Document:

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                                                                     EXHIBIT 4.8

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                            French Fragrances, Inc.

                             Warrants to Purchase
                        209,853 Shares of Common Stock

                               Warrant Agreement

                         Dated as of January 23, 2001

                         Mellon Investor Services LLC

                                 Warrant Agent

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          WARRANT AGREEMENT, dated as of January 23, 2001, between French
Fragrances, Inc., a Florida corporation (the "Company"), and Mellon Investor
Services LLC, as warrant agent (the "Warrant Agent").

          WHEREAS, the Company will issue warrants (the "Warrants") to initially
purchase up to 209,853 shares of Common Stock, par value $.01 per share (the
"Common Stock"), of the Company (the Common Stock issuable on exercise of the
Warrants being referred to herein as the "Warrant Shares"), in connection with
the commitment by Credit Suisse First Boston, Cayman Islands Branch ("CSFB") and
Fleet Corporate Finance Inc. ("Fleet" and, together with CSFB, the "Initial
Holders") to purchase up to $160.0 million of Bridge Notes of the Company,
pursuant to a Fee Letter dated November 21, 2000 by and among CSFB, Fleet and
the Company.  The Company shall issue 70% of the Warrants to CSFB and 30% of the
Warrants to Fleet.

          WHEREAS, the Company desires the Warrant Agent to act on its behalf,
and the Warrant Agent is willing so to act in connection with the issuance of
Warrant Certificates (as defined) and other matters as provided herein.

          NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereto agree as follows:

Section 1 Certain Definitions.

          As used in this Agreement, the following terms shall have the
following respective meanings:

          "Affiliate" of any Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such Person.  For purposes of this definition, "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with"), as used with respect to any Person shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such specified Person, whether
through the ownership of voting securities, by agreement or otherwise; provided
that beneficial ownership of 10% or more of the voting securities of a Person
shall be deemed to be control.

          "Business Day" means any day other than a Legal Holiday.

          "Commission" means the Securities and Exchange Commission.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended.

          "Holder" means a Person who is listed as the record owner of Warrants
or Warrant Shares.

          "Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions in the City of New York or at a place of payment are authorized by
law, regulation or executive order to remain closed.  If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on
such payment for the intervening period.

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          "Officer" means, with respect to any Person, the Chairman of the
Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary or any Vice-President of such Person.

          "Opinion of Counsel" means an opinion from legal counsel who is
reasonably acceptable to the Company and the Warrant Agent in form and substance
reasonably acceptable to the Company and the Warrant Agent.  The counsel may be
an employee of or counsel to the Company or any subsidiary of the Company.

          "Person" means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof, including any subdivision or ongoing business of any such entity or
substantially all of the assets of any such entity, subdivision or business.

          "Securities Act" means the Securities Act of 1933, as amended.

          "Warrant Registration Rights Agreement" means the registration rights
agreement, dated as of January 23, 2001, between the Company and the Initial
Holders relating to the Warrants and the Warrant Shares.

Section 2      Appointment of Warrant Agent.

          The Company hereby appoints the Warrant Agent to act as agent for the
Company in accordance with the instructions set forth hereinafter in this
Agreement, and the Warrant Agent hereby accepts such appointment.

Section 3      Issuance of Warrants; Warrant Certificates.

3.1     Form and Dating.

        (a)    General.
               -------

        The certificates evidencing the Warrants (the "Warrant Certificates")
to be delivered pursuant to this Agreement shall be in registered form only and
shall be substantially in the form set forth in Exhibit A attached hereto.
                                                ---------

        The terms and provisions contained in the Warrants shall constitute,
and are hereby expressly made, a part of this Warrant Agreement.  The Warrants
and the Warrant Shares are entitled to the benefits of the Warrant Registration
Rights Agreement.  The Company and the Warrant Agent, by their execution and
delivery of this Warrant Agreement, expressly agree to such terms and provisions
and to be bound thereby.  However, to the extent any provision of any Warrant
conflicts with the express provisions of this Warrant Agreement, the provisions
of this Warrant Agreement shall govern and be controlling.

3.2     Execution.

        An Officer shall sign the Warrants for the Company by manual or
facsimile signature.

        If the Officer whose signature is on a Warrant no longer holds that
office at the time a Warrant is countersigned, the Warrant shall nevertheless be
valid.

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          A Warrant shall not be valid until countersigned by the manual or
facsimile signature of the Warrant Agent.  The signature shall be conclusive
evidence that the Warrant has been properly issued under this Warrant Agreement.

          The Warrant Agent shall, upon a written order of the Company signed by
an Officer, which shall names, addresses and delivery instructions (a "Warrant
Countersignature Order"), countersign Warrants for original issue up to the
number stated in the preamble hereto.

          The Warrant Agent may appoint an agent acceptable to the Company to
countersign Warrants.  Such an agent may countersign Warrants whenever the
Warrant Agent may do so.  Each reference in this Warrant Agreement to a
countersignature by the Warrant Agent includes a countersignature by such agent.
Such an agent has the same rights as the Warrant Agent to deal with the Company
or an Affiliate of the Company.

3.3      Warrant Registrar.

         The Company shall maintain an office or agency where Warrants may be
presented for registration of transfer or for exchange ("Warrant Registrar").
The Warrant Registrar shall keep a register of the Warrants and of their
transfer and exchange. The Company may appoint one or more co-Warrant
Registrars. The term "Warrant Registrar" includes any co-Warrant Registrar. The
Company may change any Warrant Registrar without notice to any holder. The
Company shall notify the Warrant Agent in writing of the name and address of any
agent not a party to this Warrant Agreement. If the Company fails to appoint or
maintain another entity as Warrant Registrar, the Warrant Agent shall act as
such. The Company or any of its subsidiaries may act as Warrant Registrar.

         The Company initially appoints the Warrant Agent to act as the Warrant
Registrar with respect to the Warrants.

3.4      Holder Lists.

         The Warrant Agent shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
all Holders.  If the Warrant Agent is not the Warrant Registrar, the Company
shall promptly furnish to the Warrant Agent at such times as the Warrant Agent
may request in writing, a list in such form and as of such date as the Warrant
Agent may reasonably require of the names and addresses of the Holders.

3.5     Transfer and Exchange.

(a)     The Warrant Agent shall from time to time, subject to the limitations of
Section 3.3 and Section 3.5(b) hereof, register the transfer of any outstanding
Warrant Certificates upon the records to be maintained by it for that purpose,
upon surrender thereof duly endorsed or accompanied (if so required by it) by a
written instrument or instruments of transfer in form satisfactory to the
Warrant Agent, duly executed by the registered holder or holders thereof or by
the duly appointed legal representative thereof or by a duly authorized
attorney. Upon any such registration of transfer, a new Warrant Certificate
shall be issued to the transferee(s) and the surrendered Warrant Certificate
shall be cancelled by the Warrant Agent. Cancelled Warrant Certificates shall
thereafter be disposed of by the Warrant Agent in its customary manner.

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        (b)  The Holders agree that prior to any proposed transfer of the
Warrants or of the Warrant Shares, if such transfer is not made pursuant to an
effective Registration Statement under the Securities Act, or an Opinion of
Counsel that the Warrant or Warrant Shares may be transferred without
registration under the Securities Act, the Holder will deliver to the Company an
executed certificate in the form attached as Exhibt B.

