<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------

                                  Form 10-K/A

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 (FEE REQUIRED)

For Fiscal Year Ended March 31, 1997

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

For the transition period from             to  
                               -----------    ------------


                         Commission File Number 0-15491

Parlux Fragrances, Inc.
-----------------------

(Exact name of registrant as specified in its charter)

            Delaware                                          22-2562955
---------------------------------                         --------------------
  (State or other jurisdiction                            (I.R.S. Employer 
of incorporation or organization)                         Identification No.)

3725 SW 30th Avenue, Ft. Lauderdale, FL                          33312
---------------------------------------                        ----------

(Address of principal executive offices)                       (zip code)


(Registrant's telephone number, including area code)           (954) 316-9008
                                                              ----------------

Securities registered pursuant to Section 12(b) of the Act:

Title of Class                            Name of Exchange on which registered
--------------                            ------------------------------------

None                                      None

  Securities registered pursuant to Section 12(g) of the Act:

                    Common Stock ( par value $ .01 per share)
             -------------------------------------------------------
                                 Title of Class

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes   X    No
    ----      ----

Indicate the number of shares outstanding of each of the registrant's classes of
stock as of the latest practicable date.

Class                                          Outstanding at June 25, 1997
-----------------------------                  --------------------------------
Common Stock, $ .01 par value                  16,814,423
                                               ----------

The aggregate market value of the Registrant's common stock held by
non-affiliates of the Registrant was approximately $28,393,527 based on a
closing price of $2.125 for the Common Stock as of June 25, 1997 as reported on
the National Association of Securities Dealers Automated Quotation System on
such date. For purposes of the foregoing calculation, only the Directors and
beneficial owners of the registrant are deemed to be affiliates.

Documents incorporated by Reference: The information required by Part III (Items
10, 11, 12 & 13) is incorporated by reference from the registrant's definitive
proxy statement (to be filed pursuant to Regulation 14A).



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                    PARLUX FRAGRANCES, INC. AND SUBSIDIARIES
                    ----------------------------------------

                        CONSOLIDATED STATEMENTS OF INCOME
                        ---------------------------------



<TABLE>
<CAPTION>
                                                                            Year ended March 31,
                                                             --------------------------------------------------
                                                                 1997               1996               1995
                                                             ------------       ------------       ------------
<S>                                                          <C>                <C>                <C>         
Net sales:
   Unrelated customers                                       $ 59,799,669       $ 41,539,466       $ 22,978,956
   Related parties                                             27,840,337         26,187,460         15,230,143
                                                             ------------       ------------       ------------

                                                               87,640,006         67,726,926         38,209,099

Cost of goods sold                                             39,183,165         28,439,789         14,957,475
                                                             ------------       ------------       ------------

Gross profit                                                   48,456,841         39,287,137         23,251,624
                                                             ------------       ------------       ------------

Operating expenses:
  Advertising and promotional                                  24,245,502         12,942,647          7,248,839
  Selling and distribution                                      9,553,192          5,130,099          3,530,133
  General and administrative                                    8,926,499          5,524,416          4,648,899
  Royalties                                                     2,413,113          1,502,132            823,223
                                                             ------------       ------------       ------------

  Total operating expenses                                     45,138,306         25,099,294         16,251,094
                                                             ------------       ------------       ------------

Operating income                                                3,318,535         14,187,843          7,000,530

Interest expense and bank charges                               2,175,628          1,885,412          1,189,658
Exchange (gains) losses                                          (595,045)          (234,074)           300,661
                                                             ------------       ------------       ------------

Income before extraordinary item and income taxes               1,737,952         12,536,505          5,510,211

Income taxes                                                      660,081          4,763,814          1,279,000
                                                             ------------       ------------       ------------

Income before extraordinary item                                1,077,871          7,772,691          4,231,211

Extraordinary item - loss on conversion of debt                   901,648               --                 -- 
                                                             ------------       ------------       ------------

Net income                                                   $    176,223       $  7,772,691       $  4,231,211
                                                             ============       ============       ============



Earnings per common and common
  equivalent share:

     Primary:
          Income before extraordinary item                   $       0.07       $       0.74       $       0.50
          Extraordinary item - loss on
            conversion of debt                               $      (0.05)              --                 --
                                                             ------------       ------------       ------------
          Net income                                         $       0.02       $       0.74       $       0.50
                                                             ============       ============       ============
     Fully diluted:
          Income before extraordinary item                   $       0.07       $       0.72       $       0.48
          Extraordinary item - loss on
            conversion of debt                               $      (0.05)              --                 --
                                                             ------------       ------------       ------------
          Net income                                         $       0.02       $       0.72       $       0.48
                                                             ============       ============       ============


</TABLE>


                 See notes to consolidated financial statements.


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SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

PARLUX FRAGRANCES, INC.

/s/ Ilia Lekach
-------------------------------------------------
Ilia Lekach, Chief Executive Officer and Chairman

Dated: August 1, 1997

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the date indicated:

/s/ Zalman Lekach
-------------------------------------------------
Zalman Lekach, President, Chief Operating Officer 
and Director


/s/ Frank A. Buttacavoli
-------------------------------------------------
Frank A. Buttacavoli, Executive Vice President, 
Chief Financial Officer and Director


/s/ Frederick E. Purches
-------------------------------------------------
Frederick E. Purches, Vice Chairman and Director


/s/ Albert F. Vercillo
-------------------------------------------------
Albert F. Vercillo, Director


/s/ Mayi de la Vega
-------------------------------------------------
Mayi de la Vega, Director


/s/ Glenn Gopman
-------------------------------------------------
Glenn Gopman, Director





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