the applicable VAT.

The Lessor has opted for the regime subject to the value-added tax, within the framework set forth by decree No. 67-1126 of December 22, 1967, supplementing the law of January 6, 1966. The Lessee shall be required to pay to the Lessor the VAT at the rate in force on the principal amount of the rent.

20 o Selection of Domicile : For the execution of these presents, the Lessee selects his domicile as the locales rented and the Lessor the domicile of the Property Manager. These domiciles are attributive of jurisdiction and all announcements and notifications shall validly be made there.

Created in three original copies, including one for registration

Executed in Paris on (Illegible Handwriting)

Read and approved (Handwritten)

(Illegible Signature) (Illegible Signature)

THE LESSEE (1) THE LESSOR (1)

Attachments: Blue-prints of the locales

Fee Schedule for the DAUCHEZ ADB Company as of the day of these presents.

(1) Please attach signature next to the handwritten reference, "read and approved" and initial each page.

DAUCHEZ

PROPERTY ADMINISTRATORS

FEE SCHEDULE

LEASING (fees shared in equal parts between the owner and the tenant)
Topic	Assessment	Rate Excluding Tax			Rate Including Tax
Property Lease	1st year's net rent charge		12.00	%		14.352	%
Per additional year beyond 3 years			1.00	%		1.196	%
Parking adjoining the property	SET FEE	100.00 euros			119.60 euros
LEASING (fees borne exclusively by the tenant)
Furnished Property Lease	1st year's net rent charge		10.00	%		11.960	%
Per additional year			1.00	%		1.196	%
Private Parking	SET FEE	100.00 euros			119.60 euros
Commercial Lease	1 st year's rent, excluding tax, or		30.00	%		35.88	%
	1 st three year period's rent, excluding tax		10.00	%		11.96	%

DRAFTING OF DOCUMENTS(fees shared in equal parts between the owner and the tenant, except furnished properties which are the exclusive responsibility of the tenant)
Studio, 2 rooms, 3 rooms	Lease Commission including Tax		10.45	%		12.50	%
4 Rooms and loft			8.36	%		10.00	%
Parking adjoining the property	SET FEE	30.00 euros			35.88 euros
DRAFTING OF DOCUMENTS (fees borne exclusively by the tenant)
Commercial Property	Annual rent including tax with a minimum of 400 Euros including tax		1.00	%		1.196	%
Private Parking	SET FEE	30.00 euros			35.88 euros

INVENTORY (fees shared in equal parts between the owner and the tenant)
STUDIO	SET FEE	117,06 euros			140.00 euros
2 ROOMS		133.78 euros			160.00 euros
3 ROOMS (Double Living Room + 1 Bedroom)		146.32 euros			175.00 euros
4 or 5 ROOMS (Double Living Room + 2 or 3 Bedrooms)		229.93 euros			275.00 euros
6 or 7 ROOMS (Double Living Room + 4 or 5 Bedrooms)		305.18 euros			365.00 euros
INVENTORY (fees borne exclusively by the tenant)
Furnished properties and leases overriding the law of 06/07/1989 (Increase)	Total Amount including Tax of the Inventory Cost		+ 30.00	%
Commercial Property < 100 m 2	SET FEE	154.68 euros			185.00 euros
Commercial Property between 100 and 200 m 2		229.93 euros			275.00 euros
Commercial Property > 200 m 2		305.18 euros			365.00 euros

RECOVERY OF TENANT FEES
1 st Notice	SET FEE		8.36 euros		10.00 euros
2 nd Notice		16.72 euros		20.00 euros
Establishment Fees upon receipt of Policy Notice		1.67 euros		2.00 euros

LEASE RENEWAL AND AMENDMENTS (For occupying premises, fees shared in equal parts between the owner and the tenant)
Dwelling	1st year's net rent charge	3.00	%	3.588	%
Commercial	1st year's net rent charge, excluding tax	5.00	%	5.980	%
Negotiation of Commercial Lease (increase)	1st year's net rent charge, excluding tax	3.00	%	3.588	%

THREE YEAR REVISION FOR COMMERCIAL PROPERTIES
Up to 30,500 Euros in annual rent, excluding tax	SET FEE		260.00 euros		310.96 euros
Above 30,500 Euros in annual rent, excluding tax		460.00 euros		550.16 euros

TENANT MANAGEMENT (Fees to be borne by the Lessor/Owner)
Maximum	Amounts collected, including tax		8.360	%		10	%
Maximum	Annual SET FEE	610.00 euros			729.56 euros
Fixed management fees	Par locataire et par an	20.00 euros			23.92 euros
Property Tax Statement (Minimum)	Each Statement	50.00 euros			59.80 euros
Following Extraordinary Work	Total amount due for work, including tax (following task)	2 to 5		%	2.39 to 5.98		%

SALE (Fees to be borne by the Owner/Seller)
Dwelling/Commercial Property	Sale price excluding tax and fees	4.18 to 8.36	%	5 to 10	%

VAT in effect as of January 17, 2005:19.60%Fee Schedule No. 9 dated 01/17/2005

EX-10.145

EXHIBIT 10.145- MARKED

Date: 21 December 2010

Inter Parfums S.A.

4 Rond Point Des Champs-Elysées

75008 Paris

France

For the attention of Mr Philippe Benacin

Inter Parfums, Inc.

551 Fifth Avenue

New York

NY 10176

USA

For the attention of Mr Jean Madar

Dear Sirs

Amendment Number 2 - Licence Agreement between (1) Burberry Limited (“Burberry”) (2) Inter Parfums S.A. (the “Licensee”) and (3) Inter Parfums, Inc (the “Guarantor”) dated 12 October 2004 (as amended) (the “Agreement”)

With effect from the date hereof, Burberry, the Licensee and the Guarantor hereby agree that the Agreement shall be amended as set out below.

1. The definition of “Term” in Clause 1.1 of the Agreement shall be amended by:

(a) deleting the words and numerals “31 December 2016” where they appear on the second and fifth line of such definition and replacing them with the words and numerals “31 December 2017”;

(b) deleting the words and numerals “31 December 2014” where they appear on the second and fourth line of such definition and replacing them with the words and numerals “31 December 2015”; and

(c) deleting the words and numerals “31 December 2021” where they appear on the third line of such definition and replacing them with the words and numerals “31 December 2022”.