        (c)  The Holders agree that each certificate representing Warrants or
Warrant Shares will bear a legend in substantially the following form:

             "The securities evidenced or constituted hereby have been acquired
             for investment and have not been registered under the Securities
             Act of 1933, as amended. Such securities may not be sold,
             transferred, pledged or hypothecated unless the registration
             provisions of said Act have been complied with or unless the
             Company has received an opinion of counsel that such registration
             is not required."

        (d)  Subject to the terms of this Agreement, Warrant Certificates may be
exchanged at the option of the holder(s) thereof, when surrendered to the
Warrant Agent at its office, designated for such purpose, which is currently
located at the address listed in Section 15 hereof, for another Warrant
Certificate or other Warrant Certificates of like tenor and representing in the
aggregate a like number of Warrants. Any Holder desiring to exchange a Warrant
Certificate shall deliver a written request to the Warrant Agent, and shall
surrender, duly endorsed or accompanied (if so required by the Warrant Agent) by
a written instrument or instruments of transfer in form satisfactory to the
Warrant Agent, the Warrant Certificate or Certificates to be so exchanged.
Warrant Certificates surrendered for exchange shall be cancelled by the Warrant
Agent. Such cancelled Warrant Certificates shall then be disposed of by such
Warrant Agent in its customary manner.

        (e)  The Warrant Agent is hereby authorized to countersign, in
accordance with the provisions of this Section 3.5 and of Section 3.2 hereof,
the new Warrant Certificates required pursuant to the provisions of this Section
3.5.

        3.6  Replacement Warrants.

             If any mutilated Warrant is surrendered to the Warrant Agent or the
Company and the Warrant Agent receives evidence to its satisfaction of the
destruction, loss or theft of any Warrant, the Company shall issue and the
Warrant Agent, upon receipt of a Warrant Countersignature Order, shall
countersign a replacement Warrant if the Warrant Agent's requirements are met.
If required by the Warrant Agent or the Company, an indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Warrant Agent
and the Company to protect the Company, the Warrant Agent and any agent for
purposes of the countersignature from any loss that any of them may suffer if a
Warrant is replaced. The Company may charge for its expenses in replacing a
Warrant.

             Every replacement Warrant is an additional warrant of the Company
and shall be entitled to all of the benefits of this Warrant Agreement equally
and proportionately with all other Warrants duly issued hereunder.

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3.7        Temporary Warrants.

           Until certificates representing Warrants are ready for delivery, the
Company may prepare and the Warrant Agent, upon receipt of a Warrant
Countersignature Order, shall issue temporary Warrants.  Temporary Warrants
shall be substantially in the form of certificated Warrants but may have
variations that the Company considers appropriate for temporary Warrants and as
shall be reasonably acceptable to the Warrant Agent.  Without unreasonable
delay, the Company shall prepare and the Warrant Agent shall countersign
definitive Warrants in exchange for temporary Warrants.

           Holders of temporary Warrants shall be entitled to all of the
benefits of this Warrant Agreement.

3.8        Cancellation.

           The Company at any time may deliver Warrants to the Warrant Agent for
cancellation.  The Warrant Registrar and Warrant Paying Agent shall forward to
the Warrant Agent any Warrants surrendered to them for registration of transfer,
exchange or exercise.  The Warrant Agent and no one else shall cancel all
Warrants surrendered for registration of transfer, exchange, exercise,
replacement or cancellation and shall destroy canceled Warrants (subject to the
record retention requirement of the Exchange Act) in its customary manner.
Certification of the destruction of all canceled Warrants shall be delivered to
the Company.  The Company may not issue new Warrants to replace Warrants that
have been exercised or that have been delivered to the Warrant Agent for
cancellation.

Section 4  Terms of Warrants; Exercise of Warrants.

           (a)   Subject to the terms of this Agreement, each Holder shall have
the right, which may be exercised during the period commencing at the opening of
business on January 24, 2001 and until 5:00 p.m., New York City time on January
23, 2011 (the "Exercise Period"), to receive from the Company the number of
fully paid and nonassessable Warrant Shares which the holder may at the time be
entitled to receive on exercise of such Warrants and payment in cash of the
exercise price (the "Exercise Price") then in effect for such Warrant Shares by
wire transfer or by certified or official check payable to the order of the
Company; provided that Holders shall be able to exercise their Warrants only if
a registration statement relating to the Warrant Shares is then in effect, or
the exercise of such Warrants is exempt from the registration requirements of
the Securities Act, and such Warrant Shares are qualified for sale or exempt
from qualification under the applicable securities laws of the states in which
the various holders of the Warrants or other Persons to whom it is proposed that
the Warrant Shares be issued on exercise of the Warrants reside. Each Warrant
not exercised prior to 5:00 p.m., New York City time, on January 23, 2011 (the
"Expiration Date") shall become void and all rights thereunder and all rights in
respect thereof under this agreement shall cease as of such time. No adjustments
as to dividends will be made upon exercise of the Warrants.

           (b)   In order to exercise all or any of the Warrants represented by
a Warrant Certificate, the holder thereof must deliver to the Warrant Agent at
its office designated for such purpose set forth in Section 15 hereof the
Warrant Certificate and the form of election to purchase on the reverse thereof
duly and properly filled in and signed, which signature shall be medallion
guaranteed by an institution which is a member of a signature guarantee program
recognized by the Securities Transfer Association, and upon payment to the
Warrant Agent for the account of the Company of the Exercise Price, which is set
forth in the form of Warrant Certificate attached hereto as Exhibit A, for the
                                                            ---------
number of

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Warrant Shares in respect of which such Warrants are then exercised. Payment of
the aggregate Exercise Price shall be made in cash, by wire transfer or by
certified or official bank check payable to the order of the Company.

        (c)   Subject to the provisions of Section 5 hereof, upon compliance
with clause (b) above, the Warrant Agent shall deliver or cause to be delivered
with all reasonable dispatch, to or upon the written order of the holder and in
such name or names as the Warrant holder may designate, a certificate or
certificates for the number of whole Warrant Shares issuable upon the exercise
of such Warrants or other securities or property to which such holder is
entitled hereunder, together with cash as provided in Section 9 hereof; provided
that if any consolidation, merger or lease or sale of assets is proposed to be
effected by the Company as described in Section 8(l) hereof, or a tender offer
or an exchange offer for shares of Common Stock shall be made, upon such
surrender of Warrants and payment of the Exercise Price as aforesaid, the
Warrant Agent shall, as soon as possible upon its receipt of notice and
instructions with respect thereto, but in any event not later than two Business
Days thereafter, deliver or cause to be delivered the full number of Warrant
Shares issuable upon the exercise of such Warrants in the manner described in
this sentence or other securities or property to which such holder is entitled
hereunder, together with cash as provided in Section 9 hereof. Such certificate
or certificates shall be deemed to have been issued and any Person so designated
to be named therein shall be deemed to have become a holder of record of such
Warrant Shares as of the date of the surrender of such Warrants and payment of
the Exercise Price.

        (d)   The Warrants shall be exercisable, at the election of the holders
thereof, either in full or from time to time in part. If less than all the
Warrants represented by a Warrant Certificate are exercised, such Warrant
Certificate shall be surrendered and a new Warrant Certificate of the same tenor
and for the number of Warrants which were not exercised shall be executed by the
Company and delivered to the Warrant Agent and the Warrant Agent shall
countersign the new Warrant Certificate, registered in such name or names as may
be directed in writing by the holder, and shall deliver the new Warrant
Certificate to the Person or Persons entitled to receive the same.

