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EXHIBIT 10.11                                                            PAGE 23
                                  EMPLOYMENT AGREEMENT

PARTIES

      Alfin, Inc., a New York Corporation and its wholly owned subsidiary,
      Adrien Arpel, Inc., a Delaware Corporation with offices currently located
      at 720 Fifth Avenue, New York, New York, 10019, (the "Company") and Mary
      Panvini ("employee"), currently residing at Watergate East, 2510 Virginia
      Avenue, Washington D.C. 20037.

      The employee is currently the Senior Vice President/General Manager of
      Sales and has been employed by the Company since June, 1997.

PURPOSE

      The parties desire to enter into an employment agreement ("agreement"), as
      follows;

TERM

      The term of the agreement will be for a period of one year commencing on
      March 27, 1998 and ending on March 26, 1999. The agreement will renew
      automatically for successive 1 year periods unless either party notifies
      the other party, 90 days prior to the March 26th of each year, of their
      intent not to renew the agreement. Any notification must be in writing.
      This agreement shall survive a change in control, or ownership of the
      Company.

COMPENSATION

      The employee will continue to earn her current level of gross annual
      earnings of $115,000 payable on the 15th and 30th falls of each month. If
      the 15th or 30th falls on a weekend or holiday, then on the next business
      day.

BENEFITS

      The employee will be given a commuting allowance. The employee's primary
      residence is in Washington, D.C. and the employee will be reimbursed for
      reasonable commuting expenses between the Company's offices and employee's
      primary residence. The employee will also be given reasonable living
      accommodations in New York City consisting of either an apartment or hotel
      room. If the Company does not keep a New York presence and does house the
      employee in an apartment or hotel, then the employee will be entitled to a
      $1,000, per month allowance, for an office in her home. The employee will
      also be reimbursed for business telephone charges incurred from a home
      office.

STOCK OPTIONS

      The employee will be granted stock options ("Options"), to purchase
      100,000 shares of the Company's Common Stock at $0.68 per share. Of the
      100,000 options, 25,000 shall vest

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      immediately, 25,000 on March 27, 1999, 25,000 on March 27, 2000 and 25,000
      on March 27, 2001. If the Company records earnings per share of $.30 or
      greater at the end of any fiscal year, then all non vested options shall
      vest immediately. The options shall expire 10 years after granted.

      The Option is not transferable by the Employee, except if the Employee
      dies or becomes physically disabled during the term of this agreement. If
      the employee dies or becomes physically disabled, during the term of this
      agreement, then the employee's daughter (Ms. Joelle Martini) may exercise
      such options for a period of 90 days from the date of death or physical
      disability.

      In the event that, prior to the delivery by the Company of all shares of
      Common Stock in respect of which the Option is granted, the number of
      outstanding shares of Common Stock of the Company shall be changed through
      the declaration of stock dividends, stock splits, recapitalization or
      other change affecting the outstanding Common Stock, the remaining number
      of shares of Common Stock still subject to the Option and the purchase
      price thereof shall be appropriately adjusted by the Company.

      The Options granted by the Company, to the employee, will be exercisable
      by the employee for a period of 90 days beyond the date of this agreement,
      or the termination of the employee by the Company, for any reason.

      BONUS

      The employee shall earn a bonus of 20% of gross annual compensation during
      the term of this agreement, if the Company earns a pre tax profit at the
      end of its fiscal year, and an additional 5% of gross annual compensation
      if the Company records a 5% increase in profitability over its forecasted
      profit at the end of its fiscal year.




      Agreed to



      Date:           March 27, 1998
                  -----------------------


      On behalf of Alfin, Inc.                /S/ Barry W. Blank
                                       ----------------------------------
                                       Barry W. Blank/Chairman


       On behalf of Employee:                  /S/ Mary Panvini
                                       ----------------------------------
                                       Mary Panvini