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                                                                     EXHIBIT 4.6

                                                                  EXECUTION COPY

                                    PARENT GUARANTEE AGREEMENT dated as of May
                           20, 2003, between JAFRA WORLDWIDE HOLDINGS (LUX)
                           S.AR.L., a Luxembourg societe a responsabilite
                           limitee (the "Guarantor"), and CREDIT SUISSE FIRST
                           BOSTON, a bank organized under the laws of
                           Switzerland, acting through its Cayman Islands
                           branch, as collateral agent (the "Collateral Agent")
                           for the Secured Parties (as defined in the Credit
                           Agreement referred to below).

         Reference is made to the Credit Agreement dated as of May 20, 2003 (as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among the Guarantor, Jafra Cosmetics International, Inc., a
Delaware corporation ("JCI"), Distribuidora Comercial Jafra, S.A. de C.V., a
sociedad anonima de capital variable organized under the laws of the United
Mexican States (together with JCI, the "Borrowers"), the lenders from time to
time party thereto (the "Lenders"), the Issuing Bank (as defined therein) and
Credit Suisse First Boston, as administrative agent for the Lenders (in such
capacity, the "Administrative Agent"), as swingline lender and as Collateral
Agent. Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Credit Agreement.

         The Lenders have agreed to make Loans to the Borrowers and the Issuing
Bank has agreed to issue Letters of Credit for the account of the Borrowers
pursuant to, and upon the terms and subject to the conditions specified in, the
Credit Agreement. As the indirect owner of all of the issued and outstanding
capital stock of, or other equity interests in, the Borrowers, the Guarantor
acknowledges that it will derive substantial benefit from the making of the
Loans by the Lenders and the issuance of the Letters of Credit by the Issuing
Bank. The obligations of the Lenders to make Loans and of the Issuing Bank to
issue Letters of Credit are conditioned on, among other things, the execution
and delivery by the Guarantor of a Guarantee Agreement in the form hereof. As
consideration therefor and in order to induce the Lenders to make Loans and the
Issuing Bank to issue Letters of Credit, the Guarantor is willing to execute
this Agreement.

         Accordingly, the parties hereto agree as follows:

         SECTION 1. Guarantee. The Guarantor unconditionally guarantees, as a
primary obligor and not merely as a surety, all obligations of the Borrowers:

                  (a) under the Credit Agreement, including the due and punctual
         payment of (i) the principal of and premium, if any, and interest
         (including interest accruing at the applicable rate provided in the
         Credit Agreement during the pendency of any bankruptcy, insolvency,
         receivership or other similar proceeding, regardless of whether allowed
         or allowable in such proceeding) on the Loans, when and as due, whether
         at maturity, by acceleration, upon one or more dates set for prepayment
         or otherwise, (ii) each payment required to be made by the Borrowers
         under the Credit Agreement in respect of any Letter of Credit, when and
         as due, including payments in respect of reimbursement of disbursements
         and

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         interest thereon and (iii) all other monetary obligations, including
         fees, costs, expenses and indemnities, whether direct, contingent,
         fixed or otherwise (including monetary obligations incurred during the
         pendency of any bankruptcy, insolvency, receivership or other similar
         proceeding, regardless of whether allowed or allowable in such
         proceeding), of the Borrowers to the Secured Parties under the Credit
         Agreement and the other Loan Documents;

                  (b) for the due and punctual performance of all covenants,
         agreements, obligations and liabilities of the Borrowers under or
         pursuant to the Credit Agreement and the other Loan Documents; and

                  (c) unless otherwise agreed upon in writing by the
         counterparty thereto, the due and punctual payment and performance of
         all obligations of the Borrowers, monetary or otherwise, under each
         Hedging Agreement entered into with a counterparty (whether or not a
         Lender or an Affiliate thereof) (all the monetary and other obligations
         referred to in the preceding clauses (a) through (c) being collectively
         called the "Obligations").

         The Guarantor further agrees that the Obligations may be extended or
renewed, in whole or in part, without notice to or further assent from it, and
that it will remain bound upon its guarantee notwithstanding any extension or
renewal of any Obligation.

         SECTION 2. Obligations Not Waived. To the fullest extent permitted by
applicable law, the Guarantor waives presentment to, demand of payment from and
protest to the Borrowers of any of the Obligations, and also waives notice of
acceptance of its guarantee and notice of protest for nonpayment. To the fullest
extent permitted by applicable law, the obligations of the Guarantor hereunder
shall not be affected by (a) the failure of the Collateral Agent or any other
Secured Party to assert any claim or demand or to enforce or exercise any right
or remedy against either Borrower or any other guarantor of the Obligations
under the provisions of the Credit Agreement, any other Loan Document or
otherwise, (b) any rescission, waiver, amendment or modification of, or any
release from any of the terms or provisions of this Agreement, any other Loan
Document, any Guarantee or any other agreement, including with respect to any
other guarantor of the Obligations or (c) the failure to perfect any security
interest in, or the release of, any of the security held by or on behalf of the
Collateral Agent or any other Secured Party.