        (e)   All Warrant Certificates surrendered upon exercise of Warrants
shall be cancelled by the Warrant Agent. Such cancelled Warrant Certificates
shall then be disposed of by the Warrant Agent in a manner customary to the
Warrant Agent. The Warrant Agent shall account promptly to the Company with
respect to Warrants exercised and concurrently pay to the Company all monies
received by the Warrant Agent for the purchase of the Warrant Shares through the
exercise of such Warrants.

        (f)   The Warrant Agent shall keep copies of this Agreement and any
notices given or received hereunder available for inspection by the holders
during normal business hours at its office. The Company shall supply the Warrant
Agent from time to time with such numbers of copies of this Agreement as the
Warrant Agent may reasonably request.

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Section 5    Payment of Taxes.

          The Company will pay all documentary stamp taxes attributable to the
initial issuance of Warrant Shares upon the exercise of Warrants; provided,
however, that the Company shall not be required to pay any tax or taxes which
may be payable in respect of any transfer involved in the issue of any Warrant
Certificates or any certificates for Warrant Shares in a name other than that of
the registered holder of a Warrant Certificate surrendered upon the exercise of
a Warrant, and the Company shall not be required to issue or deliver such
Warrant Certificates unless or until the Person or Persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.
The Warrant Agent shall have no duty or obligation to take any action under any
section of this Agreement which requires the payment by a holder of a Warrant of
applicable taxes and governmental charges unless and until the Warrant Agent is
satisfied that all such taxes and/or charges have been paid.

Section 6    Reservation of Warrant Shares.

        (a)   The Company will at all times reserve and keep available, free
from preemptive rights, out of the aggregate of its authorized but unissued
Common Stock or its authorized and issued Common Stock held in its treasury, for
the purpose of enabling it to satisfy any obligation to issue Warrant Shares
upon exercise of Warrants, the maximum number of shares of Common Stock which
may then be deliverable upon the exercise of all outstanding Warrants.

        (b)   The Company or, if appointed, the transfer agent for the Common
Stock (the "Transfer Agent") and every subsequent transfer agent for any shares
of the Company's capital stock issuable upon the exercise of any of the rights
of purchase aforesaid will be irrevocably authorized and directed at all times
to reserve such number of authorized shares as shall be required for such
purpose. The Company will keep a copy of this Agreement on file with the
Transfer Agent and with every subsequent transfer agent for any shares of the
Company's capital stock issuable upon the exercise of the rights of purchase
represented by the Warrants. The Warrant Agent is hereby irrevocably authorized
to requisition from time to time from such Transfer Agent the stock certificates
required to honor outstanding Warrants upon exercise thereof in accordance with
the terms of this Agreement. The Company will supply such Transfer Agent with
duly executed certificates for such purposes and will provide or otherwise make
available any cash which may be payable as provided in Section 9 hereof. The
Company will furnish such Transfer Agent a copy of all notices of adjustments,
and certificates related thereto, transmitted to each holder pursuant to Section
11 hereof.

        (c)   The Company covenants that all Warrant Shares which may be issued
upon exercise of Warrants will, upon issue, be fully paid, nonassessable, free
of preemptive rights and free from all taxes, liens, charges and security
interests with respect to the issuance thereof.

Section 7      Obtaining Stock Exchange Listings.

        The Company will from time to time take all action which may be
necessary so that the Warrant Shares, immediately upon their issuance upon the
exercise of Warrants, will be listed on the principal securities exchanges,
automated quotation systems or other markets within the United States of
America, if any, on which other shares of Common Stock are then listed, if any.

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Section 8      Adjustment of Exercise Price and Number of Warrant Shares
               Issuable.

          The Exercise Price and the number of Warrant Shares issuable upon the
exercise of each Warrant are subject to adjustment from time to time upon the
occurrence of the events enumerated in this Section 8.  For purposes of this
Section 8, "Common Stock" means shares now or hereafter authorized of any class
of common stock of the Company and any other stock of the Company, however
designated, that has the right (subject to any prior rights of any class or
series of preferred stock) to participate in any distribution of the assets or
earnings of the Company without limit as to per share amount.  The Exercise
Price will in no event be less than the par value of the Common Stock; provided,
however, the foregoing minimum Exercise Price shall not be applicable for
purposes of determining adjustments to the number of shares issuable upon
exercise of a Warrant pursuant to Section 8(o).

          (a)   Adjustment for Change in Capital Stock.
                --------------------------------------

          If the Company (i) pays a dividend in shares of Common Stock or makes
a distribution on its Common Stock in shares of its Common Stock, (ii)
subdivides its outstanding shares of Common Stock into a greater number of
shares, (iii) combines its outstanding shares of Common Stock into a smaller
number of shares, (iv) makes a distribution on its Common Stock in shares of its
capital stock other than Common Stock or (v) issues by reclassification of its
Common Stock any shares of its capital stock, then the Exercise Price in effect
immediately prior to such action shall be proportionately adjusted so that the
holder of any Warrant thereafter exercised may receive the aggregate number and
kind of shares of capital stock of the Company which he would have owned
immediately following such action if such Warrant had been exercised immediately
prior to such action.

          The adjustment shall become effective immediately after the record
date in the case of a dividend or distribution and immediately after the
effective date in the case of a subdivision, combination or reclassification.
If, after an adjustment, a holder of a Warrant upon exercise of that Warrant may
receive shares of two or more classes of capital stock of the Company, the
Company shall determine, in good faith, the allocation of the adjusted Exercise
Price between the classes of capital stock.  After such allocation, the exercise
privilege and the Exercise Price of each class of capital stock shall thereafter
be subject to adjustment on terms comparable to those applicable to Common Stock
in this Section 8.  Such adjustment shall be made successively whenever any
event listed above shall occur.

          (b)    Adjustment for Rights Issue.
                 ---------------------------

          If the Company distributes any rights, options or warrants to all
holders of its Common Stock entitling them for a period expiring within 45 days
after the record date mentioned below to purchase shares of Common Stock at a
price per share less than the Fair Value (as defined herein) per share on that
record date, the Exercise Price shall be adjusted in accordance with the
formula:

                                    O   +   N x P
                                            -----
                         E'=  E  x            M
                                   ------------------
                                        O + N

where:

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        E'  =     the adjusted Exercise Price.
        E   =     the current Exercise Price.

        O   =     the number of shares of Common Stock outstanding on the record
                  date.

        N   =     the number of additional shares of Common Stock issued
                  pursuant to such rights, options or warrants.

        P   =     the aggregate price per share of the additional shares.

        M   =     the Fair Value per share of Common Stock on the record date.

        The adjustment shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the
record date for the determination of stockholders entitled to receive the
rights, options or warrants. If at the end of the period during which such
rights, options or warrants are exercisable, not all rights, options or warrants
shall have been exercised, the Exercise Price shall be immediately readjusted to
what it would have been if "N" in the above formula had been the number of
shares actually issued.

        (c)  Adjustment for Other Distributions.
             ----------------------------------

         If the Company distributes to all holders of its Common Stock any of
its assets or debt securities or any rights or warrants to purchase debt
securities of the Company, the Exercise Price shall be adjusted in accordance
with the formula:

                        M  -  F
           E'= E  x    ---------
                           M

where:
          E' =  the adjusted Exercise Price.

          E  =  the current Exercise Price.