2. Clause 20.6 shall be amended by:

(a) deleting the words and numerals “31 December 2011” where they appear in the first paragraph and the fifth and seventh lines of the sixth paragraph and replacing them with the words and numerals “31 December 2012”;

1

(b) deleting the words and numerals “1 January 2011” where they appear in the second paragraph and replacing them with the words and numerals “1 January 2012”;

(c) deleting the words and numerals “30 June 2011” where they appear in the fifth paragraph and replacing them with the words and numerals “30 June 2012”; and

(d) deleting the words and numerals “31 July 2011” where they appear in the sixth paragraph and replacing them with the words and numerals “31 July 2012”.

3. Clause 28.1(B) of the Agreement shall be amended by deleting the words “St. Albans House, 10 St. Albans Street, London, SW1Y 4SQ, United Kingdom” and replacing them with the words “Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom”.

4. Part A of Schedule 6 shall be amended by inserting the following row to the end of the table set out therein:

“

2017 [€———-]1

“

5. Part B of Schedule 6 shall be amended by inserting the following row to the end of the table set out therein:

“

2017 [———-]2

 “

6.           Each of Burberry, Licensee and Guarantor shall consult with each other and agree upon a press release to be made and issued jointly by Burberry, Licensee and Guarantor, as well as the date of issuance, which shall be made promptly after the execution and delivery of this Amendment Number 2. Burberry acknowledges that, in accordance with the provisions of Clause 26.2 of the Agreement, Licensee and Guarantor have advised Burberry that the Licensee and/or the Guarantor are required by law and by each securities exchange or regulatory or governmental body having jurisdiction over it, wherever situated (and including without limitation, the U.S. Securities and Exchange Commission (the “SEC”), The Nasdaq Stock Market, NASD Regulation, and Euronext) and whether or not the requirement has the force of law, to publicly disclose the subject matter of this Amendment Number 2 and any notices pursuant to Clause 20.6 in general, and in particular in respect of the Guarantor, to file such reports with the SEC as may be required under the applicable regulations of the SEC via the Edgar filing system, which provides immediate access thereto by the public; and further, that Guarantor is obligated to file a copy of this Amendment Number 2 with the SEC via the Edgar filing system, provided that the commercial information set forth in paragraphs 4 and 5 of this Amendment Number 2 will be redacted from the filing, and an application for confidential treatment of such information is to be filed. For the avoidance of doubt the Licensee and the Guarantor acknowledge and agree that Burberry Group plc (the ultimate Holding Company of Burberry)  may and can make an announcement to the London Stock Exchange in respect of the subject matter of this Amendment Number 2 and any notices pursuant to Clause 20.6 in general.

1 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.145.1.

 

2 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.145.2.

2

In this letter all defined terms, where applicable, will have the same meanings as in the Agreement unless otherwise defined in this letter.  For the avoidance of doubt, this letter will take effect as an amendment to the Agreement, but in all other respects the Agreement will continue in full force and effect.  This letter supersedes all previous oral or written agreements or arrangements between the parties (if any) in relation to its subject matter.  This letter and the Agreement will constitute the entire Agreement between the parties in respect of its subject matter.

Each party hereby acknowledges that it has not in signing and counter-signing this letter (as the case may be) relied upon any pre-contractual representation not expressly included in this letter and (except as expressly provided in this letter) neither party shall have any liability in respect of any pre-contractual representation innocently or negligently made.

Except as provided in 36 unless the right of enforcement is expressly granted, it is not intended that any provision of this letter shall be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this agreement.

Please acknowledge your acceptance of the terms of this letter by signing and returning three copies of this letter.  The terms of this letter shall not take effect until this letter has been signed and dated by Burberry.

Yours faithfully

/s/ C. Fairweather

For and on behalf of

BURBERRY LIMITED

I for an on behalf of Inter Parfums S.A. acknowledge receipt of your letter and accept and agree to its terms as set out above.

/s/ Philippe Benacin

For an on behalf of

INTER PARFUMS S.A.

I for an on behalf of Inter Parfums, Inc acknowledge receipt of your letter and accept and agree to its terms as set out above.

/s/ Jean Madar

For and on behalf of

INTER PARFUMS, INC

3

EX-10.146

EXHIBIT 10.146 - CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.146 WAS OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

LICENSE AGREEMENT

BOUCHERON PARFUMS SAS

AND

INTER PARFUMS SA

CONTENTS		PAGE
1.	DEFINITIONS	2
2.	LICENSE	3
3.	COMPENSATION TO LICENSOR	4
4.	PRODUCTS DEVELOPMENT AND QUALITY CONTROL	7
5.	ADVERTISING, MARKETING AND SALES PROMOTION	9
6.	DISTRIBUTION	10
7.	TERM AND TERMINATION	11
8.	TRADEMARKS AND OTHER INTELLECTUAL PROPERTY RIGHTS	12
9.	EXCLUSIVITY	15
10.	PRODUCT LIABILITY	16
11.	CONFIDENTIALITY	16
12.	NOTICES	17
13.	ASSIGNMENT	17
14.	ENTIRE AGREEMENT, MODIFICATION	17
15.	CONCILIATION OF DISPUTES – APPLICABLE LAW - JURISDICTION	18
16.	REMEDIES, NO WAIVER	19
17.	SEVERABILITY	19
18	FORCE MAJEURE	19

Annex A        Trademarks

LICENSE AGREEMENT

BETWEEN

BOUCHERON PARFUMS, SAS

a company incorporated under the laws of France with RCS Paris under number 509 544 086  and, having its registered office at 26 Place Vendôme, 75001 PARIS

hereinafter referred to as “LICENSOR”

AND

INTER PARFUMS SA,

a company incorporated under the laws of France with RCS Paris under number 350 219 382 , having its registered office at 4 rond-point des Champs Elysée 75008 PARIS, France

hereafter referred to as “LICENSEE”

INTRODUCTION

The Licensor designs and manufactures high luxury quality handcrafted jewellery in France and in other countries under the "BOUCHERON” trademarks (“Trademarks” as hereinafter defined).

