| x | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2011. |
|---|----------------------------------------------------------------------------------------------------------------------------------------|

|  ̈ | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ___________to ________. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| Delaware                        | 13-3275609          |
|---------------------------------|---------------------|
| (State or other jurisdiction of | (I.R.S. Employer    |
| incorporation or organization)  | Identification No.) |

----

----

| Large accelerated Filer  ̈                                             | Accelerated filer x              |
|----------------------------------------------------------------------------|----------------------------------|
| Non-accelerated filer  ̈ (Do not check if a smaller reporting company) | Smaller reporting company  ̈ |

----

|                                                         | Page Number |
|--------------------------------------------------------------|------------------|
| Part I.   Financial Information               | 1                |
|                                                         |             |
| Item 1.   Financial Statements                     | 1                |
|                                                         |             |
| Consolidated Balance Sheets                                  |             |
| as of March 31, 2011 and December 31, 2010                   | 2                |
|                                                         |             |
| Consolidated Statements of Income                            |             |
| for the Three Months Ended                                   |             |
| March 31, 2011 and March 31, 2010                            | 3                |
|                                                         |             |
| Consolidated Statements of Changes in Equity                 |             |
| for the Three Months Ended                                   |             |
| March 31, 2011 and March 31, 2010                            | 4                |
|                                                         |             |
| Consolidated Statements of Comprehensive Income              |             |
| for the Three Months Ended                                   |             |
| March 31, 2011 and March 31, 2010                            | 5                |
|                                                         |             |
| Consolidated Statements of Cash Flows                        |             |
| for the Three Months Ended                                   |             |
| March 31, 2011 and March 31, 2010                            | 6                |
|                                                         |             |
| Notes to Consolidated Financial Statements                   | 7                |
|                                                         |             |
| Item 2.   Management's Discussion and Analysis of  |             |
|    Financial Condition and Results of Operations   | 16               |
|                                                         |             |
| Item 3.   Quantitative and Qualitative Disclosures |             |
|    About Market Risk                               | 28               |
|                                                         |             |
| Item 4.   Controls and Procedures                  | 29               |
|                                                         |             |
| Part II.   Other Information                  | 30               |
|                                                         |             |
| Item 6.   Exhibits                            | 30               |
|                                                         |             |
| Signatures                                                   | 30               |

----

----

|                                                                                                                                                       |   | March 31,2011 |    |   | December 31,2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|------------------|--------|
| ASSETS                                                                                                                                                     |   |
| Current assets:                                                                                                                                            |   |          |    |   |             |   |
| Cash and cash equivalents                                                                                                                                  |   | $             | 40,979  |   |             | $      | 37,548 |   |
| Short-term investments                                                                                                                                     |   |          | 43,100  |   |             |   | 49,391 |   |
| Accounts receivable, net                                                                                                                                   |   |          | 122,295 |   |             |   | 97,593 |   |
| Inventories                                                                                                                                                |   |          | 141,848 |   |             |   | 109,840 |   |
| Receivables, other                                                                                                                                         |   |          | 1,554   |   |             |   | 3,688 |   |
| Other current assets                                                                                                                                       |   |          | 6,775   |   |             |   | 4,635 |   |
| Deferred tax assets                                                                                                                                        |   |          | 7,710   |   |             |   | 7,230 |   |
| Total current assets                                                                                                                                       |   |          | 364,261 |   |             |   | 309,925 |   |
| Equipment and leasehold improvements, net                                                                                                                  |   |          | 13,958  |   |             |   | 11,207 |   |
| Goodwill                                                                                                                                                   |   |          | 3,875   |   |             |   | 3,654 |   |
| Trademarks, licenses and other intangible assets, net                                                                                                      |   |          | 116,693 |   |             |   | 111,402 |   |
| Other assets                                                                                                                                               |   |          | 1,821   |   |             |   | 1,917 |   |
| Total assets                                                                                                                                               |   | $             | 500,608 |   |             | $      | 438,105 |   |
|                                                                                                                                                       |   |
| LIABILITIES AND EQUITY                                                                                                                                     |   |
| Current liabilities:                                                                                                                                       |   |          |    |   |             |   |   |   |
| Loans payable – banks                                                                                                                                |   | $             | 6,368   |   |             | $      | 5,250 |   |
| Current portion of long-term debt                                                                                                                          |   |          | 10,428  |   |             |   | 11,090 |   |
| Accounts payable - trade                                                                                                                                   |   |          | 78,365  |   |             |   | 52,694 |   |
| Accrued expenses                                                                                                                                           |   |          | 45,883  |   |             |   | 47,413 |   |
| Income taxes payable                                                                                                                                       |   |          | 12,358  |   |             |   | 7,905 |   |
| Dividends payable                                                                                                                                          |   |          | 2,439   |   |             |   | 1,979 |   |
| Total current liabilities                                                                                                                                  |   |          | 155,841 |   |             |   | 126,331 |   |
| Long-term debt, less current portion                                                                                                                       |   |          | 3,631   |   |             |   | 5,039 |   |
| Deferred tax liability                                                                                                                                     |   |          | 7,041   |   |             |   | 6,789 |   |
| Equity:                                                                                                                                                    |   |          |    |   |             |   |   |   |
| Inter Parfums, Inc. shareholders’ equity:                                                                                                            |   |          |    |   |             |   |   |   |
| Preferred stock, $.001 par; authorized 1,000,000 shares; none issued                                                                                       |   |          |    |   |             |   |   |   |
| Common stock, $.001 par; authorized 100,000,000 shares; outstanding 30,482,281 and 30,445,881 shares at March 31, 2011 and December 31, 2010, respectively |   |          | 30      |   |             |   | 30 |   |
| Additional paid-in capital                                                                                                                                 |   |          | 49,721  |   |             |   | 48,887 |   |
| Retained earnings                                                                                                                                          |   |          | 215,818 |   |             |   | 205,453 |   |
| Accumulated other comprehensive income                                                                                                                     |   |          | 27,873  |   |             |   | 14,757 |   |
| Treasury stock, at cost, 10,009,492 common shares at March 31, 2011 and December 31, 2010                                                                  |   |          | (34,151 | )      |             |   | (34,151 | ) |
| Total Inter Parfums, Inc. shareholders’ equity                                                                                                       |   |          | 259,291 |   |             |   | 234,976 |   |
| Noncontrolling interest                                                                                                                                    |   |          | 74,804  |   |             |   | 64,970 |   |
| Total equity                                                                                                                                               |   |          | 334,095 |   |             |   | 299,946 |   |
| Total liabilities and equity                                                                                                                               |   | $             | 500,608 |   |             | $      | 438,105 |   |