          M  =  the Fair Value per share of Common Stock on the record date
                mentioned below.

          F  =  the fair market value on the record date of the assets,
                securities, rights or warrants to be distributed in respect of
                one share of Common Stock as determined in good faith by the
                Board of Directors of the Company (the "Board of Directors").

          The adjustment shall be made successively whenever any such
distribution is made and shall become effective immediately after the record
date for the determination of stockholders entitled to receive the distribution.

          This Section 8(c) does not apply to cash dividends or cash
distributions paid out of consolidated current or retained earnings as shown on
the books of the Company prepared in accordance

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with generally accepted accounting principles. Also, this Section 8(c) does not
apply to rights, options or warrants referred to in Section 8(b) hereof.

        (d)   Adjustment for Common Stock Issue.
              ---------------------------------

         If the Company issues shares of Common Stock for a consideration per
share less than the Fair Value per share on the date the Company receives the
offering price of such additional shares, the Exercise Price shall be adjusted
in accordance with the formula:

                              P
                             ---
            E' = E  x     O + M
                       ----------
                            A
where:

               E'  =  the adjusted Exercise Price.

               E   =  the then current Exercise Price.

               O   =  the number of shares outstanding immediately prior to the
                      issuance of such additional shares.

               P   =  the aggregate consideration received for the issuance of
                      such additional shares.

               M   =  the Fair Value per share on the date of issuance of such
                      additional shares.

               A   =  the number of shares outstanding immediately after the
                      issuance of such additional shares.

               The adjustment shall be made successively whenever any such
issuance is made, and shall become effective immediately after such issuance.

               This subsection (d) does not apply to:

                    (1)     any of the transactions described in subsections
     (a), (b) and (c) of this Section 8,

                    (2)     the exercise of Warrants, or the conversion or
     exchange of other securities convertible into or exchangeable for shares of
     Common Stock, the issuance of which caused an adjustment to be made under
     Section 8(e),

                    (3)     Common Stock upon the exercise of rights, options or
     warrants issued to the holders of Common Stock, or

                    (4)     Common Stock issued to shareholders of any Person
     which merges into the Company, or with a subsidiary of the Company, in
     proportion to their stock holdings of such Person immediately prior to such
     merger, upon such merger.

                                      10
<PAGE>

        (e)   Adjustment for Convertible Securities Issue.
              -------------------------------------------

        If the Company issues any securities convertible into or exchangeable
for shares of Common Stock (other than securities issued in transactions
described in subsections (b) and (c) of this Section 8) for a consideration per
share of Common Stock initially deliverable upon conversion or exchange of such
securities less than the Fair Value per share on the date of issuance of such
securities, the Exercise Price shall be adjusted in accordance with this
formula:

                        P
                       ---
                   O +  M
         E'= E  x   --------
                   O +  D

where:
          E' = the adjusted Exercise Price.

          E  = the then current Exercise Price.

          O  = the number of shares outstanding immediately prior to the
               issuance of such securities.

          P  = the aggregate consideration received for the issuance of such
               securities.

          M  = the Fair Value per share on the date of issuance of such
               securities.

          D  = the maximum number of shares deliverable upon conversion or in
               exchange for such securities at the initial conversion or
               exchange rate.

          The adjustment shall be made successively whenever any such issuance
          is made, and shall become effective immediately after such issuance.

          If all of the Common Stock deliverable upon conversion or exchange of
such securities have not been issued when such securities are no longer
outstanding, then the Exercise Price shall promptly be readjusted to the
Exercise Price which would then be in effect had the adjustment upon the
issuance of such securities been made on the basis of the actual number of
shares of Common Stock issued upon conversion or exchange of such securities.

          This subsection (e) does not apply to convertible securities issued to
shareholders of any Person which merges into the Company, or with a subsidiary
of the Company, in proportion to their stock holdings of such Person immediately
prior to such merger, upon such merger.

          (f)    Consideration Received.
                 ----------------------
          For purposes of any computation respecting consideration received
pursuant to subsections (d) and (e) of this Section 8, the following shall
apply:

                 (1)   in the case of the issuance of shares of Common Stock for
     cash, the consideration shall be the amount of such cash, provided that in
     no case shall any deduction be

                                      11
<PAGE>

made for any commissions, discounts or other expenses incurred by the Company
for any underwriting or placement of the issue or otherwise in connection
therewith;

        (2)     in the case of the issuance of shares of Common Stock for a
consideration in whole or in part other than cash, the consideration other than
cash shall be deemed to be the fair market value thereof as determined in good
faith by the Board of Directors (irrespective of the accounting treatment
thereof), whose determination shall be conclusive, and described in a Board
resolution which shall be filed with the Warrant Agent;

        (3)     in the case of the issuance of securities convertible into or
exchangeable for shares of Common Stock, the aggregate consideration received
therefor shall be deemed to be the consideration received by the Company for the
issuance of such securities plus the additional minimum consideration, if any,
to be received by the Company upon the conversion or exchange thereof (the
consideration in each case to be determined in the same manner as provided in
clauses (1) and (2) of this subsection); and

        (4)     in the case of the issuance of shares of Common Stock pursuant
to rights, options or warrants which rights, options or warrants were originally
issued together with one or more other securities as part of a unit at a price
per unit, the consideration shall be deemed to be the fair value of such rights,
options or warrants at the time of issuance thereof as determined in good faith
by the Board of Directors whose determination shall be conclusive and described
in a Board resolution which shall be filed with the Warrant Agent plus the
additional minimum consideration, if any, to be received by the Company upon the
exercise, conversion or exchange thereof (as determined in the same manner as
provided in clauses (1) and (2) of this subsection).

      (g)    Fair Value.
             ----------

      In Sections 8(d) and (e) hereof, the "Fair Value" per security at any
date of determination shall be (1) in connection with a sale by the Company to a
party that is not an Affiliate of the Company in an arm's-length transaction (a
"Non-Affiliate Sale"), the price per security at which such security is sold and
(2) in connection with any sale by the Company to an Affiliate of the Company,
(a) the last price per security at which such security was sold in a Non-
Affiliate Sale within the three-month period preceding such date of
determination, or (b) if clause (a) is not applicable, the fair market value of
such security determined in good faith by (i) a majority of the Board of
Directors, including a majority of the Disinterested Directors, and approved in
a Board resolution delivered to the Warrant Agent or (ii) a nationally
recognized investment banking, appraisal or valuation firm, in each case, taking
into account, among all other factors deemed relevant by the Board of Directors
or such investment banking, appraisal or valuation firm, the trading price and
volume of such security on any national securities exchange or automated
quotation system on which such security is traded.

      In Sections 8(b) and (c) hereof, the "Fair Value" per security at any
date of determination shall be (a) the last price per security at which such
security was sold by the Company in a Non-Affiliate Sale within the three-month
period preceding such date of determination or (b) if clause (a) is not
applicable, the fair market value of such security determined in good faith by
(i) a majority of the Board of Directors, including a majority of the
Disinterested Directors, and approved in a Board resolution delivered to the
Warrant Agent or (ii) a nationally recognized investment banking, appraisal or
valuation firm, in each case, taking into account, among all other factors
deemed relevant by the Board of Directors or such

                                      12
<PAGE>

investment banking, appraisal or valuation firm, the trading price and volume of
such security on any national securities exchange or automated quotation system
on which such security is traded.