The preservation of the prestigious image of the Boucheron Trademarks and of the quality of the products to which the brand is affixed establishes an essential interest for the Licensor and thus must be a constant and common interest for his partners.

From his part, the Licensee holds a leading position in the high end fragrances and cosmetics industry, thanks to the means and to its long experience in both marketing and product development as well as in industrial and distribution matters.

The Licensee is interested in obtaining the right to use the Trademarks on and in connection with the development, manufacture, advertise, promotion and sale of the luxury fragrance products (“Products” as hereinafter defined) throughout the world in accordance with the terms and conditions of this Agreement. The Licensor is willing to grant the Licensee the right to use the Trademarks on and/or in connection with the foregoing purposes.

Within the framework of the collaboration between the Licensor and the Licensee, and considering the beneficial effect which the conjunction of their respective strengths would not fail to have on their businesses, both parties have agreed to the conditions under which this fragrance license agreement is granted to the Licensee and could be made in their common advantages.

The Licensee is informed of the current licence agreement for fragrance products under the Boucheron trademarks with L’OREAL UK Ltd (“Current Licensee”) and the Licensor warrants to the Licensee that it has agreed with the Current Licensee to an early termination agreement as per the effective date of 31st December 2010. Notwithstanding anything to the contrary contained in this Agreement, the Licensor shall hold the Licensee harmless from any such claims for compensation or damages which may be made by the Current Licensee in relation with the early termination of the current licence agreement. Subject to the terms and conditions to be agreed between the Licensor and the Current Licensee on one hand and between the Licensor and the Licensee on the other hand, the Licensee will take over the existing business from the Current Licensee, e.g inventory, distribution agreements, mould, toolings, etc. at the effective date of this licence agreement. Notwithstanding the clause 2.2 below related to the exclusive rights granted under this agreement, the Licensee acknowledges that at the effective date of the licence, Products may be still under commercialisation and promotion by distributors and/or retailers of the Current Licensee.

THEREFORE, in consideration of the said premises and the mutual promises and covenants contained herein, the parties agree as follows:

1. DEFINITIONS AND INTERPRETATION

Unless the context otherwise requires, the following terms shall have the following meanings:

1.1 “AGREEMENT” or “LICENCE AGREEMENT” shall mean this License Agreement including all Annexes hereto, as the same may be amended, supplemented or modified in accordance with Section 14 hereof;

1.2 “CONTRACTUAL YEAR” shall mean a period of twelve months commencing on January 1st and ending on the following December 31st;

1.3 “COMMENCEMENT DATE” shall mean the effective date of 1st January 2011;

1.4 “TRADEMARK” shall mean the house name and marks “Boucheron”, “B Boucheron” and “B” (stylised letter) including all secondary marks as represented and listed in Annex A hereto, together with any new secondary marks ( “New Secondary Marks”) which the parties may agree to introduce in accordance with the provisions of this Agreement for the purpose of applying to the Products in the class 3 of the Nice Convention;

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1.5 “PRODUCTS”/LICENSED PRODUCTS” shall mean women’s and men’s fragrance as well as shower gel, body lotion and aftershave ancillaries that shall be launched in accordance with the provisions of this Agreement, that the Licensee may market, distribute and sell in connection with the Trademarks and/or the Trade names pursuant to the terms and conditions of this Agreement;

1.6 “NEW PRODUCT” shall mean a new women or men ‘s fragrance with a new juice and New Secondary Mark;

1.7 “FRAGRANCE RIGHTS” shall mean the fragrance formulas used exclusively with the Licensed Products.

1.8 “DESIGN RIGHTS” shall designate the design application or registrations and the unregistered design and copyright rights, author’s rights, covering the packaging and bottles of the Licensed Products.

1.9 “TERRITORY” shall mean the world;

1.10 “NET SALES” shall mean the aggregate net sales of the Products invoiced by the Licensee and by any of its Affiliated Companies on the sales of Products in the ordinary course of business to a non-Affiliated Company, and shall refer to the figures sales as certified and publicly mentioned in relation with the Boucheron brand in the certified consolidated financial annual report of the Licensee.

1.11 “AFFLIATED COMPANIES” or “AFFLIATES” shall mean any subsidiary of any of the parties in which the parties either holds more than 50% of the share voting rights or otherwise has effective control. The word “subsidiary” has the meaning given to it by article L 233-1 Code de Commerce.

1.10 The Schedules and Recitals form part of this Agreement and shall have effect as if set out in full in the body of this Agreement and any reference to this Agreement includes the Schedules and Recitals.

2. LICENSE

2.1 The Licensor hereby grants the Licensee exclusive licensed rights and the Licensee accepts those rights :

· to manufacture, develop, advertise, promote, sell and distribute the Products under the Trademark in the Territory; and

· to use the Trademarks only in connection with the foregoing rights

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2.2 This Licence is an exclusive licence throughout the Territory with respect to the Licensed Products and neither the Licensor itself nor any third party licensed by the Licensor shall have the right to advertise, promote, manufacture, sell or distribute nor cause the advertising, promotion, manufacture of, sale or distribution of any items or material directly competitive with any Licensed Product within the Territory other than the resale of the Licensed Products by the Licensor of Licensed Products purchased from the Licensee or any Affiliated Company or distributor of the Licensee .

2.3 The Licensor agrees to ensure the reputation, image and the goodwill of its activity in luxury accessories and jewellery branded Boucheron and shall retain its present standing (as of the date of signing of this Agreement) which is the basis of the interest in its Trademark given the material impact of this reputation on the establishment and positioning of the brands in the perfume industry. To that end the Licensor agrees, as a material condition of this Agreement, failing which stipulation the parties would not have entered into the Agreement, to support the creative activities of Boucheron luxury jewellery and accessories to enhance the image of prestige of the Boucheron name.

3 COMPENSATION TO LICENSOR

3.1 In consideration of the rights granted to the Licensee and most particularly in consideration of the duration of 15 years of the present Licence Agreement as well as the importance of this Licence Agreement as a part of the business of the Licensee, the Licensee agrees on an irrevocable basis to an upfront payment of 15 million Euros (FIFTEEN MILLION EUROS) which shall, in all cases (including those of advance termination of the licence, be regarded as definitively accrued to Licensor and finally retained by the latter). The irrevocable upfront payment shall be payable to the Licensor at signature of the Agreement. As a result of the agreement to an irrevocable payment, the Licensor and the Licensee shall perform the present Agreement on a bona fide basis.

