<PAGE>

                                                                  Exhibit 10.76


                      [RENAISSANCE COSMETICS, INC.  LETTERHEAD]



                                   _______  __, 199_


[NAME]
[ADDRESS]


Dear __________:

          This will confirm the proposal made to you by Renaissance Cosmetics,
Inc. (the "Company"), in connection with the termination of your employment with
the Company and our mutual understandings with respect to such proposal:

          1.   We agree that your employment with the Company is terminated
effective as of ________ __, 199_.  On __________ __, 199_, we explained to you
what you are entitled to receive upon termination of your employment, and that,
contingent upon the execution, delivery and effectiveness of this letter
agreement ("Agreement"), the Company would provide to you the following
additional severance benefits (which you acknowledge are additional
consideration that would not be available to you if you did not enter into this
Agreement): 

          (a)  For a period of twelve (12) months,  you will be paid, in
               accordance with normal Company payroll practices, an amount equal
               to 100% of your current monthly salary of $________________, less
               applicable deductions and legally required tax and other
               withholdings.  The first such payment will be made to you on
               ________ __, 199_.  In the event that you owe any amounts to the
               Company or any of its affiliates, the Company shall have the
               right to offset such amounts against any amounts due and owing to
               you from the Company.

          (b)  During the period you are receiving the payments referred to in
               (a) above, you will be entitled to continue to participate in (i)
               the medical and dental insurance programs then in effect and (ii)
               the 401-K Plan offered by the Company to its employees during
               such period, provided that you continue to make your share of the
               contributions for such benefits, as applicable.  By executing
               this Agreement, you authorize those contributions to be deducted
               and withheld directly from the payments referred to in (a) above.
               All benefits 

<PAGE>

               not specifically referred to in this paragraph (b) shall
               cease on the date of termination of your employment.

          (c)  Upon termination of your employment, the Company car that you are
               currently using will become your property, at no expense to you;
               provided, however, that the Company may, in its discretion, elect
               to continue to make the payments under the  lease for the car and
               transfer title to the car to you at the end of the term of the
               lease.    

          2.   On _________ __, 1998, we provided you with this Agreement and
explained to you that it constitutes a legal waiver and release of any rights
and claims that you may have under any contract and under all federal, state and
local laws and regulations prohibiting employment discrimination or otherwise
regulating employment or claims related to employment, including, without
limitation, Title VII of the Civil Rights Act of 1964, the Equal Employment
Opportunity Act of 1972, the Age Discrimination in Employment Act of 1967
("ADEA"), the Americans with Disabilities Act of 1990, the National Labor
Relations Act, the Employee Retirement Income Security Act of 1974, the Civil
Rights Act of 1991, the Workers Adjustment and Retraining Notification Act of
1988, and 42 U.S.C. Section 1981.  You acknowledge that you intend to waive and
release any and all such rights and claims you may have under any contract or
agreement and under the statutes, laws and regulations cited above or any other
applicable statute, law or regulation (with the exception of any claims that may
arise under the ADEA after the date that you sign this Agreement).  You
understand and acknowledge that this Agreement does not constitute an admission
by the Company (i) of any violation of any statute, law, regulation, order or
other applicable authority, (ii) of any breach of any contract, actual or
implied, or (iii) of any commission of any tort.

          3.   In exchange for the consideration described herein, on behalf of
yourself and your executors, administrators, representatives, trustees, heirs,
subrogees, guardians, conservators, agents, successors and assigns, you hereby
release and discharge the Company, its parents, subsidiaries, affiliates,
divisions and related companies, and each of their respective successors and
assigns, their past and present principals, directors, officers,
representatives, shareholders, employees and agents, and their respective heirs,
executors, and administrators, from any and all claims, complaints, contracts,
liabilities, obligations, demands, debts, damages, losses, costs, expenses,
attorneys' fees, rights of action and causes of action, of any kind or character
whatsoever, at law or in equity, whether known or unknown, suspected or
unsuspected, with respect to, or arising out of, your employment or the
termination of your employment with the Company, all of which are referred to
herein as the "Released Claims."  The Released Claims do not include any claims
related to the enforcement of any provision of this Agreement.    