----

|                                                                |   | Three months endedMarch 31, |    |
|---------------------------------------------------------------------|--------|-----------------------------|---------|
|                                                                |   | 2011                        |    |   | 2010 |   |
|                                                                |   |                        |    |   |   |   |
| Net sales                                                           |   | $                           | 133,363 |   |   | $ | 119,373 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Cost of sales                                                       |   |                        | 46,772  |   |   |   | 47,652 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Gross margin                                                        |   |                        | 86,591  |   |   |   | 71,721 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Selling, general and administrative expenses                        |   |                        | 61,049  |   |   |   | 55,698 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Income from operations                                              |   |                        | 25,542  |   |   |   | 16,023 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Other expenses (income):                                            |   |                        |    |   |   |   |   |   |
| Interest expense                                                    |   |                        | 440     |   |   |   | 589 |   |
| (Gain) loss on foreign currency                                     |   |                        | (419    | ) |   |   | 2,382 |   |
| Interest income                                                     |   |                        | (317    | ) |   |   | (255 | ) |
|                                                                |   |                        |    |   |   |   |   |   |
|                                                                |   |                        | (296    | ) |   |   | 2,716 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Income before income taxes                                          |   |                        | 25,838  |   |   |   | 13,307 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Income taxes                                                        |   |                        | 8,498   |   |   |   | 4,357 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Net income                                                          |   |                        | 17,340  |   |   |   | 8,950 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Less: Net income attributable to the noncontrolling interest        |   |                        | 4,581   |   |   |   | 2,400 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Net income attributable to Inter Parfums, Inc.                      |   | $                           | 12,759  |   |   | $ | 6,550 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Earnings per share:                                                 |   |                        |    |   |   |   |   |   |
| Net income attributable to Inter Parfums, Inc. common shareholders: |   |                        |    |   |   |   |   |   |
| Basic                                                               |   | $                           | 0.42    |   |   | $ | 0.22 |   |
| Diluted                                                             |   | $                           | 0.41    |   |   | $ | 0.22 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Weighted average number of shares outstanding:                      |   |                        |    |   |   |   |   |   |
| Basic                                                               |   |                        | 30,474  |   |   |   | 30,192 |   |
| Diluted                                                             |   |                        | 30,634  |   |   |   | 30,291 |   |
|                                                                |   |                        |    |   |   |   |   |   |
| Dividends declared per share                                        |   | $                           | 0.08    |   |   | $ | 0.065 |   |