3.2 Further, in consideration of the rights granted to the Licensee under this Agreement, the Licensee shall pay during each Contractual Year or part thereof a royalty which shall be equal to [———-]1% ([———-]2 PERCENT) of the Net Sales of all Products sold in any Contractual Year, and which shall in any Contractual Year be a minimum amount as specified in Section 3.4 below.

1 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.1.

2 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.2.

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3.3 The Licensee agrees to pay the following Minimum Guaranteed Royalties to the Licensor to be paid in (4) equal amounts in each Contractual Year (“CY”) in accordance with Section 3.2 below.

MINIMUM GUARANTEED ROYALTIES

Contractual Year	Minimum Guaranteed Royalty
CY 1  January 1st 2011 to December 31st 2011	EUR [———]3
CY 2  January 1st 2012 to December 31st 2012	EUR [———]4
CY 3  January 1st 2013 to December 31st 2013	EUR [———]5
CY 4  January 1st 2014 to December 31st 2014	EUR [———]6
CY 5  January 1st 2015 to December 31st 2015	EUR [———]7
CY 6  January 1st 2016 to December 31st 2016	EUR [———]8
CY 7  January 1st 2017 to December 31st 2017	EUR [———]9
CY 8  January 1st 2018 to December 31st 2018	EUR [———]10
CY 9  January 1st 2019 to December 31st 2019	EUR [———]11
CY 10 January 1st 2020 to December 31st 2020	EUR [———]12
CY 11 January 1st 2021 to December 31st 2021	EUR [———]13
CY 12 January 1st 2022 to December 31st 2022	EUR [———]14
CY 13 January 1st 2023 to December 31st 2023	EUR [———]15
CY 14 January 1st 2024 to December 31st 2024	EUR [———]16
CY 15 January 1st 2025 to December 31st 2025	EUR [———]17

 3 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.3.

4 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.4.

5 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.5.

6 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.6.

7 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.7.

8 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.8.

9 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.9.

10 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.10.

11 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.11.

12 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.12.

13 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.13.

14 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.14.

15 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.15.

16 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.16.

17 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.17.

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3.4 The Licensee shall, for each quarter of each Contractual Year, pay to the Licensor the greater of the cumulative amount of royalties payable under Section 3.2 above or the cumulative Minimum Guaranteed Royalties due in that Contractual Year up to that date less any royalties, whether payable under Section 3.2 or guaranteed Minimum Guaranteed Royalties payments, already paid in that Contractual Year. These payments will be made within [———]18 calendar days after the end of each calendar quarter, such quarters ending on 31 March, 30 June, 30 September and 31 December in each Contractual Year. Each payment shall be accompanied by a quarterly royalty report with details of sales by lines and by region. In addition, on a monthly basis the Licensee shall within [———]19 days following the last day of each month send to the Licensor a full account report of the Net Sales of the Products in respect of that month.

3.5 Annually by [———]20 each Contractual Year, the Licensee shall deliver to the Licensor a projected Net Sales plan for the following Contractual Year as well as a revised plan of the projected Net Sales based on the actual Net Sales of the first six months of the relevant Contractual Year.

3.6 In addition to the quarterly royalty reports referred to in Section 3.4 above, Licensee shall – if requested by Licensor promptly after the end of a calendar year– provide to Licensor within [———]21 of the end of each calendar year a global certificate by an independent accounting firm appointed by the Licensee and at its own  expenses certifying that the volume and value of sales of the Products for that calendar year and that the figures contained in the quarterly royalty reports for the same calendar year correspond with the entries in the books of Licensee and where appropriate, any Affiliated Company of Licensee or any other entity under its control and certifying the global deductions from gross sales made to calculate the Net Sales figure for the relevant calendar year.

18 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.18.

19 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.19.

20 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.20.

21 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.21.

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3.7 Failure by the Licensee to make payment of any royalties within [———]22 days after their due date shall thereafter incur accrued interest at the basic bank interest rate of Euribor plus [———]23 per cent ([———]24%) per annum. Payment shall be applied first against any interest which may have been accrued to the date of the payment and any balance against the amount of royalties outstanding.

3.8 The Licensee agrees to keep full and accurate books and records relating to the marketing and the sale of the Products. The Licensee agrees that the Licensor shall have the right, directly or through an expert appointed by Licensor, to inspect during normal business hours the books and records of the Licensee and/or any Related Companies of the Licensee relating to the computation and the payment of the royalties due and owing to the Licensor and the advertising and promotional expenses and upon no less than one month’s prior notice. This right of inspection shall remain in effect for a period of three years after termination of the Agreement. The cost of this audit shall be borne by Licensor except if the discrepancy between the royalties paid or the declared advertising and promotional expenses is equal to superior to [———]25% to the dues royalties or the actual advertising and promotional expenses.

4 PRODUCTS DEVELOPMENT AND QUALITY CONTROL

4.1 The Licensee shall be responsible for the development of all the fragrances and formulas of the Products. The Licensor shall be available for consultation, to attend development meetings as reasonably requested by the Licensee. To that end both parties shall collaborate together through out the development process of the Products so that the Products brought to the market will be consistent in all material aspects with the image of quality, elegance, and originality of the Licensor, in particular as concerns the quality of the Products hereunder, their outward appearance, advertising, promotion, and distribution.

22 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.22.

23 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.23.

24 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.24.

25 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.25.

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4.2 The Licensee and the Licensor shall consult each other on the basis of the following method of collaboration:

[———]26

4.3 The parties agree that Licensor shall have creative approval with regard to the Products over:

§ the concept

§ the juice ( including the components)

§ the name

§ the inner and outer packaging (including but not limited to the bottles, the folding boxes, any other packaging)

§ advertising, promotional and other materials, including Public Relations (“PR”), Points of Sales materials (“POS”) and “gifts with purchases”, business documents.

