EXHIBIT 4.20
                             1999 STOCK OPTION PLAN
                                       OF
                              INTER PARFUMS, INC.

      1.    PURPOSES  OF THE  PLAN.  This  stock  option  plan (the  "Plan")  is
designed to provide an  incentive  to key  employees,  officers,  directors  and
consultants of Inter Parfums, Inc., a Delaware corporation (the "Company"),  and
its present  and future  subsidiary  corporations,  as defined in  Paragraph  17
("Subsidiaries"),  and to  offer  an  additional  inducement  in  obtaining  the
services of such  individuals.  The Plan  provides  for the grant of  "incentive
stock options,"  within the meaning of Section 422 of the Internal  Revenue Code
of  1986,  as  amended  (the  "Code"),  nonqualified  stock  options  and  stock
appreciation rights ("SARs").

      2.    SHARES SUBJECT TO THE PLAN. The aggregate number of shares of Common
Stock,  $.001 par value per share,  of the  Company  ("Common  Stock") for which
options or SARs may be granted under the Plan shall not exceed  1,000,000.  Such
shares may, in the discretion of the Board of Directors, consist either in whole
or in part of authorized but unissued shares of Common Stock or shares of Common
Stock held in the treasury of the Company. The Company shall at all times during
the term of the Plan reserve and keep  available such number of shares of Common
Stock as will be sufficient to satisfy the requirements of the Plan.  Subject to
the provisions of Paragraph 14, any shares subject to an option or SAR which for
any reason expire, are canceled or are terminated  unexercised (other than those
which expire,  are canceled or  terminated  pursuant to the exercise of a tandem
SAR or option) shall again become  available for the granting of options or SARs
under the Plan. The number of shares of Common Stock  underlying that portion of
an option or SAR which is exercised (regardless of the number of shares actually
issued) shall not again become available for grant under the Plan.

      3.    ADMINISTRATION OF THE PLAN.

      (a)   The Plan  shall be  administered  by the Board of  Directors,  or if
appointed,  by a Stock  Option  Committee  consisting  of not less  than two (2)
members  of the  Board  of  Directors,  each of whom  shall  be a  "non-employee
director"  within the meaning of Rule 16b-3  promulgated  by the  Securities and
Exchange  Commission.  (The group  administering  the plan is referred to as the
"Committee).  The  failure  of any of the  Committee  members  to  qualify  as a
Anon-employee  director" shall not otherwise affect the validity of the grant of
any option or SAR, or the issuance of shares of Common Stock  otherwise  validly
issued  upon  exercise  of any such  option.  A majority  of the  members of the
Committee shall  constitute a quorum,  and the acts of a majority of the members
present at any  meeting at which a quorum is present,  and any acts  approved in
writing by all members without a meeting, shall be the acts of the Committee.

      (b)   Subject to the express  provisions of the Plan, the Committee  shall
have the authority,  in its sole  discretion,  to determine the  individuals who
shall receive options and SARS; the times when they shall receive them;  whether
an option shall be an incentive or a nonqualified  stock option;  whether an SAR
shall be granted separately, in tandem with or in addition to an option;

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the  number of shares to be subject  to each  option  and SAR;  the term of each
option and SAR; the date each option and SAR shall become  exercisable;  whether
an option or SAR shall be exercisable in whole, in part or in installments,  and
if in  installments,  the number of shares to be  subject  to each  installment;
whether the installments  shall be cumulative,  the date each installment  shall
become  exercisable and the term of each installment;  whether to accelerate the
date of exercise of any installment; whether shares may be issued on exercise of
an option as partly paid, and, if so, the dates when future  installments of the
exercise  price  shall  become  due and the  amounts of such  installments;  the
exercise  price of each  option  and the base  price  of each  SAR;  the form of
payment of the  exercise  price;  the form of payment  by the  Company  upon the
optionee's  exercise of an SAR;  whether to require that the optionee  remain in
the  employ of the  Company  or its  Subsidiaries  for a period of time from and
after the date the  option or SAR is granted to him;  the  amount  necessary  to
satisfy the Company's obligation to withhold taxes; whether to restrict the sale
or other disposition of the shares of Common Stock acquired upon the exercise of
an option or SAR and to waive any such  restriction;  to subject the exercise of
all or any portion of an option or SAR to the  fulfillment of  contingencies  as
specified  in the  Contract  (described  in  Paragraph  12),  including  without
limitations,  contingencies  relating to financial  objectives (such as earnings
per share,  cash flow  return,  return on  investment  or growth in sales) for a
specified period for the Company, a division,  a product line or other category,
and/or the period of continued  employment  of the optionee  with the Company or
its Subsidiaries,  and to determine whether such contingencies have been met; to
construe  the  respective  Contracts  and the  Plan;  with  the  consent  of the
optionee,  to cancel or modify an option or SAR,  provided such option or SAR as
modified  would be  permitted  to be granted on such date under the terms of the
Plan;  and  to  make  all  other  determinations   necessary  or  advisable  for
administering  the Plan.  The  determinations  of the  Committee  on the matters
referred to in this Paragraph 3 shall be conclusive.