          For purposes of this Section 8(g), "Disinterested Director" means, in
connection with any issuance of securities that gives rise to a determination of
the Fair Value thereof, each member of the Board of Directors who is not an
officer, employee, director or other Affiliate of the party to whom the Company
is proposing to issue the securities giving rise to such determination.

          (h)   When De Minimis Adjustment May Be Deferred.
                ------------------------------------------

          No adjustment in the Exercise Price need be made unless the adjustment
would require an increase or decrease of at least 1% in the Exercise Price.  Any
adjustments that are not made shall be carried forward and taken into account in
any subsequent adjustment.  All calculations under this Section 8 shall be made
to the nearest cent or to the nearest 1/100th of a share, as the case may be, it
being understood that no such rounding shall be made under subsection (p).

          (i)    When No Adjustment Required.
                 ---------------------------
                 (1) No adjustment need be made for a transaction referred to in
     Section 8(a), (b), (c), (d), (e) or (f) hereof, if Holders are to
     participate (without being required to exercise their Warrants) in the
     transaction on a basis and with notice that the Board of Directors
     determines to be fair and appropriate in light of the basis and notice on
     which holders of Common Stock participate in the transaction. No adjustment
     need be made for (i) rights to purchase Common Stock pursuant to a Company
     plan for reinvestment of dividends or interest or (ii) a change in the par
     value or no par value of the Common Stock. To the extent the Warrants
     become convertible into cash, no adjustment need be made thereafter as to
     the cash. Interest will not accrue on the cash. Without limiting any other
     exception contained in this Section 8, and in addition thereto, no
     adjustment will be made for: (i) exercises or conversions of any rights,
     warrants, options, or convertible securities outstanding on the date
     hereof; (ii) Common Stock issued to the Company's directors, employees or
     consultants (or directors, employees or consultants of its subsidiaries)
     under bona fide employee benefit plans adopted by the Board of Directors
     and approved by the holders of Common Stock when required by law, if such
     Common Stock would otherwise be covered by this Section 8 (but only to the
     extent that the aggregate number of shares excluded by this Section 8 and
     issued after the date of this Warrant Agreement shall not exceed 25% of the
     Common Stock outstanding at the time of the adoption of each such plan,
     exclusive of anti-dilution adjustments thereunder; or (iii) Common Stock
     issued in a bona fide private placement through a placement agent which is
     a member firm of the National Association of Securities Dealers, Inc.
     (except to the extent that any discount from the current market price
     attributable to restrictions on transferability of the Common Stock, as
     determined in good faith by the Board of Directors and described in a Board
     resolution which shall be filed with the Warrant Agent, shall exceed 15%)
     or (iv) the issuance of shares of Common Stock pursuant to rights, options
     or warrants which were originally issued in a Non-Affiliate Sale (as
     defined below) together with one or more other securities as part of a unit
     at a price per unit; (v) issuances of rights, warrants, options or
     convertible securities as compensation in lieu of cash in connection with
     any financing transaction including commercial bank facilities, bridge
     financing commitments or arrangements or other issuances of primary debt
     obligations or securities.

                                      13
<PAGE>

        (j)    Notice of Adjustment.
               --------------------
        Whenever the Exercise Price is adjusted, the Company shall provide the
notices required by Section 10 hereof.

        (k)    Reorganization of Company.
               -------------------------

        Immediately after the date hereof, if the Company consolidates or merges
with or into, or transfers or leases all or substantially all its assets to, any
Person, upon consummation of such transaction the Warrants shall automatically
become exercisable for the kind and amount of securities, cash or other assets
which the holder of a Warrant would have owned immediately after the
consolidation, merger, transfer or lease if the holder had exercised the Warrant
immediately before the effective date of the transaction. Concurrently with the
consummation of such transaction, the entity formed by or surviving any such
consolidation or merger if other than the Company, or the Person to which such
sale or conveyance shall have been made, shall enter into (i) a supplemental
Warrant Agreement so providing and further providing for adjustments which shall
be as nearly equivalent as may be practical to the adjustments provided for in
this Section 8(l) and (ii) a supplement to the Warrant Registration Rights
Agreement providing for the assumption of the Company's obligations thereunder.
If the issuer of securities deliverable upon exercise of Warrants under the
supplemental Warrant Agreement is an Affiliate of the formed, surviving,
transferee or lessee corporation, that issuer shall join in the supplemental
Warrant Agreement and Warrant Registration Rights Agreement. If this Section
8(l) applies, Sections 8(a), (b), (c), (d), (e) and (f) hereof do not apply.

        (l)    Company Determination Final.
               ---------------------------

        Any determination that the Company or the Board of Directors or a
successor to the Company or its Board of Directors must make pursuant to Section
8(a), (b), (c), (d), (e), (f), (g), (h), (i) or (k) hereof is conclusive.

        (m)    Warrant Agent's Disclaimer.
               --------------------------

        The Warrant Agent has no duty to determine when an adjustment under
this Section 8 should be made, how it should be made or what it should be.  The
Warrant Agent has no duty to determine whether any provisions of a supplemental
Warrant Agreement under Section 8(l) hereof are correct.  The Warrant Agent
makes no representation as to the validity or value of any securities or assets
issued upon exercise of Warrants.  The Warrant Agent shall not be responsible
for the Company's failure to comply with this Section 8.

        (n)   When Issuance or Payment May Be Deferred.
              ----------------------------------------

         In any case in which this Section 8 shall require that an adjustment
in the Exercise Price be made effective as of a record date for a specified
event, the Company may elect to defer until the occurrence of such event (i)
issuing to the holder of any Warrant exercised after such record date the
Warrant Shares and other capital stock of the Company, if any, issuable upon
such exercise over and above the Warrant Shares and other capital stock of the
Company, if any, issuable upon such exercise on the basis of the Exercise Price
and (ii) paying to such holder any amount in cash in lieu of a fractional share
pursuant to Section 10 hereof; provided, however,  that the Company shall
deliver to such holder a due bill

                                      14
<PAGE>

or other appropriate instrument evidencing such holder's right to receive such
additional Warrant Shares, other capital stock and cash upon the occurrence of
the event requiring such adjustment.

        (o)    Adjustment in Number of Shares.
               ------------------------------

               Upon each adjustment of the Exercise Price pursuant to this
Section 8, each Warrant outstanding prior to the making of the adjustment in the
Exercise Price shall thereafter evidence the right to receive upon payment of
the adjusted Exercise Price that number of shares of Common Stock (calculated to
the nearest hundredth) obtained from the following formula:

        N'=  N x E
                ---
                 E'
where:
        N'       =   the adjusted number of Warrant Shares issuable upon
                     exercise of a Warrant by payment of the adjusted Exercise
                     Price.

        N        =   the number of Warrant Shares previously issuable upon
                     exercise of a Warrant by payment of the Exercise Price
                     prior to adjustment.

        E'       =   the adjusted Exercise Price.

        E        =   the Exercise Price prior to adjustment.

        (p)       Form of Warrants.
                  ----------------

         Irrespective of any adjustments in the Exercise Price or the number or
kind of shares purchasable upon the exercise of the Warrants, Warrants
theretofore or thereafter issued may continue to express the same price and
number and kind of shares as are stated in the Warrants initially issuable
pursuant to this Agreement.

Section 9    Fractional Interests.