4.4 Licensor’s approvals shall be based upon subjective standards as to aesthetics based upon its requirements for and the prestige and reputation of products bearing the Licensor Marks. Both parties shall use their reasonable best endeavours to closely collaborate and to rectify the basis for any disagreement within a time period required to meet reasonable production deadlines and requirements of both parties, and to resolve any disagreement in order to have a final satisfactory common project. Nevertheless, in case of disagreement, the decision of Licensor shall prevail.

4.5 The Licensee shall be responsible for ensuring that the Products as developed shall comply in all material aspects with the agreed designs, models and prototypes and with all relevant laws, regulations, specifications and standards in force with respect thereto.

4.6 The Licensee will permit the Licensor at all reasonable times to enter the Licensee’s premises where the Products are manufactured for the purpose of inspection thereof. In order to enable the Licensor to control the quality of the Products, the Licensee agrees to submit to the Licensor after reasonable request random samples (up to [———]27 items per range of Products) free of cost for inspection.

4.7 If the Licensee uses sub-manufacturers, in accordance with the terms of this Agreement for the manufacture of the Products, the Licensee shall remain liable for ensuring that the quality of the Products remains in accordance with quality standard industry in all material aspects.

 26 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.26.

27 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.27.

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4.8 The Licensee undertakes to launch [———]28 New Products within the [———]29 first Contractual Years.

5 ADVERTISING, MARKETING AND SALES PROMOTION

5.1 In relation with the projected Net Sales plan as set out in clause 3.5 above the Licensee shall communicate to the Licensor a marketing plan in respect of the Licensed Products with a projected expenditure on the advertising and promotion plan of the Licensed Products pertaining to the next Contractual Year.

5.2 The Licensee shall be responsible for producing and circulating all advertising and promotional materials in the Territory at its costs. In accordance with the development process of the Products as provided for in section 4 above, the Licensee agrees to take the Licensor’s image into consideration in its advertising and promotion for the Products and to ensure that the advertising and promotion for the Products will be consistent with the Licensor’s image in all material aspects and will not harm or diminish the Licensor’s image and reputation. The parties shall use their best endeavours to closely cooperate in order to have a satisfactory common project. Nevertheless, in case of disagreement, the decision of Licensor shall prevail.

5.3 The Licensee shall spend jointly with its Affiliated Companies in each Contractual Year at least [———]30% ([———]31 PER CENT) of the projected Net Sales on advertising and promotion of the Products (“Advertising and Marketing Promotion Expenditure” as defined hereinafter)

5.4 During the first [———]32 months at the first date of the launched New Products the Licensee shall spend jointly with its Affiliated Companies at least [———]33% ([———]34 PER CENT) of the projected Net Sales on Advertising and Marketing Promotion Expenditure in respect of the launched New Products.

28 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.27.

29 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.29.

30 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.30.

31 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.31.

32 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.32.

33 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.33.

34 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.34.

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For the purpose of the clauses 5.3 and 5.4 Advertising and Marketing Promotion Expenditure shall mean magazines, radio, press/print, TV, billboards, web and internet banner ads, cinema, cooperative advertising (advertising related to the Products in magazines and store catalogues produced by or on behalf of retailers) as well as direct production costs (agency costs, photographer, buyouts, usage rights, modelling costs) and “POS materials shall mean POS displays, testers, demonstration, gift with purchases, show cards, windows, dummies, other sell-through (direct mail, consumer meetings (including costs of independent beauty consultant incurred in respect of selling or presenting the Products in the point of sale), stand in department stores, public relations (including trade shows).

6 DISTRIBUTION OF THE PRODUCTS

6.1 The Licensee agrees to distribute the Products or have them distributed by its Affiliated Companies or third party distributors only through selected distribution channels (department stores, specialty stores, independent perfumeries, select perfumery chains and travel retail outlets) of high standing and compatible with the high quality and luxury image of the Trademarks, including Licensee’s web sites and selected web sites of French retail partners and Distributors (excluding stock markdown sites) for which the website pages will have to be submitted to Licensor for brand image approval. Upon request by the Licensor, the Licensee will provide information about the names and addresses of its distributors and authorised outlets.

6.2 The Licensee shall use its best efforts to ensure that such outlets conform with high selective and objective distribution criteria in fine fragrance industry and have a signed selective distribution contract signed with the outlets. The Licensor may have its representatives to visit all outlets supplied by the Licensee or its authorised distributors in order to ensure that they do so conform and, in the event they do not and after being requested by the Licensor, the Licensee shall, subject to compliance with local laws, use its best endeavours that such outlets will no longer be supplied with the Products.

6.3 In order to protect the prestige of the network distribution the Licensed Products, Licensee shall provide a tracking technology enabling a determination of Distributors to whom the Licensed Products have been sold.

6.4 In respect of the termination of the current licence agreement,  the Licensee shall manage by itself the outcome of the  business relationship and any possible procedures with the existing business partners of Current Licensee ; Licensee shall hold Licensor harmless from any associated costs for example but not limited, if a third party distributor in any country would refuse such a transfer and would obtain indemnities, products or POS/promotional material returns to be borne by Current Licensee and/or Licensor.

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7 TERM AND TERMINATION

7.1 The initial term of this Agreement shall commence on the Commencement Date and shall have a duration of 15 (FIFTEEN) Contractual Years, and thus expire on December 31, 2025 (Initial Term), unless renewed or sooner terminated as provided below.

7.2 The Licence Agreement shall be renewed automatically for a further term of five (5) Contractual Years up to and including December 31st, 2030 in the event the global Net Sales as reflected in the Licensee’s books for the Contractual Year 2024 were above EUR [———]35 ([———]36 EUROS) ..

7.3 Each party shall be entitled to enter into negotiations for a second five-year renewal or to terminate the Agreement upon Notice to be given [———]37 months before second expiration date of the first renewal period.

7.4 Each party shall be entitled to terminate the Agreement upon written notice to the other party upon the occurrence of any of the following events:

7.4.1 the other party shall default or fail to make when due any payment due hereunder, and such default or failure shall continue for a period of [——]38 days after receipt of notice thereof from the other party;

7.4.2 a material breach of any provisions of this Agreement which is not remedied within [———]39days of written notice thereof;

7.4.3 liquidation, insolvency or bankruptcy, suspension of payments, heavy indebtedness or discontinuance of business of the other party;

7.4.4 any of the circumstances referred to in Section 18 below persist for a period of at least [———]40 calendar months.