         SECTION 3. Security. The Guarantor authorizes the Collateral Agent, for
the ratable benefit of the Secured Parties, to (a) take and hold security
pursuant to the terms of the Credit Agreement, the Pledge Agreement and the
other Security Documents for the payment of this guarantee and the Obligations
and exchange, enforce, waive and release any such security, (b) apply such
security and direct the order or manner of sale thereof pursuant to the terms of
the Credit Agreement, the Pledge Agreement and the other Security Documents and
(c) release or substitute any one or more endorsees, other guarantors or other
obligors.

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         SECTION 4. Guarantee of Payment. The Guarantor further agrees that its
guarantee constitutes a guarantee of payment when due and not of collection, and
waives any right to require that any resort be had by the Collateral Agent or
any other Secured Party to any of the security held for payment of the
Obligations or to any balance of any deposit account or credit on the books of
the Collateral Agent or any other Secured Party in favor of either Borrower or
any other Person.

         SECTION 5. No Discharge or Diminishment of Guarantee. The obligations
of the Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason (other than the performance or payment
in full of the Obligations, as the case may be), including any claim of waiver,
release, surrender, alteration or compromise of any of the Obligations, and
shall not be subject to any defense or setoff, counterclaim, recoupment or
termination whatsoever by reason of the invalidity, illegality or
unenforceability of the Obligations or otherwise. Without limiting the
generality of the foregoing, the obligations of the Guarantor hereunder shall
not be discharged or impaired or otherwise affected by the failure of the
Collateral Agent or any other Secured Party to assert any claim or demand or to
enforce any remedy under the Credit Agreement, any other Loan Document or any
other agreement, by any waiver or modification of any provision of any thereof,
by any default, failure or delay, wilful or otherwise, in the performance of the
Obligations, or by any other act or omission that may or might in any manner or
to any extent vary the risk of the Guarantor or that would otherwise operate as
a discharge of the Guarantor as a matter of law or equity (other than the
performance or payment in full of all the Obligations, as the case may be).

         SECTION 6. Defenses of Borrowers Waived. To the fullest extent
permitted by applicable law, the Guarantor waives any defense based on or
arising out of any defense of either Borrower or the unenforceability of the
Obligations or any part thereof from any cause, or the cessation from any cause
of the liability of either Borrower, other than the performance or payment in
full of the Obligations then due and owing. The Collateral Agent, for the
ratable benefit of the Secured Parties, may, at its election, foreclose on any
security held by one or more of them by one or more judicial or nonjudicial
sales, accept an assignment of any such security in lieu of foreclosure,
compromise or adjust any part of the Obligations, make any other accommodation
with either Borrower or any other guarantor or exercise any other right or
remedy available to them against either Borrower or any other guarantor, without
affecting or impairing in any way the liability of the Guarantor hereunder
except to the extent the Obligations then due and owing have been fully paid.

         SECTION 7. Agreement to Pay; Subrogation. In furtherance of the
foregoing and not in limitation of any other right that the Collateral Agent or
any other Secured Party has at law or in equity against the Guarantor by virtue
hereof, upon the failure of either Borrower to pay any Obligation when and as
the same shall become due, whether at maturity, by acceleration, after notice of
prepayment or otherwise, the Guarantor hereby promises to and will forthwith
pay, or cause to be paid, to the Collateral Agent in cash the amount of such
unpaid Obligations. Upon payment by the Guarantor of any sums to the Collateral
Agent as provided above, all rights of the Guarantor against the Borrowers
arising as a result thereof by way of right of subrogation, contribution,

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reimbursement, indemnity or otherwise shall in all respects be subordinate and
junior in right of payment to the prior payment in full of all the Obligations.
If any amount shall erroneously be paid to the Guarantor on account of such
subrogation, contribution, reimbursement, indemnity or similar right, such
amount shall be held in trust for the benefit of the Secured Parties and shall
forthwith be paid to the Collateral Agent to be credited against the payment of
the Obligations, whether matured or unmatured, in accordance with the terms of
the Loan Documents.