----

|                                                  |   | Inter Parfums, Inc. shareholders |          |   |       |   |    |     |   |
|-------------------------------------------------------|--------|----------------------------------|---------------|--------|------------|--------|---------|----------|--------|
|                                                  |   |                             |          |   |       |   |    |     |   |   | Accumulated |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |                             |          |   | Additional |   |    |     |   |   | other |   |   |   |   |   |   |   |   |   |   |
|                                                  |   | Common                           |          |   | paid-in    |   |    | Retained |   |   | comprehensive |   |   | Treasury |   |   | Noncontrolling |   |   |   |   |
|                                                  |   | stock                            |          |   | Capital    |   |    | earnings |   |   | income |   |   | stock |   |   | interest |   |   | Total |   |
| Balance – January 1, 2010                       |   | $                                | 30            |   |       | $      | 45,126  |     |   | $ | 186,611 |   |   | $ | 28,022 |   |   | $ | (33,043 | ) |   | $ | 60,667 |   |   | $ | 287,413 |   |
| Comprehensive income:                                 |   |                             |          |   |       |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                            |   |                             | —       |   |       |   | — |     |   |   | 6,550 |   |   |   | — |   |   |   | — |   |   |   | 2,400 |   |   |   | 8,950 |   |
| Foreign currency translation adjustment               |   |                             | —       |   |       |   | — |     |   |   | — |   |   |   | (12,998 | ) |   |   | — |   |   |   | (4,038 | ) |   |   | (17,036 | ) |
| Net derivative instrument gain (loss), net of tax     |   |                             | —  |   |       |   | — |     |   |   | — |   |   |   | (15 | ) |   |   | — |   |   |   | 74 |   |   |   | 59 |   |
| Shares issued upon exercise of stock options          |   |                             | —       |   |       |   | 437     |     |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 437 |   |
| Sale of subsidiary shares to noncontrolling interests |   |                             | —       |   |       |   | 961     |     |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2,862 |   |   |   | 3,823 |   |
| Dividends                                             |   |                             | —       |   |       |   | — |     |   |   | (1,964 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (1,964 | ) |
| Stock compensation                                    |   |                             | —       |   |       |   | 148     |     |   |   | 44 |   |   |   | — |   |   |   | — |   |   |   | 26 |   |   |   | 218 |   |
| Balance – March 31, 2010                        |   | $                                | 30            |   |       | $      | 46,672  |     |   | $ | 191,241 |   |   | $ | 15,009 |   |   | $ | (33,043 | ) |   | $ | 61,991 |   |   | $ | 281,900 |   |
|                                                  |   |                             |          |   |       |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance – January 1, 2011                       |   | $                                | 30            |   |       | $      | 48,887  |     |   | $ | 205,453 |   |   | $ | 14,757 |   |   | $ | (34,151 | ) |   | $ | 64,970 |   |   | $ | 299,946 |   |
| Comprehensive income:                                 |   |                             |          |   |       |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                            |   |                             | —       |   |       |   | — |     |   |   | 12,759 |   |   |   | — |   |   |   | — |   |   |   | 4,581 |   |   |   | 17,340 |   |
| Foreign currency translation adjustment               |   |                             | —       |   |       |   | — |     |   |   | — |   |   |   | 13,097 |   |   |   | — |   |   |   | 4,322 |   |   |   | 17,419 |   |
| Net derivative instrument gain, net of tax            |   |                             | —       |   |       |   | — |     |   |   | — |   |   |   | 19 |   |   |   | — |   |   |   | 1 |   |   |   | 20 |   |
| Shares issued upon exercise of stock options          |   |                             | —       |   |       |   | 445     |     |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 445 |   |
| Sale of subsidiary shares to noncontrolling interests |   |                             | —       |   |       |   | 213     |     |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 915 |   |   |   | 1,128 |   |
| Dividends                                             |   |                             | —       |   |       |   | — |     |   |   | (2,439 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (2,439 | ) |
| Stock compensation                                    |   |                             | —       |   |       |   | 176     |     |   |   | 45 |   |   |   | — |   |   |   | — |   |   |   | 15 |   |   |   | 236 |   |
| Balance – March 31, 2011                        |   | $                                | 30            |   |       | $      | 49,721  |     |   | $ | 215,818 |   |   | $ | 27,873 |   |   | $ | (34,151 | ) |   | $ | 74,804 |   |   | $ | 334,095 |   |