          The Company shall not be required to issue fractional Warrant Shares
on the exercise of Warrants.  If more than one Warrant shall be presented for
exercise in full at the same time by the same holder, the number of full Warrant
Shares which shall be issuable upon the exercise thereof shall be computed on
the basis of the aggregate number of Warrant Shares purchasable on exercise of
the Warrants so presented.  If any fraction of a Warrant Share would, except for
the provisions of this Section 9, be issuable on the exercise of any Warrants
(or specified portion thereof), the Company shall pay an amount in cash equal to
the Fair Value per Warrant Share, as determined on the day immediately preceding
the date the Warrant is presented for exercise, multiplied by such fraction,
computed to the nearest whole U.S. cent.  The Warrant Agent shall have no duty
or obligation under this Section 9 unless and until the Company has provided or
caused to be provided to the Warrant Agent sufficient cash necessary to satisfy
the Company's obligations with respect to fractional shares.

                                      15
<PAGE>

Section 10   Notices to Warrant Holders.

           (a)   Upon any adjustment of the Exercise Price pursuant to Section 8
hereof, the Company shall promptly thereafter (i) cause to be filed with the
Warrant Agent a certificate of a firm of independent public accountants of
recognized standing selected by the Board of Directors of the Company (who may
be the regular auditors of the Company) setting forth the Exercise Price after
such adjustment and setting forth in reasonable detail the method of calculation
and the facts upon which such calculations are based and setting forth the
number of Warrant Shares (or portion thereof) issuable after such adjustment in
the Exercise Price, upon exercise of a Warrant and payment of the adjusted
Exercise Price, which certificate shall be conclusive evidence of the
correctness of the matters set forth therein, and (ii) cause to be given to each
of the registered holders of Warrants at the address appearing on the Warrant
register for each such registered holder written notice of such adjustments by
first-class mail, postage prepaid. The Warrant Agent shall be fully protected in
relying on any such certificate and on any adjustment therein contained and
shall have no duty with respect to and shall not be deemed to have knowledge of
any adjustment unless and until it shall have received such certificate. Where
appropriate, such notice may be given in advance and included as a part of the
notice required to be mailed under the other provisions of this Section 10.

          (b)    In case:
                 -------

          (i)    the Company shall authorize the issuance to all holders of
     shares of Common Stock of rights, options or warrants to subscribe for or
     purchase shares of Common Stock or of any other subscription rights or
     warrants;

          (ii)   the Company shall authorize the distribution to all holders of
     shares of Common Stock of evidences of its indebtedness or assets (other
     than dividends or cash distributions paid out of consolidated current or
     retained earnings as shown on the books of the Company prepared in
     accordance with generally accepted accounting principles or dividends
     payable in shares of Common Stock or distributions referred to in Section
     10(a) hereof);

          (iii)  of any consolidation or merger to which the Company is a party
and for which approval of any stockholders of the Company is required, or of the
conveyance or transfer of the properties and assets of the Company substantially
as an entirety, or of any reclassification or change of Common Stock issuable
upon exercise of the Warrants (other than a change in par value, or from par
value to no par value, or from no par value to par value, or as a result of a
subdivision or combination), or a tender offer or exchange offer for shares of
Common Stock; or

          (iv) of the voluntary or involuntary dissolution, liquidation or
     winding up of the Company;

then the Company shall cause to be filed with the Warrant Agent and shall cause
to be given to each of the registered holders of Warrants at its address
appearing on the Warrant register, at least 20 days (or 10 days in any case
specified in clauses (i) or (ii) above) prior to the applicable record date
hereinafter specified, or promptly in the case of events for which there is no
record date or for which earlier notice is not reasonably practicable or legally
advisable, by first-class mail, postage prepaid, a written notice stating (x)
the date as of which the holders of record of shares of Common Stock to be
entitled to receive any such rights, options, warrants or distribution are to be
determined, (y) the initial expiration date set forth in any tender offer or
exchange offer for shares of Common Stock, or (z) the date on which any such
consolidation, merger,

                                      16
<PAGE>

conveyance, transfer, dissolution, liquidation or winding up is expected to
become effective or consummated, and the date as of which it is expected that
holders of record of shares of Common Stock shall be entitled to exchange such
shares for securities or other property, if any, deliverable upon such
reclassification, consolidation, merger, conveyance, transfer, dissolution,
liquidation or winding up. The failure to give the notice required by this
Section 11 or any defect therein shall not affect the legality or validity of
any distribution, right, option, warrant, consolidation, merger, conveyance,
transfer, dissolution, liquidation or winding up, or the vote upon any action.

        (c)   Nothing contained in this Agreement or in any of the Warrant
Certificates shall be construed as conferring upon the holders of Warrants the
right to vote or to consent or to receive notice as stockholders in respect of
the meetings of stockholders or the election of directors of the Company or any
other matter, or any rights whatsoever as stockholders of the Company.

Section 11    Merger, Consolidation or Change of Name of
              Warrant Agent.

        (a)   Any Person into which the Warrant Agent may be merged or with
which it may be consolidated, or any Person resulting from any merger or
consolidation to which the Warrant Agent shall be a party, or any Person
succeeding to the business of the Warrant Agent, shall be the successor to the
Warrant Agent hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto, provided that such Person
would be eligible for appointment as a successor warrant agent under the
provisions of Section 13 hereof. In case at the time such successor to the
Warrant Agent shall succeed to the agency created by this Agreement, and in case
at that time any of the Warrant Certificates shall have been countersigned but
not delivered, any such successor to the Warrant Agent may adopt the
countersignature of the original Warrant Agent; and in case at that time any of
the Warrant Certificates shall not have been countersigned, any successor to the
Warrant Agent may countersign such Warrant Certificates either in the name of
the predecessor Warrant Agent or in the name of the successor to the Warrant
Agent; and in all such cases such Warrant Certificates shall have the full force
and effect provided in the Warrant Certificates and in this Agreement.

        (b)   In case at any time the name of the Warrant Agent shall be changed
and at such time any of the Warrant Certificates shall have been countersigned
but not delivered, the Warrant Agent whose name has been changed may adopt the
countersignature under its prior name, and in case at that time any of the
Warrant Certificates shall not have been countersigned, the Warrant Agent may
countersign such Warrant Certificates either in its prior name or in its changed
name, and in all such cases such Warrant Certificates shall have the full force
and effect provided in the Warrant Certificates and in this Agreement.

Section 12      Warrant Agent.

          The Warrant Agent undertakes only the duties and obligations expressly
imposed by this Agreement upon the following terms and conditions, by all of
which the Company and the holders of Warrants, by their acceptance thereof,
shall be bound:

          (a)   The statements contained herein and in the Warrant Certificates
     shall be taken as statements of the Company and the Warrant Agent assumes
     no responsibility for the correctness of any of the same except such as to
     describe the Warrant Agent or action taken or to be taken by it. The
     Warrant
                                      17
<PAGE>

Agent assumes no responsibility with respect to the distribution of the Warrant
Certificates except as herein otherwise provided.

     (b) The Warrant Agent shall not be responsible for any failure of the
Company to comply with any of the covenants contained in this Agreement or in
the Warrant Certificates to be complied with by the Company.

     (c) The Warrant Agent may consult at any time with counsel satisfactory to
it (who may be counsel for the Company) and the Warrant Agent shall incur no
liability or responsibility to the Company or to any holder of any Warrant
Certificate in respect of any action taken, suffered or omitted by it hereunder
in good faith and in accordance with the opinion or the advice of such counsel.
Whenever in the performance of its duties hereunder, the Warrant Agent is unsure
of any action it is required to take under this Agreement, the Warrant Agent
shall promptly seek clarification thereof from the Company, and the Warrant
Agent shall be fully protected and incur no liability in not taking any such
action prior to receiving a written response from the Company.