7.5 Upon the expiration or termination of the Agreement:

7.5.1 The Licensee shall cease to manufacture the Products unless decision of the Licensor to request a cease of the manufacturing [———]41 months before the expiration of the Agreement.

 35 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.35.

36 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.36.

37 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.37.

38 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.38.

39 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.39.

40 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.40.

41 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.41.

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7.5.2 The Licensee shall be entitled to sell off the existing stock of Products for a period of [———]42 months following the date of termination or expiration of the Agreement and to use up the existing components and materials for the manufacture of the Products and to sell off the so-produced Products within the sell-off period. During the sell-off period the Licensee shall continue to provide quarterly reports and pay royalties on Net Sales, but shall not be subject to any payment of the Minimum Guaranteed Royalties as provided for in clause 3.3 above. The distribution during the sell-off period shall be made in accordance with the article 6 of the present agreement.

7.5.3 The Licensee shall either at the end of the sell-off period or, if there is no sell-off period, upon expiration or termination of the Agreement, promptly supply to the Licensor an inventory of the Products and all other material related to the Products including components and as well an inventory of all relevant tooling. The Licensor shall have the right to purchase the inventory at production cost or, in case of tooling, at its depreciated value within [———]43 months after receipt of the inventory. If not otherwise agreed between the parties, the Licensor, if using its option, has to acquire any and all of the Products, bottles, packaging, semi-finished Products and materials, unless obsolete, damaged or otherwise unsaleable.

7.6 Stocks of Products and any materials related to the Products which display the Trademarks and any relevant tooling not purchased by the Licensor and not disposed of during the sell-off period may be disposed of in such manner as shall be mutually agreed by the parties or, failing agreement shall be destroyed under the supervision of the Licensor.

7.7 Upon termination if not done before, the Licensee shall transfer to Licensor the Design Rights and the Fragrance Formulas.

8. TRADEMARKS AND OTHER INTELLECTUAL PROPERTY RIGHTS

8.1 The Licensee acknowledges that, as between the Licensor and Licensee, Licensor is the owner of all rights, titles and interests in and to the Trademarks, Design Rights and the Fragrance Rights throughout the Territory. Neither the Licensee nor any Affiliated Company shall do anything that may affect any right of Licensor in and to the Trademarks, Design Rights and the Fragrance Rights, nor challenge Licensor’s ownership of or the validity of the Trademarks, Design Rights and the Fragrance Rights.

42 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.42.

43 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.43.

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8.2 The Licensee shall use and display the Trademarks only in the form and manner designated or approved by the Licensor. The Licensee shall not use the Trademarks in whole or in part, as a corporate name, trade name, domain name or otherwise, nor shall the Licensee create any trademark or variation which includes the Trademarks except provided for by the present Agreement or expressly approved in writing by Licensor.

8.3 Licensor undertakes to maintain the Trademarks in full force and effect during the Term and to defend them against opposition and cancellation actions of third parties. The costs of registering, opposition and renewal of registration of the Trademarks in international class of goods 3, cost of availabilities researches, clearing (including costs of acquiring) and policing the New Secondary Marks and any costs incurred by all and any claims related to New Secondary Marks, shall be borne by Licensee. The Licensee shall be responsible for availabilities and clearance trademark searches for the Products and shall carry directly formalities of registrations and renewal of the Trademarks for the Products in the name of the Licensor and any related opposition proceeding, during the course of the registrations, it being agreed that such formalities shall be performed properly in accordance with the instructions of the Licensor

 The Licensee shall provide the Licensor with all of the original copies of the Trademark registration and/or renewal certificates and shall keep on a timely basis the Licensor duly informed on the legal status of the applications, registrations and renewal of  the Trademark and New Secondary Trademarks (in international class of goods 3 ) . Further Licensee agrees to provide the Licensor every [———]44 a full and accurate report including all applications and registrations of the Trademarks relating to the Products and containing at least the application and/or registration details (date, number, specification of goods).

Where the Licensee has created new design bottle and/ or packaging  in relation with the New Products and such creation has been approved by the Licensor, the Parties shall mutually agree the protection of such designs as may be necessary where both Parties reasonably believe that there is likely a risk of infringement. In the event Licensor and Licensee agree to the registration of such designs in certain countries of the Territory, Licensee shall use reasonable endeavours to ensure at its own cost and expense the registration, in the Licensor’s name, the design of the bottle of the Products and shall keep the Licensor informed thereof by providing all necessary documentation, including the original copy of the registration certificate of such Design Rights. Licensee shall obtain any and all assignment of author’s rights or any other applicable intellectual property rights on the design of new bottle and /or packaging to the benefit of the Licensor and / or its Affiliated Companies, which shall include the right to adapt, modify the design even of an usage in another category of products.

 44 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.44.

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8.4 The Licensor undertakes to (i) defend the Licensee against claims by third parties based on the use by the Licensee made in accordance with this Agreement of the Trademarks and in accordance with the Licensor’s instructions and (ii) to indemnify, reimburse and hold the Licensee harmless from liability, damages, cost and expenses,  arising from any such claims made by third parties against the Licensee with respect to the Licensee’s use of the Trademarks made in accordance with this Agreement and the Licensor’s instructions.

Notwithstanding the above paragraph and in accordance with the articles 8.3 and 8.8, the Licensor shall not defend, nor indemnify the Licensee against claims by third party based on the New Secondary Marks registered at the request of the Licensee, Design Rights and the Fragrance Rights. These costs and consequences shall be borne by the Licensee.

8.5 The Licensee must promptly notify the Licensor of any actual or suspected infringement within the Territory of the Trademarks or of any other rights of the Licensor that comes to its attention (“Infringement”).

8.6 The Licensee will co-operate fully with the Licensor in taking all steps required by the Licensor, at its own costs, including legal proceedings or in the joint names of the Licensor and the Licensee. Each Party shall bear its own costs for legal proceedings. The Licensee must use its best endeavours to assist the Licensor in any legal proceedings relating to any Infringement.