----

|                                                               |   | Three months endedMarch 31, |   |
|--------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                               |   | 2011                        |   |   | 2010 |   |
|                                                               |   |                        |   |   |   |   |
| Net income                                                         |   | $                           | 17,340 |   |   | $ | 8,950 |   |
|                                                               |   |                        |   |   |   |   |   |   |
| Other comprehensive income:                                        |   |                        |   |   |   |   |   |   |
|                                                               |   |                        |   |   |   |   |   |   |
| Net derivative instrument gain, net of tax                         |   |                        | 20     |   |   |   | 59 |   |
|                                                               |   |                        |   |   |   |   |   |   |
| Translation adjustments, net of tax                                |   |                        | 17,419 |   |   |   | (17,036 | ) |
|                                                               |   |                        |   |   |   |   |   |   |
|                                                               |   |                        | 17,439 |   |   |   | (16,977 | ) |
|                                                               |   |                        |   |   |   |   |   |   |
| Comprehensive income                                               |   |                        | 34,779 |   |   |   | (8,027 | ) |
|                                                               |   |                        |   |   |   |   |   |   |
| Comprehensive income attributable to the noncontrolling interests: |   |                        |   |   |   |   |   |   |
|                                                               |   |                        |   |   |   |   |   |   |
| Net income                                                         |   |                        | 4,581  |   |   |   | 2,400 |   |
|                                                               |   |                        |   |   |   |   |   |   |
| Net derivative instrument gain, net of tax                         |   |                        | 1      |   |   |   | 74 |   |
|                                                               |   |                        |   |   |   |   |   |   |
| Translation adjustments, net of tax                                |   |                        | 4,322  |   |   |   | (4,038 | ) |
|                                                               |   |                        |   |   |   |   |   |   |
|                                                               |   |                        | 8,904  |   |   |   | (1,564 | ) |
|                                                               |   |                        |   |   |   |   |   |   |
| Comprehensive income attributable to Inter Parfums, Inc.           |   | $                           | 25,875 |   |   | $ | (6,463 | ) |

----

|                                                                                        |   | Three months endedMarch 31, |    |
|---------------------------------------------------------------------------------------------|--------|-----------------------------|---------|
|                                                                                        |   | 2011                        |    |   | 2010 |   |
| Cash flows from operating activities:                                                       |   |                        |    |   |   |   |
| Net income                                                                                  |   | $                           | 17,340  |   |   | $ | 8,950 |   |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |   |                        |    |   |   |   |   |   |
| Depreciation and amortization                                                               |   |                        | 2,980   |   |   |   | 2,393 |   |
| Provision for doubtful accounts                                                             |   |                        | 980     |   |   |   | (188 | ) |
| Noncash stock compensation                                                                  |   |                        | 266     |   |   |   | 260 |   |
| Deferred tax (benefit)                                                                      |   |                        | (297    | ) |   |   | (1,789 | ) |
| Change in fair value of derivatives                                                         |   |                        | (119    | ) |   |   | (32 | ) |
| Changes in:                                                                                 |   |                        |    |   |   |   |   |   |
| Accounts receivable                                                                         |   |                        | (19,458 | ) |   |   | (15,354 | ) |
| Inventories                                                                                 |   |                        | (25,269 | ) |   |   | (7,205 | ) |
| Other assets                                                                                |   |                        | 687     |   |   |   | 1,269 |   |
| Accounts payable and accrued expenses                                                       |   |                        | 17,285  |   |   |   | 18,080 |   |
| Income taxes payable, net                                                                   |   |                        | 3,773   |   |   |   | 2,185 |   |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                         |   |                        | (1,832  | ) |   |   | 8,569 |   |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Cash flows from investing activities:                                                       |   |                        |    |   |   |   |   |   |
| Purchases of short-term investments                                                         |   |                        | (3,930  | ) |   |   | (8,297 | ) |
| Proceeds from sale of short-term investments                                                |   |                        | 12,996  |   |   |   | — |   |
| Purchases of equipment and leasehold improvements                                           |   |                        | (3,287  | ) |   |   | (1,340 | ) |
| Payment for intangible assets acquired                                                      |   |                        | (286    | ) |   |   | (463 | ) |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                         |   |                        | 5,493   |   |   |   | (10,100 | ) |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Cash flows from financing activities:                                                       |   |                        |    |   |   |   |   |   |
| Proceeds from loans payable – banks, net                                              |   |                        | 756     |   |   |   | 2,327 |   |
| Repayment of long-term debt                                                                 |   |                        | (2,856  | ) |   |   | (2,792 | ) |
| Proceeds from exercise of options                                                           |   |                        | 445     |   |   |   | 437 |   |
| Proceeds from sale of stock of subsidiary                                                   |   |                        | 1,128   |   |   |   | 3,823 |   |
| Dividends paid                                                                              |   |                        | (1,979  | ) |   |   | (996 | ) |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                         |   |                        | (2,506  | ) |   |   | 2,799 |   |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Effect of exchange rate changes on cash                                                     |   |                        | 2,276   |   |   |   | (6,473 | ) |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                        |   |                        | 3,431   |   |   |   | (5,205 | ) |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Cash and cash equivalents - beginning of period                                             |   |                        | 37,548  |   |   |   | 100,467 |   |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Cash and cash equivalents - end of period                                                   |   | $                           | 40,979  |   |   | $ | 95,262 |   |
|                                                                                        |   |                        |    |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                           |   |                        |    |   |   |   |   |   |
| Cash paid for:                                                                              |   |                        |    |   |   |   |   |   |
| Interest                                                                                    |   | $                           | 447     |   |   | $ | 580 |   |
| Income taxes                                                                                |   |                        | 3,792   |   |   |   | 2,357 |   |