         SECTION 8. Information. The Guarantor assumes all responsibility for
being and keeping itself informed of the financial condition and assets of the
Borrowers, and of all other circumstances bearing upon the risk of nonpayment of
the Obligations and the nature, scope and extent of the risks that the Guarantor
assumes and incurs hereunder, and agrees that none of the Collateral Agent or
the other Secured Parties will have any duty to advise the Guarantor of
information known to it or any of them regarding such circumstances or risks.

         SECTION 9. Termination. The Guarantee made hereunder (a) shall
terminate when all the Obligations have been paid in full and the Lenders have
no further commitment to lend under the Credit Agreement, the L/C Exposure has
been reduced to zero and the Issuing Bank has no further obligation to issue
Letters of Credit under the Credit Agreement and (b) shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any Obligation is rescinded or must otherwise be restored by
any Secured Party or the Guarantor upon the bankruptcy or reorganization of the
Borrowers, the Guarantor or otherwise.

         SECTION 10. Binding Agreement; Assignments. Whenever in this Agreement
any of the parties hereto is referred to, such reference shall be deemed to
include the successors and assigns of such party; and all covenants, promises
and agreements by or on behalf of the Guarantor that are contained in this
Agreement shall bind and inure to the benefit of each party hereto and their
respective successors and assigns. This Agreement shall become effective when a
counterpart hereof executed on behalf of the Guarantor shall have been delivered
to the Collateral Agent and a counterpart hereof shall have been executed on
behalf of the Collateral Agent, and thereafter shall be binding upon the
Guarantor and the Collateral Agent and their respective successors and assigns,
and shall inure to the benefit of the Guarantor, the Collateral Agent and the
other Secured Parties, and their respective successors and assigns, except that
the Guarantor shall not have the right to assign its rights or obligations
hereunder or any interest herein except with the written consent of the
Collateral Agent (and any such attempted assignment shall be void).

         SECTION 11. Waivers; Amendment. (a) No failure or delay of the
Collateral Agent in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of the Collateral Agent hereunder
and of the other Secured Parties under the other Loan Documents are cumulative
and are not exclusive of any rights or remedies that they

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would otherwise have. No waiver of any provision of this Agreement or consent to
any departure by the Guarantor therefrom shall in any event be effective unless
the same shall be permitted by paragraph (b) below, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for
which given. No notice or demand on the Guarantor in any case shall entitle the
Guarantor to any other or further notice or demand in similar or other
circumstances.

         (a) Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to a written agreement entered into between
the Guarantor and the Collateral Agent, with the prior written consent of the
Required Lenders (except as otherwise provided in the Credit Agreement).

         SECTION 12. Governing Law. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICTS OF LAWS TO THE
EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

         SECTION 13. Notices. All communications and notices hereunder shall be
in writing (including by facsimile transmission) and given as provided in
Section 9.02 of the Credit Agreement.

         SECTION 14. Survival of Agreement. All covenants, agreements,
representations and warranties made by the Guarantors herein and in the
certificates or other instruments prepared or delivered in connection with or
pursuant to this Agreement shall survive the making by the Lenders of the Loans
and the issuance of the Letters of Credit by the Issuing Bank.

         SECTION 15. Counterparts. This Agreement may be executed in
counterparts, each of which shall constitute an original, but all of which when
taken together shall constitute a single contract, and shall become effective as
provided in Section 10. Delivery of an executed signature page to this Agreement
by facsimile transmission shall be as effective as delivery of a manually
executed counterpart of this Agreement.

         SECTION 16. Rules of Interpretation. The rules of interpretation
specified in Section 1.02 of the Credit Agreement shall be applicable to this
Agreement.

         SECTION 17. Integration. This Agreement represents the agreement
between the parties with respect to the subject matter hereof, and there are no
promises, undertakings, representations or warranties by any of the parties
hereto relative to the subject matter hereof not expressly set forth or referred
to herein or in the other Loan Documents.

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         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

                                        JAFRA WORLDWIDE HOLDINGS (LUX) S.AR.L.,
                                        as Guarantor,

                                            By: /s/ Ralph S. Mason, III
                                                ------------------------
                                                Name: Ralph S. Mason, III
                                                Title: Executive Vice President

                                            By: /s/ Michael DiGregorio
                                                ------------------------
                                                Name: Michael DiGregorio
                                                Title: Senior Vice President

                                        CREDIT SUISSE FIRST BOSTON, acting
                                        through its Cayman Islands branch, as
                                        Collateral Agent,

                                            By: /s/ Karl M. Studer
                                                ------------------------
                                                Name: Karl M. Studer
                                                Title: Director

                                            By: /s/ Jay Chall
                                                ------------------------
                                                 Name: Jay Chall
                                                 Title: Director