8.7 If the Licensor elects not to take proceedings in respect of any Infringement the Licensee shall have the right but not the obligation to take such proceedings on behalf of the Licensor. The Licensee shall be responsible for the costs of any such legal proceedings requires and is entitled to any damages, account of profits and/or award of costs recovered.

8.8 With respect to New Products launched during the term of this Agreement, the Licensee  agrees to carry out at its own costs  the registration in the name of Licensor and administrative procedures (including, but not limited to opposition procedures and alike) of the New Secondary Marks  and Design Rights applied to the Products.

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The Licensee shall be responsible for identifying appropriate names for all new ranges of the Products, together with, if appropriate, new bottles for such new ranges and, to that end the Licensee agrees that (i) it shall use best endeavours to ensure the availability of all proposed names, designs for new bottles and (ii) it shall assist, at the Licensor’s request, in applying to register, registering or otherwise protecting in the Licensor’s name any new names and the bottle design, the Licensee shall bear all the costs of all and any legal proceedings, availability researches, registrations, acquisitions, and alike related to any new names and bottle design.

9. EXCLUSIVITY

9.1 As a result of the exclusive rights granted to the Licensee in clause 2.1 above, the Licensor agrees, during the term of this Agreement:

9.1.1 not to manufacture, advertise or promote, distribute or in any other way market products, which are identical to the Products except as may be permitted in this Agreement;

9.1.2 not to consent to the use of the Trademarks ( defined in article 1 as being the trademarks owned by Licensor for the products of the international class 3 of the Nice Convention ) in connection with the manufacture, distribution, marketing and/or advertising of products which are identical to the Products, alone or in conjunction with any additions.

Notwithstanding the previous provisions of the above clause, the Licensor is entitled to supply the Products to its Affiliates and international franchisees and other licensees for re-sale inside the Territory. If requested by the Licensor, the Licensee covenants to supply the Products to the Licensor and its Affiliates and franchisees at the Licensee's normal wholesale prices less a discount of [———]45% ([———]46 PERCENT)

9.2 Licensor shall retain the right to use and register any domain names that include the Trademarks or any variation of them. Licensee shall not seek to register any domain names that include or relate to the Trademarks without the prior written authorisation of Licensor. The Licensor shall have the right to re-sale the Licensed Product through its website.

 45 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.45.

46 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.46.

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10. PRODUCT LIABILITY

10.1 The Licensee shall manufacture or have manufactured the Products at its own responsibility and shall enter into or maintain a sufficient product liability insurance, such insurance to cover the costs of undertaking a product recall.

10.2 The Licensee agrees that the manufacture, marketing and distribution of the Products, and any other Products distributed or sold with the Products will be in compliance with all applicable health and safety laws or regulations and with any relevant national and international cosmetic labelling, packaging, recycling or other relevant regulations in the countries of manufacture and distribution.

10.3 The Licensee further agrees that it will organise and effect, at its own expense, all registrations as are necessary for compliance with local product registration and health or similar registration requirements. The Licensor agrees to assist the Licensee with regard to such registrations within its best abilities. The Licensee agrees to reimburse the Licensor any costs and expenses reasonably and properly incurred by the Licensor in connection with such registrations.

11. CONFIDENTIALITY

11.1 The parties agree to keep confidential and secret the provisions of this Agreement and all non-public information and knowledge each party may acquire about the other including, without limitation, information concerning the marketing of their Products, even if such information and knowledge have not expressly been referred to as secret or confidential. Such information and knowledge may only be used for the purpose of this Agreement.

11.2 The obligations of confidentiality set out in clause 11.1 above will not extend to information acquired by the Licensee which it can show if:

11.2.1 at the time of its acquisition was in, or at a later date has come into, the public domain, other than following a breach by the Licensee of this Clause 11.1;

11.2.2 it knew prior to first disclosure to it by the Licensor;

11.2.3 such information has to be disclosed as required by applicable law; or

11.2.4 it received independently from a third party with the full right to disclose.

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11.3 Notwithstanding anything to the contrary contained in this Agreement, the Licensor acknowledges that the Licensee, has its ordinary shares traded on Euronext, and is subject to various reporting obligations as a public company. The Licensor further acknowledges that Inter Parfums, Inc., the parent company of the Licensee (the “Parent Company”), is a publicly held company with its Common Stock traded on The Nasdaq Stock Market, National Market System and is subject to reporting requirements of the United States federal securities laws. Nothing in the Agreement shall prohibit the disclosure as may be required of either Parent Company or the Licensee under such securities laws. Licensee agrees to discuss in advance with the Licensor any such public disclosure that may be required by of either Parent Company or the Licensee.

12. NOTICES

All reports, communications, requests, approvals and notices required or permitted by this Agreement to be given to a party shall be in writing and shall be deemed to be duly given when sent by certified or registered mail, return receipt requested, addressed to the party concerned or by facsimile where the sender is able to demonstrate successful transmission by producing a properly addressed fax transmission report, as follows:

To LICENSOR:	To LICENSEE
BOUCHERON PARFUMS	INTER PARFUMS SA
26 Place Vendôme	4 rond-point des Champs Elysées
75001 PARIS	75008 PARIS
Attn: M. Jean Christophe Bédos	Attn: M. Philippe Benacin

13. ASSIGNMENT

Except as otherwise provided for in accordance with the terms of this Agreement, neither party shall be entitled to assign its rights or obligations hereunder without the prior written consent of the other.

14. ENTIRE AGREEMENT, MODIFICATION

14.1 This Agreement and its Annexes contain a complete statement of all arrangements between the parties with respect to the subject matter and supersede all existing arrangements between them concerning this subject matter.

14.2 Modifications and/or supplements to this Agreement are only valid if made in writing. This shall also apply to the modification or cancellation of this in-writing cause.

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15.      CONCILIATION OF DISPUTES – APPLICABLE LAW - JURISDICTION

15.1 This Agreement shall be exclusively be governed by and interpreted in accordance with the French Laws.

15.2 In the event of a disagreement between the Licensor and the Licensee as to the validity, construction, performance, or rescission of any provision hereof, the parties agree to follow the following conciliation procedure before filing any litigation:

· First, a meeting between operational managers shall be called by the promptest party to resolve the disagreement as quickly as possible after the disagreement arises. The purpose of this meeting shall be to find an out-of-court solution to the disagreement in question. Minutes of said meeting shall be drawn up.