          4.   Neither you nor the Company will at any time (a) disclose the
terms or existence of this Agreement or any fact concerning its negotiation,
execution or implementation or concerning your employment or termination of
employment with the Company, except as may be required by law, statute or
regulation, or in connection with a valid and effective subpoena or order issued
by a court of competent jurisdiction or by a governmental body, or in connection
with any financing, sale of the Company (through a stock or asset sale), merger
or other restructuring 

<PAGE>

transaction entered into by the Company, but only to the extent required, or 
(b) denigrate, disparage, impugn or defame the Company, its services or 
business conduct or reputation or that of any of its principals, directors, 
officers, employees or agents, on the one hand, or you, on the other hand.  
Furthermore, you agree not to disclose to any third party any information 
designated or otherwise treated as "confidential" by the Company, including, 
without limitation, financial statements, corporate records and other 
information and data relating to the operations, assets, liabilities, 
financial condition, future prospects, employees, vendors, financing and 
litigation of any business unit of the Company, all technical and business 
information, know-how or trade secrets, or any other information relating to 
the Company or any unit thereof, which is of a confidential or proprietary 
nature.  "Confidential" information does not include information that (i) is 
or becomes generally available to the public other than as a result of a 
disclosure by you or (ii) becomes available to you on a non-confidential 
basis from a source other than the Company. 

          5.   You acknowledge and agree that you will cooperate with the 
Company as requested by the Company from time to time on matters with respect 
to which you have particular knowledge, such as the Procter and Gamble 
matter, details of prior acquisitions and similar matters.    

          6.   Upon the request by the Company for the return of all property 
of the Company then in your possession, you will immediately return such 
property, including, without limitation (and to the extent applicable), 
computers, building keys and passes, memoranda (including e-mail memoranda 
addressed to you or on which you were copied or otherwise in your 
possession), sales brochures, credit cards, telephone charge cards, manuals, 
courtesy parking passes, customer lists and customer contacts, sales 
information, diskettes, intangible information stored on diskettes, business 
or marketing plans, reports, projections, software programs and data compiled 
with the use of those programs, tangible copies of trade secrets and 
confidential information, product samples, and any and all other property or 
information held or used by you in connection with your employment with the 
Company.

          7.   You acknowledge that the Company advised you to consult with 
an attorney before signing this Agreement and that you had sufficient 
opportunity to consult with an attorney after receiving a copy of this 
Agreement and before signing it.  Furthermore, you acknowledge that the 
Company advised you that you are entitled to a period of twenty-one (21) days 
from the date of this Agreement to consider the proposal herein and seven (7) 
days thereafter to revoke your agreement to the terms hereof.  In signing 
this Agreement, you have relied only on the promises contained herein and not 
on any other promises made by the Company. 

          8.   If you do not sign and deliver a signed copy of this Agreement 
to the Company by 9:00 a.m. EDT on _________ __, 199_, the offer of the 
Company as set forth herein shall be withdrawn in its entirety.

          9.   By signing this Agreement, you acknowledge that you are 
entering into this Agreement voluntarily and with full knowledge of its 
significance, meaning and binding effect.  You have seven (7) days to revoke 
this Agreement after you sign it.  This Agreement will not become effective 
or enforceable until eight (8) days after the date you sign it.

<PAGE>

          10.  This Agreement (i) represents the entire agreement of the 
parties with respect to the subject matter hereof, (ii) may not be amended, 
modified or rescinded except in writing, signed by both the Company and you, 
and (iii) is governed by and shall be construed in accordance with the law of 
the State of New York, excluding its laws regarding choice of law.  In the 
event of any dispute arising out of this Agreement or any action to enforce 
the terms hereof, the costs incurred by the prevailing party in connection 
with such dispute or action (including reasonable attorneys' fees) will be 
paid by the party not prevailing in such dispute or action. 


                                   RENAISSANCE COSMETICS, INC.,

                                   By:
                                       ------------------------------
                                        [Name]
                                        [Title]



AGREED TO AND ACCEPTED BY:

------------------------------
[Name]

Date:
      ------------------------



<PAGE>
                        ADDENDUM TO SEVERANCE LETTER AGREEMENT


          Reference is hereby made to that certain severance letter agreement 
(the "Agreement") previously issued to you by Renaissance Cosmetics, Inc. 
(the "Company").  The Company confirms and acknowledges the following 
amendment to the Agreement:

          1.   Nothing in the Agreement is intended to amend, modify, 
supercede or affect in any other manner the rights and benefits granted to 
you under (i) the Indemnification Agreement by and between you and the 
Company or (ii) the stay bonus program approved by the Company's Board of 
Directors at its October 22, 1997 meeting and memorialized in the letter to 
you dated January 22, 1998.

          2.   In addition to the severance benefits described in paragraph 1 
of the Agreement, the Company will pay an amount not to exceed $10,000 for 
outplacement services.  You agree that you will coordinate locating such 
services with Jim O'Brien.

          3.   You will also receive payment for any accrued but unused 
vacation through the date of your termination.  Please contact Jim O'Brien 
for any questions regarding the amount of this payment.

          4.   Except as specifically amended above, the terms and conditions 
set forth in the Agreement shall remain in full force and effect.

          Dated this __ day of _____, 199_.


                              RENAISSANCE COSMETICS, INC.


                              By:
                                  ---------------------------------
                              Title:
                                  ---------------------------------