     (d) The Warrant Agent shall incur no liability or responsibility to the
Company or to any holder of any Warrant Certificate for any action taken,
suffered or omitted in reliance on any Warrant Certificate, certificate of
shares, notice, resolution, waiver, consent, order, certificate, or other paper,
document or instrument believed by it to be genuine and to have been signed,
sent or presented by the proper party or parties.

     (e) The Company agrees to pay to the Warrant Agent reasonable compensation
for all services rendered by the Warrant Agent in the execution and
administration of this Agreement, to reimburse the Warrant Agent for all
expenses, disbursements, taxes and governmental charges and other charges of any
kind and nature incurred by the Warrant Agent in the execution, preparation,
delivery, amendment, and administration of this Agreement. The Company shall
indemnify the Warrant Agent against any and all losses, liabilities, judgement,
damages, fines, penalties, claims, demands, settlements, costs or expenses
incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Warrant Agreement, including without
limitation the costs and expenses of enforcing this Warrant Agreement against
the Company and defending itself against any claim (whether asserted by the
Company or any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the
extent any such loss, liability or expense may be attributable to its gross
negligence or bad faith (each as finally determined by a court of competent
jurisdiction). The Warrant Agent shall notify the Company promptly of any claim
for which it may seek indemnity. Failure by the Warrant Agent to so notify the
Company shall not relieve the Company of its obligations hereunder. The Company
shall defend the claim and the Warrant Agent shall cooperate in the defense. The
Warrant Agent may have separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent, which consent shall not be unreasonably withheld. The
costs and expenses incurred in enforcing the right of indemnification shall be
paid by the Company. The Company's indemnity obligations hereunder shall survive
the termination of this Agreement or the expiration of the Warrants.

     (f) The Warrant Agent shall be under no obligation to institute any action,
suit or legal proceeding or to take any other action likely to involve expense
unless the Company or one or more registered holders of Warrants shall furnish
the Warrant Agent with reasonable security and indemnity for any costs and
expenses which may be incurred, but this provision shall not affect the power of
the Warrant Agent to take such action as it may consider proper, if it so
chooses, whether with or without any such

                                      18
<PAGE>

security or indemnity. All rights of action under this Agreement or under any of
the Warrants may be enforced by the Warrant Agent without the possession of any
of the Warrant Certificates or the production thereof at any trial or other
proceeding relative thereto, and any such action, suit or proceeding instituted
by the Warrant Agent shall be brought in its name as Warrant Agent and any
recovery of judgment shall be for the ratable benefit of the registered holders
of the Warrants, as their respective rights or interests may appear.

     (g) The Warrant Agent, and any stockholder, director, officer or employee
of it, may buy, sell or deal in any of the Warrants or other securities of the
Company or become pecuniarily interested in any transaction in which the Company
may be interested, or contract with or lend money to the Company or otherwise
act as fully and freely as though it were not Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any
other capacity for the Company or for any other legal entity.

     (h) The Warrant Agent shall act hereunder solely as agent for the Company,
and its duties shall be determined solely by the provisions hereof. The Warrant
Agent shall not be liable for anything which it may do or refrain from doing in
connection with this Agreement except for its own gross negligence or bad faith
(each as finally determined by a court of competent jurisdiction).
Notwithstanding anything herein to the contrary, in no event shall the Warrant
Agent be liable for special, punitive, indirect, consequential or incidental
loss or damage of any kind whatsoever (including but not limited to lost
profits) even if the Warrant Agent has been advised of the likelihood of such
loss or damage. Any liability of the Warrant Agent under this Agreement shall be
limited to the amount of fees paid by the Company to the Warrant Agent.

     (i) The Warrant Agent shall not at any time be under any duty or
responsibility to any holder of any Warrant Certificate to make or cause to be
made any adjustment of the Exercise Price or number of the Warrant Shares or
other securities or property deliverable as provided in this Agreement, or to
determine whether any facts exist which may require any of such adjustments, or
with respect to the nature or extent of any such adjustments, when made, or with
respect to the method employed in making the same. The Warrant Agent shall not
be accountable with respect to the validity or value or the kind or amount of
any Warrant Shares or of any securities or property which may at any time be
issued or delivered upon the exercise of any Warrant or with respect to whether
any such Warrant Shares or other securities will when issued be validly issued
and fully paid and nonassessable, and makes no representation with respect
thereto.

Section 13      Change of Warrant Agent.

          If the Warrant Agent shall become incapable of acting as Warrant
Agent, the Company shall appoint a successor to such Warrant Agent.  If the
Company shall fail to make such appointment within a period of 30 days after it
has been notified in writing of such incapacity by the Warrant Agent or by the
registered holder of a Warrant Certificate, then the registered holder of any
Warrant may apply to any court of competent jurisdiction for the appointment of
a successor to the Warrant Agent.  Pending appointment of a successor to such
Warrant Agent, either by the Company or by such a court, the duties of the
Warrant Agent shall be carried out by the Company.  The holders of a majority of
the unexercised Warrants shall be entitled at any time to remove the Warrant
Agent and appoint a successor to such Warrant Agent.  Such successor to the
Warrant Agent need not be approved by the Company or the former Warrant Agent.
After appointment the successor to the Warrant Agent shall be vested with the
same powers, rights, duties and responsibilities as if it had been originally
named as Warrant Agent without

                                      19
<PAGE>

further act or deed; provided that the former Warrant Agent shall deliver and
transfer to the successor to the Warrant Agent any property at the time held by
it hereunder and execute and deliver any further assurance, conveyance, act or
deed necessary for the purpose. Failure to give any notice provided for in this
Section 13, however, or any defect therein, shall not affect the legality or
validity of the appointment of a successor to the Warrant Agent.

Section 14      Reports.

     (a) Whether or not required by the rules and regulations of the Commission,
so long as any Warrants or the Warrant Shares are outstanding, the Company shall
furnish to the Warrant Agent and the holders of Warrants or Warrant Shares (i)
all quarterly and annual financial information that would be required to be
contained in a filing with the Commission on Forms 10-Q and 10-K if the Company
were required to file such Forms, including a "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and, with respect to
the annual information only, a report thereon by the Company's certified
independent accountants and (ii) all current reports that would be required to
be filed with the Commission on Form 8-K if the Company were required to file
such reports. In addition, whether or not required by the rules and regulations
of the Commission, the Company shall file a copy of all such information and
reports with the Commission for public availability (unless the Commission shall
not accept such a filing) and make such information available to securities
analysts and prospective investors upon request.

     (b) The Company shall provide the Warrant Agent with a sufficient number of
copies of all such reports that the Warrant Agent may be required to deliver to
the holders of the Warrants and the Warrant Shares under this Section 14.

Section 15      Notices to Company and Warrant Agent.

     Any notice or demand authorized by this Agreement to be given or made by
the Warrant Agent or by the registered holder of any Warrant to or on behalf of
the Company shall be sufficiently given or made when received if deposited in
the mail, first class or registered, postage prepaid, addressed (until another
address is filed in writing by the Company with the Warrant Agent) as follows:

                        French Fragrances, Inc.
                        14100 NW 60th Avenue
                        Miami Lakes, Florida  33014
                        Telecopier No.: (305) 818-8010
                        Attention:  Oscar Marina, Esq.