----

| 1. | Significant Accounting Policies: |
|----|----------------------------------|

| 2. | New Accounting Pronouncements - adopted: |
|----|------------------------------------------|

| 3. | Recent Agreements: |
|----|--------------------|

----

| 4. | Inventories: |
|----|--------------|

| (In thousands)               |   | March 31,2011 |    |   | December 31,2010 |   |
|-----------------------------------|--------|--------------------|---------|--------|-----------------------|--------|
|                              |   |               |    |   |                  |   |
| Raw materials and component parts |   | $                  | 50,381  |   |                  | $      | 40,809 |   |
| Finished goods                    |   |               | 91,467  |   |                  |   | 69,031 |   |
|                              |   |               |    |   |                  |   |   |   |
|                              |   | $                  | 141,848 |   |                  | $      | 109,840 |   |

| 5. | Fair Value Measurement: |
|----|-------------------------|

| (In thousands)                                                                            |   |   |   |   | Fair Value Measurements at March 31, 2011 |   |
|-------------------------------------------------------------------------------------------|--------|--------|--------|--------|-------------------------------------------|--------|
|                                                                                      |   |   |   |   | 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                                                                    |   | $      | 43,100 |   |                                      | $      | — |   |   | $ | 43,100 |   |   | $ | — |   |
| Foreign currency forward exchange contracts not accounted for using hedge accounting |   |   | 1,480  |   |                                      |   | — |   |   |   | 1,480 |   |   |   | — |   |
|                                                                                      |   |   |   |   |                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                      |   | $      | 44,580 |   |                                      | $      | — |   |   | $ | 44,580 |   |   | $ | — |   |
| Liabilities:                                                                              |   |   |   |   |                                      |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                                                       |   | $      | 230    |   |                                      | $      | — |   |   | $ | 230 |   |   | $ | — |   |

| (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 |   |   | $ | — |   |

----

| 6. | Derivative Financial Instruments: |
|----|-----------------------------------|

| DerivativesDesignated asHedgingInstruments |   | Amount of Gain(Loss) Recognized inOCI on Derivative(Effective Portion) |    | Location of Gain(Loss) Reclassifiedfrom AccumulatedOCI into Income(Effective Portion) |   | Amount of Gain (Loss)Reclassified fromAccumulated OCI intoIncome (EffectivePortion) |    | Location of Gain(Loss) Recognized inIncome on Derivative(Effective Portion) |                            | Amount of Gain (Loss)Recognized in Incomeon Derivative (EffectivePortion) (A) |   |
|-------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------|---------------------------------|-----------------------------------------------------------------------------------------------------------------------|--------|
|                                            |   | March 31,                                                                                                 |    |                                                                                                                     |   | March 31,                                                                                                              |    |                                                                                                           |                            | March 31,                                                                                                             |   |
|                                            |   | 2011                                                                                                      |    |                                                                                                                     | 2010   |                                                                                                                   |    |                                                                                                           | 2011                            |                                                                                                                  |   | 2010 |   |   |   | 2011 |   |   | 2010 |   |
| Foreign exchange contracts                      |   | $                                                                                                         | — |                                                                                                                     |   |                                                                                                                   | — |                                                                                                           | Gain (loss) on foreign currency |                                                                                                                  | $      | — |   |   |   | — |   | Gain (loss) on foreign currency |   | $ | — |   |   |   | (2,679 | )    |