      4.    ELIGIBILITY.  The Committee may, consistent with the purposes of the
Plan,  grant  incentive stock options to key employees  (including  officers and
directors who are employees) and  nonqualified  stock options and/or SARs to key
employees,  officers,  directors  and  consultants  of the Company or any of its
Subsidiaries  from time to time, within ten (10) years from the date of adoption
of the Plan by the Board of Directors,  covering such number of shares of Common
Stock as the  Committee may  determine;  provided,  however,  that the aggregate
market value  (determined at the time the stock option is granted) of the shares
for which any eligible  person may be granted  incentive stock options under the
Plan or any plan of the Company,  or of a Parent or a Subsidiary  of the Company
which are  exercisable  for the first time by such optionee  during any calendar
year shall not exceed  $100,000.  Any option  (or  portion  thereof)  granted in
excess of such amount shall be treated as a nonqualified stock option.

      SECTION 4A. CODE SECTION 162(M) PROVISIONS.

      (a)   Notwithstanding  any other  provision of the Plan,  if the Committee
determines that at the time a person is granted an option or SAR, such person is
then, or is likely to become,  a Covered Person (as hereinafter  defined),  then
the Committee may provide that this Section 4A is applicable to such grant.

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      (b)   Notwithstanding  any provision of this Plan,  no person  eligible to
receive a grant of an option or SAR under this Plan shall be granted  options to
purchase or an SAR in excess of 100,000 shares of common stock in any one fiscal
year.  Such 100,000  maximum  number shall be  appropriately  adjusted for stock
splits, stock dividends and the like.

      (c)   Notwithstanding  any provision of this Plan,  the exercise price for
all options and the base price for all SARs to be granted under the Plan,  shall
not be less than the fair market value of the Common Stock at the time of grant.

      (d)   The term "Covered Person" shall mean a "covered employee" within the
meaning of Code Section 162(m)(3) or any successor provision thereto.

      5.    EXERCISE PRICE AND BASE PRICE.

      (a)   The  exercise  price of the shares of Common Stock under each option
and the base price for each SAR shall be determined by the Committee;  provided,
however,  in the case of an incentive stock option, the exercise price shall not
be less than 100% of the fair  market  value of the Common  Stock on the date of
grant, and further  provided,  that if, at the time an incentive stock option is
granted,  the optionee owns (or is deemed to own) stock possessing more than ten
percent (10%) of the total combined  voting power of all classes of stock of the
Company, of any of its Subsidiaries or of a Parent, the exercise price shall not
be less than 110% of the fair market  value of the Common  Stock  subject to the
option at the time of the granting of such option.

      (b)   The fair market value of the Common stock on any day shall be (a) if
the principal market for the Common stock is a national securities exchange, the
average between the high and low sales prices of the Common stock on such day as
reported by such exchange or on a consolidated  tape reflecting  transactions on
such  exchange;  (b) if the  principal  market  for the  Common  Stock  is not a
national  securities exchange and the Common Stock is quoted on The Nasdaq Stock
Market  ("NASDAQ"),  and (i) if actual sales price information is available with
respect to the Common  Stock,  then the  average  between the high and low sales
prices of the Common Stock on such day on NASDAQ, or (ii) if such information is
not available,  then the average between the highest bid and lowest asked prices
for the Common Stock on such day on NASDAQ;  or (c) if the principal  market for
the Common Stock is not a national  securities  exchange and the Common Stock is
not quoted on NASDAQ,  then the average between the highest bid and lowest asked
prices  for the Common  Stock on such day as  reported  by The  Nasdaq  Bulletin
Board,  or a comparable  service;  provided  that if clauses (a), (b) and (c) of
this Paragraph are all inapplicable, or if no trades have been made or no quotes
are available for such day, then the fair market value of the Common Stock shall
be  determined  by  the  Committee  by any  method  consistent  with  applicable
regulations adopted by the Treasury  Department  relating to stock options.  The
determination  of the  Committee  shall be conclusive  in  determining  the fair
market value of the stock.