· Second, if the meeting between operational managers does not result in an out-of-court solution, the chief executive officers of each of the parties shall meet and strive to resolve said disagreement amicably. Said meeting must be held in a timely manner and no later than [———]47 days as of the meeting between operational managers.

· Should for a further period of [———]48 days a dispute subsist as to the validity, construction, performance, and/or rescission hereof in spite of the conciliation procedure or should one of the parties refuse to follow the aforementioned procedure promptly, carefully and in good faith, the said dispute shall be subject to the Court as set out below in article 15.3.

15.3 Should a dispute subsist as to the validity, construction, performance, and/or rescission hereof in spite of the conciliation procedure above or should one of the parties refuse to follow the aforementioned procedure promptly, carefully and in good faith, the Paris Court of Appeals (Cour d’Appel) shall have sole jurisdiction over the dispute.

 47 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.47.

48 Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc., no. 10.146.48.

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16. REMEDIES, NO WAIVER

The specific remedies to which either party may resort under the terms hereof are cumulative and are not intended to be exclusive of the remedies to which either party is entitled. No waiver by either party, whether express or implied, of any provision of this Agreement or any breach or default of any one or more instances, nor any delay by either party in exercising its rights hereunder, except as provided for in this Agreement, shall constitute or be deemed a continuing waiver of such provision or of any other provision of this Agreement.

17. SEVERABILITY

The provisions of this Agreement are independent of and severable from each other and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other provision or provisions may be in whole or in part invalid or unenforceable. The parties hereby agree to substitute any invalid provision by another valid provision in such a way that the purpose of the invalid provision is reached as far as possible. The same shall apply accordingly in case of an omission or an indefinite provision.

18. FORCE MAJEURE

The parties hereto shall not be responsible for any loss, damage, consequential or otherwise, detention or delay caused by fire, law, regulation, civil or military authority, insurrection or riot, national labour strike or wartime embargoes, tempest, act of God, shortages or by any other cause whatsoever, which is unavoidable or beyond the relevant party’s reasonable control; provided however, that any such force majeure shall not release Licensee from its obligations to make payment of amounts due and owing to Licensor in accordance with the terms of this Agreement. It is agreed that Licensee’s obligations to make payments of amounts due and owing up to, and during, an event of such force majeure shall not apply during the continuance of that force majeure in the event that the force majeure itself renders Licensee unable to make such payments. In such circumstances, the Licensee undertakes to make payment of amounts owing to and accrued to the Licensor before and during such force majeure, promptly upon its cessation.

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IN WITNESS whereof the parties have executed this AGREEMENT in two original copies

For and on behalf of	For and on behalf of
LICENSOR	LICENSEE
PARIS, December 17th, 2010	PARIS, December 17th, 2010

/s/ Jean- Christophe Bédos	/s/ Philippe Benacin
BOUCHERON PARFUMS	INTER PARFUMS
Represented by Jean- Christophe Bédos	Represented by Philippe Benacin
Title: President/CEO	Title: President /CEO

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EX-21

Exhibit 21

LIST OF SUBSIDIARIES

Name	Jurisdiction
Inter Parfums Holdings, S.A.	France
Inter Parfums, S.A.	France
Jean Philippe Fragrances, LLC	New York
Inter Parfums USA, LLC	New York
Nickel USA, Inc.	Delaware
Inter Parfums Limited	United Kingdom
Inter Parfums Gmbh	Germany
Inter Parfums srl	Italy
Inter España Parfums et Cosmetiques, SL	Spain
Inter Parfums Suisse, S.A.	Switzerland
Interparfums Luxury Brands, Inc.	Delaware
Interparfums Singapore Pte.	Republic of Singapore

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-136988) and Form S-3 (No. 333-141963) under the Securities Act of 1933 of Inter Parfums, Inc. of (i) our report dated March 8, 2011 on the consolidated balance sheet and Schedule II of Inter Parfums, Inc. and subsidiaries as of December 31, 2010, the related consolidated statements of income, changes in shareholders’ equity, comprehensive income and cash flows for the year ended December 31, 2010 and (ii) to our report dated March 8, 2011 on the effectiveness of the Inter Parfums, Inc. maintenance of internal controls over financial reporting as of December 31, 2010. Each report appears in the December 31, 2010 Annual Report on Form 10-K of Inter Parfums, Inc.

WeiserMazars LLP

New York, New York

March 8, 2011

EX-23.2

Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-136988) and Form S-3 (No. 333-141963) under the Securities Act of 1933 of Inter Parfums, Inc. of (i) our report dated March 10, 2010 on the consolidated balance sheet and Schedule II of Inter Parfums, Inc. and subsidiaries as of December 31, 2009, and the related consolidated statements of income, changes in shareholders’ equity, comprehensive income and cash flows for each of the years in the two-year period ended December 31, 2009. Such report appears in the December 31, 2010 Annual Report on Form 10-K of Inter Parfums, Inc.

Mazars LLP

New York, New York

March 8, 2011

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Jean Madar, certify that:

1. I have reviewed this annual report on Form 10-K of Inter Parfums, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))  for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding  the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based upon such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 8, 2011

/s/ Jean Madar   

Jean Madar, Chief Executive Officer

EX-31.2

Exhibit 31.2

I, Russell Greenberg, certify that:

1. I have reviewed this annual report on Form 10-K of Inter Parfums, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))  for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding  the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based upon such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 8, 2011

/s/ Russell Greenberg   

Russell Greenberg

Chief Financial Officer and

Principal Accounting Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

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 Annual Report of Inter Parfums, Inc. on Form 10-K for the year ended  December 31, 2010, 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: March 8, 2011	By:	/s/ Jean Madar
		Jean Madar,
		Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION

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 Annual Report of Inter Parfums, Inc. on Form 10-K for the year ended  December 31, 2010, 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: March 8, 2011	By:	/s/ Russell Greenberg
		Russell Greenberg,
		Executive Vice President,
		Chief Financial Officer and
		Principal Accounting Officer

A signed original of this written statement required by Section 906 has been provided to Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.