----

| Derivatives Not Designatedas Hedging Instruments |   | Location of Gain (Loss)recognized in Income onDerivative |   | March 31, 2011 |   |   | March 31, 2010 |   |
|----------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|--------------------------|--------|--------|--------------------------|--------|
|                                                                 |   |                                                                                   |   |                     |   |   |                     |   |
| Interest rate swaps                                                  |   | Interest expense                                                                       |   | $                        | 119    |   |                     | $      | 32 |   |
| Foreign exchange contracts                                           |   | Gain (loss) on foreign currency                                                        |   | $                        | 36     |   |                     | $      | (58 | )    |

| 7. | Goodwill and Other Intangible Assets: |
|----|---------------------------------------|

|               |   |   |   |   | Fair Value Measurements at March 30, 2011 |   |
|--------------------|--------|--------|--------|--------|-------------------------------------------|--------|
|               |   |   |   |   | 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 |   | $      | 2,485  |   |                                      | $      | — |   |   | $ | — |   |   | $ | 2,485 |   |
|               |   |   |   |   |                                      |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill           |   | $      | 3,875  |   |                                      | $      | — |   |   | $ | — |   |   | $ | 3,875 |   |

----

|               |   |   |   |   | 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 |   |

| 8. | Share-Based Payments: |
|----|-----------------------|

|                                          |   | Number of Shares |    |   | Weighted AverageGrant Date Fair Value |   |
|-----------------------------------------------|--------|----------------------------|---------|--------|-----------------------------------------------------------|--------|
| Nonvested options – beginning of period |   |                       | 480,843 |   |                                                      | $      | 4.32 |   |
| Nonvested options granted                     |   |                       | 3,500   |   |                                                      | $      | 5.27 |   |
| Nonvested options vested or forfeited         |   |                       | (15,060 | )      |                                                      | $      | 3.94 |   |
| Nonvested options – end of period       |   |                       | 469,283 |   |                                                      | $      | 4.34 |   |

----

|                                |   | Shares |    |   | Weighted AverageExercise Price |   |
|-------------------------------------|--------|--------|---------|--------|------------------------------------------|--------|
|                                |   |   |    |   |                                     |   |
| Outstanding at January 1, 2011      |   |   | 807,620 |   |                                     | $      | 12.78 |   |
| Options granted                     |   |   | 3,500   |   |                                     |   | 17.94 |   |
| Options cancelled                   |   |   | (2,810  | )      |                                     |   | 14.51 |   |
| Options exercised                   |   |   | (36,400 | )      |                                     |   | 12.22 |   |
|                                |   |   |    |   |                                     |   |   |   |
| Outstanding at March 31, 2011       |   |   | 771,910 |   |                                     | $      | 12.82 |   |
|                                |   |   |    |   |                                     |   |   |   |
| Options exercisable                 |   |   | 297,078 |   |                                     | $      | 12.28 |   |
| Options available for future grants |   |   | 822,385 |   |                                     |   |   |   |

| (In thousands)                        |   | March 31, 2011 |    |   | March 31, 2010 |   |
|--------------------------------------------|--------|--------------------------|---------|--------|--------------------------|--------|
|                                       |   |                     |    |   |                     |   |
| Cash proceeds from stock options exercised |   | $                        | 445     |   |                     | $      | 437 |   |
| Tax benefits                               |   |                     | — |   |                     |   | — |   |
| Intrinsic value of stock options exercised |   |                     | 228     |   |                     |   | 163 |   |

----

|                                             |   | March 31, 2011 |   |   | March 31, 2010 |   |
|--------------------------------------------------|--------|---------------------|--------|--------|---------------------|--------|
|                                             |   |                |   |   |                |   |
| Weighted-average expected stock-price volatility |   |                | 38     | %      |                |   | 49 | % |
| Weighted-average expected option life            |   | 4.5 years           |   |   | 4.18 years          |   |
| Weighted-average risk-free interest rate         |   |                | 2.0    | %      |                |   | 2.5 | % |
| Weighted-average dividend yield                  |   |                | 1.7    | %      |                |   | 2.0 | % |

| 9. | Net Income Attributable to Inter Parfums, Inc. Common Shareholders: |
|----|---------------------------------------------------------------------|