      6.    TERM.  The term of each option and SAR granted  pursuant to the Plan
shall be such

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term as is established by the Committee,  in its sole  discretion,  at or before
the term of each incentive  stock option  granted  pursuant to the Plan shall be
for a period not exceeding ten (10) years from the date of granting thereof, and
further,  provided,  that if, at the time an incentive  stock option is granted,
the optionee owns (or is deemed to own) stock  possessing  more than ten percent
(10%) of the total combined voting power of all classes of stock of the Company,
of any of its  Subsidiaries  or of a  Parent,  the term of the  incentive  stock
option  shall be for a period not  exceeding  five (5) years.  Options  shall be
subject to earlier termination as hereinafter provided.

      7.    EXERCISE.

      (a)   An  option  or SAR (or any  part or  installment  thereof)  shall be
exercised by giving  written  notice to the Company at its principal  office (at
present 551 Fifth Avenue,  New York, NY 10176)  stating  whether an incentive or
nonqualified  stock option or SAR is being  exercised,  specifying the number of
shares as to which such option or SAR is being exercised,  and in the case of an
option,  accompanied by payment in full of the aggregate exercise price therefor
(or the amount due on exercise if the Contract permits installment  payments) in
the  discretion  of the Committee  (a) in cash or by certified  check,  (b) with
previously  acquired  shares of Common  Stock  having an  aggregate  fair market
value,  on the date of exercise,  equal to the aggregate  exercise  price of all
options being exercised,  or (c) any combination thereof. In addition,  upon the
exercise of a  nonqualified  stock option or SAR, the Company may withhold  cash
and/or  shares  of Common  Stock to be issued  with  respect  thereto  having an
aggregate fair market value equal to the amount which it determined is necessary
to satisfy its obligation to withhold  Federal,  state and local income taxes or
other taxes incurred by reason of such exercise.  Alternatively, the Company may
require the holder to pay to the Company such  amount,  in cash,  promptly  upon
demand.  The Company  shall not be required to issue any shares  pursuant to any
such option or SAR until all required payments have been made. Fair market value
of the shares shall be determined in accordance with Paragraph 5.

      (b)   A person  entitled to receive  Common  Stock upon the exercise of an
option or SAR shall not have the rights of a  shareholder  with  respect to such
shares until the date of issuance of a stock certificate to him for such shares;
provided,  however,  that  until such stock  certificate  is issued,  any option
holder using  previously  acquired shares in payment of an option exercise price
shall have the rights of a shareholder with respect to such previously  acquired
shares.

      (c)   In no case may a fraction of a share be  purchased  or issued  under
the  Plan.  Any  option  granted  in  tandem  with an SAR  shall  no  longer  be
exercisable to the extent the SAR is exercised,  and the exercise of the related
option shall cancel the SAR to the extent of such exercise.

      8.    STOCK APPRECIATION RIGHTS.

      (a)   An SAR may be granted  separately,  in tandem with or in addition to
any option, and may be granted before, simultaneously with or after the grant of
an option hereunder. In addition, the holder of an option may, in lieu of making
the payment  required at the time of exercise under  Paragraph 7, include in the
written  notice  referred to therein an  "election" to

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exercise the option as an SAR. In such case,  the  Committee  shall have fifteen
(15) days from the  receipt of notice of the  election  to  decide,  in its sole
discretion,  whether or not to accept the election and notify the option  holder
of its decision.  If the Committee  consents,  such exercise shall be treated as
the exercise of an SAR with a base price equal to the exercise price.

      (b)   Upon the exercise of an SAR, the holder shall be entitled to receive
an  amount  equal to the  excess of the fair  market  value of a share of Common
Stock on the date of exercise  over the base price of the SAR. Such amount shall
be paid, in the discretion of the Committee, in cash, Common Stock having a fair
market  value on the date of  payment  equal to such  amount,  or a  combination
thereof. For purposes of this Paragraph 8, fair market value shall be determined
in accordance with Paragraph 5.

      9.    TERMINATION OF ASSOCIATION WITH THE COMPANY.

      (a)   Any holder of an incentive option whose association with the Company
(and its  Subsidiaries)  has  terminated  for any reason other than his death or
permanent and total  disability (as defined in Section 22(e)(3) of the Code) may
exercise such option, to the extent exercisable on the date of such termination,
at any time within  three (3) months  after the date of  termination,  but in no
event after the expiration of the term of the option; provided, however, that if
his  association  shall be terminated  either (i) for cause, or (ii) without the
consent of the Company, said option shall terminate immediately.

      (b)   Any and all  nonqualified  stock  options or SARs granted  under the
Plan shall terminate  simultaneously  with the termination of association of the
holder  of  such   nonqualified   option  or  SAR  with  the  Company  (and  its
Subsidiaries)  for any  reason  other  than the  death or  permanent  and  total
disability (as defined in Section 22(e)(3) of the Code) of such holder.

      (c)   Options and SARs granted under the Plan shall not be affected by any
change in the status of an optionee  so long as he  continues  to be  associated
with the Company or any of the Subsidiaries.

      (d)   Nothing in the Plan or in any option or SAR  granted  under the Plan
shall confer on any individual  any right to continue to be associated  with the
Company or any of its  Subsidiaries,  or  interfere in any way with the right of
the Company or any of its Subsidiaries to terminate the holder's  association at
any time for any reason  whatsoever  without  liability to the Company or any of
its subsidiaries.

      10.   DEATH OR DISABILITY OF AN OPTIONEE.

      (a)   If an optionee dies while he is  associated  with the Company or any
of its  Subsidiaries,  or within three (3) months after such termination for the
holder of an incentive  option (unless such termination was for cause or without
the consent of the Company),  the option or SAR may be exercised,  to the extent
exercisable on the death, by his executor,  administrator or other person at the
time  entitled by law to his rights  under the option or SAR, at any time within
one (1) year

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after death,  but in no event after the  expiration of the term of the option or
SAR.

      (b)   Any holder whose  association  with the Company or its  Subsidiaries
has  terminated  by reason of a permanent  and total  disability  (as defined in
Section  22(e) (3) of the Code) may  exercise  his option or SAR,  to the extent
exercisable upon the effective date of such termination,  at any time within one
(1) year after such date,  but in no event after the  expiration  of the term of
the option or SAR.

      11.   COMPLIANCE WITH SECURITIES  LAWS. The Committee may require,  in its
discretion, as a condition to the exercise of an option or SAR that either (a) a
registration  statement  under  the  Securities  Act of 1933,  as  amended  (the
"Securities Act"), with respect to such shares shall be effective at the time of
exercise or (b) there is an exemption from registration under the Securities Act
for the issuance of shares of Common Stock upon such  exercise.  Nothing  herein
shall be construed as requiring  the Company to register  shares  subject to any
option  or SAR  under  the  Securities  Act.  In  addition,  if at any  time the
Committee shall determine in its discretion that the listing or qualification of
the shares subject to such option or SAR on any securities exchange or under any
applicable law, or the consent or approval of any governmental  regulatory body,
is necessary or desirable as a condition of, or in connection with, the granting
of an option or SAR, or the issue of shares  thereunder,  such option or SAR may
not be exercised in whole or in part unless such listing, qualification, consent
or approval  shall have been  effected or obtained  free of any  conditions  not
acceptable to the Committee.

      12.   STOCK  OPTION  AND SAR  CONTRACTS.  Each  option  and SAR  shall  be
evidenced by an appropriate Contract which shall be duly executed by the Company
and the optionee,  and shall contain such terms and conditions not  inconsistent
herewith as may be determined by the Committee,  and which shall provide,  among
other things,  (a) that the optionee agrees that he will remain in the employ of
the Company or its Subsidiaries,  at the election of the Company,  for the later
of (i) the period of time  determined  by the Committee at or before the time of
grant or (ii) the date to which he is then  contractually  obligated  to  remain
associated  with the Company or its  Subsidiaries,  (b) that in the event of the
exercise  of an option or an SAR which is paid with  Common  stock,  unless  the
shares of Common Stock  received upon such exercise  shall have been  registered
under an effective  registration statement under the Securities Act, such shares
will be acquired for investment and not with a view to distribution thereof, and
that such  shares  may not be sold  except  in  compliance  with the  applicable
provisions of the Securities  Act, and (c) that in the event of any  disposition
of the shares of Common Stock  acquired upon the exercise of an incentive  stock
option within two (2) years from the date of grant of the option or one (1) year
from the date of transfer of such shares to him,  the  optionee  will notify the
Company  thereof in  writing  within 30 days  after  such  disposition,  pay the
Company,  on demand,  in cash an amount necessary to satisfy its obligation,  if
any, to withhold  any  Federal,  state and local  income taxes or other taxes by
reason of such  disqualifying  disposition  and provide the Company,  on demand,
with such information as the Company shall reasonably  request to determine such
obligation.