| (In thousands)                                                      |   | March 31, |   |
|---------------------------------------------------------------------|--------|-----------|--------|
|                                                                |   | 2011      |   |   | 2010 |   |
| Numerator:                                                          |   |      |   |   |   |   |
| Net income attributable to Inter Parfums, Inc.                      |   | $         | 12,759 |   |   | $ | 6,550 |   |
| Effect of dilutive securities of consolidated subsidiary            |   |      | (54    | )   |   |   | (5 | )   |
| Numerator for diluted earnings per share                            |   | $         | 12,705 |   |   | $ | 6,545 |   |
| Denominator:                                                        |   |      |   |   |   |   |   |   |
| Weighted average shares                                             |   |      | 30,474 |   |   |   | 30,192 |   |
| Effect of dilutive securities:                                      |   |      |   |   |   |   |   |   |
| Stock options and warrants                                          |   |      | 160    |   |   |   | 99 |   |
| Denominator for diluted earnings per share                          |   |      | 30,634 |   |   |   | 30,291 |   |
|                                                                |   |      |   |   |   |   |   |   |
| Earnings per share:                                                 |   |      |   |   |   |   |   |   |
| Net income attributable to Inter Parfums, Inc. common shareholders: |   |      |   |   |   |   |   |   |
| Basic                                                               |   | $         | 0.42   |   |   | $ | 0.22 |   |
| Diluted                                                             |   |      | 0.41   |   |   |   | 0.22 |   |

----

| 10. | Net Income Attributable to Inter Parfums, Inc. and Transfers From the Noncontrolling Interest: |
|-----|------------------------------------------------------------------------------------------------|

| (In thousands)                                                                                             |   | Three months endedMarch 31, |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|--------|
|                                                                                                            |   | 2011                                       |   |   | 2010 |   |
|                                                                                                            |   |                                       |   |   |   |   |
| Net income attributable to Inter Parfums, Inc.                                                                  |   | $                                          | 12,759 |   |   | $ | 6,550 |   |
| Increase (decrease) in Inter Parfums, Inc.’s additional paid-in capital for subsidiary share transactions |   |                                       | 213    |   |   |   | 961 |   |
| Change from net income attributable to Inter Parfums, Inc. and transfers from noncontrolling interest           |   | $                                          | 12,972 |   |   | $ | 7,511 |   |

| 11. | Segment 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 sale of prestige brand name fragrances and United States operations primarily represent the sale of specialty retail and mass market fragrances. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Information on our operations by geographical areas is as follows: |
|--------|--------------------------------------------------------------------|

| (In thousands)                                    |   | Three months endedMarch 31, |    |
|--------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                   |   | 2011                                       |    |   | 2010 |   |
| Net sales:                                             |   |                                       |    |   |   |   |
| United States                                          |   | $                                          | 11,794  |   |   | $ | 11,078 |   |
| Europe                                                 |   |                                       | 121,569 |   |   |   | 108,295 |   |
|                                                   |   |                                       |    |   |   |   |   |   |
|                                                   |   | $                                          | 133,363 |   |   | $ | 119,373 |   |
| Net income (loss) attributable to Inter Parfums, Inc.: |   |                                       |    |   |   |   |   |   |
| United States                                          |   | $                                          | (294    | ) |   | $ | (537 | ) |
| Europe                                                 |   |                                       | 13,053  |   |   |   | 7,087 |   |
|                                                   |   |                                       |    |   |   |   |   |   |
|                                                   |   | $                                          | 12,759  |   |   | $ | 6,550 |   |
|                                                   |   |                                       |    |   |   |   |   |   |
|                                                   |   | March 31,                                  |    |   | December 31, |   |
|                                                   |   | 2011                                       |    |   | 2010 |   |
| Total Assets:                                          |   |                                       |    |   |   |   |   |   |
| United States                                          |   | $                                          | 40,719  |   |   | $ | 40,896 |   |
| Europe                                                 |   |                                       | 461,227 |   |   |   | 398,547 |   |
| Eliminations of investment in subsidiary               |   |                                       | (1,338  | ) |   |   | (1,338 | ) |
|                                                   |   |                                       |    |   |   |   |   |   |
|                                                   |   | $                                          | 500,608 |   |   | $ | 438,105 |   |

----

| 12. | Accrued Expenses: |
|-----|-------------------|

|   | Accrued expenses include approximately $13.9 million and $14.7 million in advertising liabilities as of March 31, 2011 and December 31, 2010, respectively. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.  | Reclassification: |
|-----------|-------------------|

----

| Item 2: | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

----

----

----

----

| 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   | ) |

----

----

| Net Sales                    |   | Three months ended March 31, |   |
|-----------------------------------|--------|--------------------------------------------------|--------|
|                              |   | 2011                                             |   |   | % Change |   |   | 2010 |   |   | % Change |   |   | 2009 |   |
|                              |   | (in millions)                               |   |
|                              |   |                                             |   |
| European based product sales      |   | $                                                | 121.6  |   |   |   | 12 | % |   | $ | 108.3 |   |   |   | 32 | % |   | $ | 82.0 |   |
| United States based product sales |   |                                             | 11.8   |   |   |   | 6 | % |   |   | 11.1 |   |   |   | 32 | % |   |   | 8.4 |   |
| Total net sales                   |   | $                                                | 133.4  |   |   |   | 12 | % |   | $ | 119.4 |   |   |   | 32 | % |   | $ | 90.4 |   |

----

----

| Gross margin                |   | Three months ended March 31, |   |
|----------------------------------|--------|--------------------------------------------------|--------|
| (in millions)               |   | 2011                                             |   |   | 2010 |   |
|                             |   |                                             |   |   |   |   |
| Net sales                        |   | $                                                | 133.4  |   |   | $ | 119.4 |   |
| Cost of sales                    |   |                                             | 46.8   |   |   |   | 47.7 |   |
| Gross margin                     |   | $                                                | 86.6   |   |   | $ | 71.7 |   |
|                             |   |                                             |   |   |   |   |   |   |
| Gross margin as a % of net sales |   |                                             | 65     | % |   |   | 60 | % |

----

| Selling, general and administrative expenses                       |   |                         |   |
|--------------------------------------------------------------------|--------|------------------------------|--------|
| (in millions)                                                      |   | Three months ended March 31, |   |
|                                                               |   | 2011                         |   |   | 2010 |   |
|                                                               |   |                         |   |   |   |   |
| Selling, general & administrative expenses                     |   | $                            | 61.0   |   |   | $ | 55.7 |   |
| Selling, general & administrative expenses as a % of net sales |   |                         | 46     | % |   |   | 47 | % |

----

| (in thousands except per share data)       |   | Three months endedMarch 31, |   |
|---------------------------------------------------------------------|--------|--------------------------------------------|--------|
|                                                                |   | 2011                                       |   |   | 2010 |   |
|                                                                |   |                                       |   |   |   |   |
| Net income                                                          |   | $                                          | 17,340 |   |   | $ | 8,950 |   |
| Less: Net income attributable to the noncontrolling interest        |   |                                       | 4,581  |   |   |   | 2,400 |   |
|                                                                |   |                                       |   |   |   |   |   |   |
| Net income attributable to Inter Parfums, Inc.                      |   | $                                          | 12,759 |   |   | $ | 6,550 |   |
|                                                                |   |                                       |   |   |   |   |   |   |
| Earnings per share:                                                 |   |                                       |   |   |   |   |   |   |
| Net income attributable to Inter Parfums, Inc. common shareholders: |   |                                       |   |   |   |   |   |   |
| Basic                                                               |   | $                                          | 0.42   |   |   | $ | 0.22 |   |
| Diluted                                                             |   | $                                          | 0.41   |   |   | $ | 0.22 |   |
|                                                                |   |                                       |   |   |   |   |   |   |
| Weighted average number of shares outstanding:                      |   |                                       |   |   |   |   |   |   |
| Basic                                                               |   |                                       | 30,474 |   |   |   | 30,192 |   |
| Diluted                                                             |   |                                       | 30,634 |   |   |   | 30,291 |   |

----

----

|                                                                               |   | Payments due by period |      |
|------------------------------------------------------------------------------------|--------|---------------------------------------|-----------|
| Contractual Obligations                                                       |   | Total                                 |      |   | Less than1 year |   |   | Years 2-3 |   |   | Years4-5 |   |   | More than5 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 3: | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------|------------------------------------------------------------|

----

| Item 4. | CONTROLS AND PROCEDURES |
|--------------|-------------------------|

----

| Exhibit No. |         | Description                                                                                |
|------------------|--------------|--------------------------------------------------------------------------------------------|
|             |         |                                                                                       |
| 31.1             |         | Certifications required by Rule 13a-14(a) of Chief Executive Officer                       |
|             |         |                                                                                       |
| 31.2             |         | Certifications required by Rule 13a-14(a) of Chief Financial Officer                       |
|             |         |                                                                                       |
| 32.1             |         | Certification required by Section 906 of the Sarbanes-Oxley Act of Chief Executive Officer |
|             |         |                                                                                       |
| 32.1             |    | Certification required by Section 906 of the Sarbanes-Oxley Act of Chief Financial Officer |

|            | INTER PARFUMS, INC.          |
|-----------------|------------------------------|
|            |                         |
| By:   | /s/ Russell Greenberg        |
|            | Executive Vice President and |
|            | Chief Financial Officer      |

----