      13.   ADJUSTMENTS UPON CHANGES IN COMMON STOCK.  Notwithstanding any other
provisions  of the Plan,  in the event of any change in the  outstanding  Common
Stock by reason of

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a  stock  dividend,  recapitalization,  merger,  consolidation,  reorganization,
split-up,  combination or exchange of shares or the like,  the aggregate  number
and kind of shares  available  under the Plan, the aggregate  number and kind of
shares subject to each  outstanding  option and SAR and the exercise  prices and
base prices thereof shall be  appropriately  adjusted by the Board of Directors,
whose determination shall be conclusive.

      14.   AMENDMENTS AND  TERMINATION OF THE PLAN. The Plan was adopted by the
Board of Directors on February 8, 1999. No options may be granted under the Plan
after February 7, 2009. The Board of Directors,  without further approval of the
Company's stockholders,  may at any time suspend or terminate the Plan, in whole
or in  part,  or  amend  it from  time to time in such  respects  as it may deem
advisable,  including, without limitation, in order that incentive stock options
granted  hereunder meet the requirements for "incentive stock options" under the
Code, or any comparable  provisions thereafter enacted and conform to any change
in  applicable  law or to  regulations  or rulings of  administrative  agencies;
provided,  however,  that no amendment  shall be effective  without the prior or
subsequent approval of a majority of the Company's outstanding stock entitled to
vote thereon which would (a) except as  contemplated  in Paragraph 13,  increase
the maximum  number of shares for which  options may be granted  under the Plan,
(b)  materially  increase  the  benefits to  participants  under the plan or (c)
change the eligibility  requirements for individuals entitled to receive options
hereunder.  No termination,  suspension or amendment of the Plan shall,  without
the  consent of the holder of an existing  option  affected  thereby,  adversely
affect his rights under such option.

      15.   NONTRANSFERABILITY  OF OPTIONS.  No option or SAR granted  under the
Plan shall be  transferable  otherwise  than by will or the laws of descent  and
distribution,  or qualified  domestic  relations order as defined in the Code or
Title I of the Employee Retirement Income Security Act, and options and SARs may
be  exercised,  during the  lifetime of the holder  thereof,  only by him or his
legal representatives. Except to the extent provided above, options and SARs may
not be assigned,  transferred,  pledged,  hypothecated or disposed of in any way
(whether by operation of law or  otherwise)  and shall not subject to execution,
attachment or similar process.

      16.   SUBSTITUTIONS  AND  ASSUMPTIONS  OF OPTIONS  OF CERTAIN  CONSTITUENT
CORPORATIONS.  Anything in this Plan to the contrary notwithstanding,  the Board
of directors may, without further approval by the  stockholders,  substitute new
options  for  prior  options  and new  SARs  for  prior  SARs  of a  Constituent
Corporation  (as defined in Paragraph 17) or assume the prior options or SARs of
such Constituent Corporation.

      17.   DEFINITIONS.

      (a)   The term "Subsidiary"  shall have the same definition as "subsidiary
corporation" in Section 425(f) of the Code.

      (b)   The  term  "Parent"  shall  have  the  same  definition  as  "parent
corporation" in Section 425(e) of the Code.

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      (c)   The term "Constituent  Corporation" shall mean any corporation which
engages with the Company,  its Parent or  Subsidiary,  in a transaction to which
section  425(a) of the Code applies (or would apply if the option or SAR assumed
or substituted were an incentive stock option),  or any Parent or any Subsidiary
of such corporation.

      18.   CONDITIONS PRECEDENT. The Plan shall be subject to

      (a)   approval  by the  holders of a majority  of shares of the  Company's
capital  stock  outstanding  and entitled to vote thereon at the next meeting of
its stockholders,  or the written consent of the holders of a majority of shares
that would have been  entitled to vote  thereon,  and no options or SARs granted
hereunder  may be exercised  prior to such  approval,  provided that the date of
grant of any options  granted  hereunder  shall be determined as if the Plan had
not been subject to such approval; and

      (b)   notification  of the adoption of the Plan to The Nasdaq Stock Market
by the filing of the appropriate  documents,  forms and exhibits, and no options
or SARs granted hereunder may be exercised prior to fifteen (15) days after such
filing,  provided that the date of grant of any options granted  hereunder shall
be determined as if the Plan had not been subject to such filing.


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