                 With a copy to:

                        Weil Gotshal & Manges
                        767 Fifth Avenue
                        New York, New York 10153
                        Telephone No.: (212) 310-8000
                        Attention:  Rod Miller, Esq.

                                      20
<PAGE>

     In case the Company shall fail to maintain such office or agency or shall
fail to give such notice of the location or of any change in the location
thereof, presentations may be made and notices and demands may be served at the
principal office of the Warrant Agent.

     Any notice pursuant to this Agreement to be given by the Company or by the
registered holder(s) of any Warrant to the Warrant Agent shall be sufficiently
given when and if deposited in the mail, first-class or registered, postage
prepaid, addressed (until another address is filed in writing by the Warrant
Agent with the Company) to the Warrant Agent as follows:

                    Mellon Investor Services LLC
                    1 Mellon Bank Center
                    500 Grant Street
                    Room 2122
                    Pittsburgh, PA 15258
                    Telecopier  No.:  (412) 236-8157
                    Attention:  Relationship Manager

                    With a copy to:

                           Credit Suisse First Boston Corporation
                           227 Park Avenue
                           New York, New York 10172
                           Telephone No.: (212) 892-3000
                           Attention:  Richard Beaudoin

                    With a copy to:

                           Latham & Watkins
                           885 Third Avenue
                           New York, New York 10122
                           Telephone No.: (212) 906-1200
                           Attention:  Marc Jaffe, Esq.

Section 16      Supplements and Amendments.

     The Company and the Warrant Agent may from time to time supplement or amend
this Agreement without the approval of any holders of Warrants in order to cure
any ambiguity or to correct or supplement any provision contained herein which
may be defective or inconsistent with any other provision herein, or to make any
other provisions in regard to matters or questions arising hereunder which the
Company and the Warrant Agent may deem necessary or desirable and which shall
not adversely affect the interests of the holders of Warrants as determined in
good faith by the Board of Directors of the Company or the Warrant Agent. Any
amendment or supplement to this Agreement that has an adverse effect on the
interests of the holders of Warrants shall require the written consent of the
holders of a majority of the then outstanding Warrants (excluding Warrants held
by the Company or any of its affiliates). The consent of each holder of Warrants
affected shall be required for any amendment pursuant to which the Exercise
Price would be increased or the number of Warrant Shares purchasable upon
exercise of Warrants would be decreased (other than pursuant to adjustments
provided in this Agreement).

                                      21
<PAGE>

Section 17      Successors.

     All the covenants and provisions of this Agreement by or for the benefit of
the Company or the Warrant Agent shall bind and inure to the benefit of their
respective successors and assigns hereunder.

Section 18      Termination.

     This Agreement shall terminate at 5:00 p.m., New York City time on January
23, 2011. Notwithstanding the foregoing, this Agreement will terminate on any
earlier date if all Warrants have been exercised. The provisions of Section 12
shall survive such termination.

Section 19      Governing Law.

     This Agreement and each Warrant Certificate issued hereunder shall be
deemed to be a contract made under the laws of the State of New York and for all
purposes shall be construed in accordance with and governed by the internal laws
of said State, without regard, however, to its conflicts of law provisions.

Section 20      Benefits of This Agreement.

     Nothing in this Agreement shall be construed to give to any Person or
corporation other than the Company, the Warrant Agent and the registered holders
of Warrants any legal or equitable right, remedy or claim under this Agreement;
but this Agreement shall be for the sole and exclusive benefit of the Company,
the Warrant Agent and the registered holders of Warrants.

Section 21      Counterparts.

     This Agreement may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all
such counterparts shall together constitute but one and the same instrument.

                            [Signature Page Follows]

                                      22
<PAGE>

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

                              French Fragrances, Inc.

                              By: /s/ Oscar E. Marina
                                 ------------------------------------
                                  Name:  Oscar E. Marina
                                  Title: Senior Vice President, General Counsel
                                         and Secretary

Mellon Investor Services LLC, as Warrant Agent

By: /s/ Lawrence J. Schweiger
   -------------------------------
   Name:  Lawrence J. Schweiger
   Title: Assistant Vice President

                                      23<PAGE>

                                                                     Exhibit 4.9

================================================================================

                     WARRANT REGISTRATION RIGHTS AGREEMENT

                            FRENCH FRAGRANCES, INC.

                   ________________________________________

                       Warrants to Purchase Common Stock

                   ________________________________________

                         Dated as of January 23, 2001

                              ___________________

               CREDIT SUISSE FIRST BOSTON, CAYMAN ISLANDS BRANCH

                         FLEET CORPORATE FINANCE, INC.

================================================================================
<PAGE>

     This Registration Rights Agreement (this "Agreement") is made and entered
                                               ---------
into as of January 23, 2001, between French Fragrances, Inc., a Florida
corporation (the "Issuer" or the "Company"), and Credit Suisse First Boston,
                  ------          -------
Cayman Islands Branch ("CSFB")  and Fleet Corporate Finance Inc. ("Fleet" and,
                        ----                                       -----
together with CSFB, the "Initial Holders").
                         ---------------

     This Agreement is made pursuant to the Warrant Agreement, dated as of
January 23. 2001 (the "Warrant Agreement") by and between the Company and HSBC
                       -----------------
Bank USA, as initial warrant agent (the "Warrant Agent"), whereby the Company
                                         -------------
proposes to issue warrants (the "Warrants") to initially purchase up to 209,853
                                 --------
shares of Common Stock, par value $.01 per share (the "Common Stock"), of the
                                                       ------------
Company (the Common Stock issuable on exercise of the Warrants being referred to
herein as the "Warrant Shares"), in connection with the commitment by CSFB and
               --------------
Fleet to purchase up to $160.0 million aggregate principal amount of Bridge
Notes of the Company, pursuant to a Fee Letter dated November 21, 2000 by and
between CSFB, Fleet and the Company.  The Company shall issue 70% of the
Warrants to CSFB and 30% of the Warrants to Fleet.

     The parties hereby agree as follows:

1.   DEFINITIONS

     As used in this Agreement, the following capitalized terms shall have the
following meanings:

     Act:  The Securities Act of 1933, as amended.
     ---

     Affiliate:  As defined in Rule 144.
     ---------

     Board of Directors:  The Board of Directors of the Person or any authorized
     ------------------
committee of the Board of Directors.

     Business Day:  Any day other than a Legal Holiday.
     ------------

     Commission:  The Securities and Exchange Commission.
     ----------

     Exchange Act:  The Securities Exchange Act of 1934, as amended.
     ------------

     Expiration Date: 5:00 p.m. New York City time on January 23, 2011.
     ---------------

     Holders:  As defined in Section 2 hereof.
     -------

     Legal Holiday:  A Saturday, a Sunday or a day on which banking institutions
     -------------
in the City of New York remain closed.

     Person:  Any individual, corporation, partnership, joint venture
     ------
association, joint stock Company, trust, unincorporated organization, limited
liability corporation or government or other entity.
<PAGE>

     Prospectus:  The prospectus included in a Registration Statement at the
     ----------
time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments to such
Registration Statement, including post-effective amendments, and all material
incorporated by reference into such Prospectus.

     Registrable Securities:  The Warrants and the Warrant Shares, provided that
     ----------------------
a security ceases to be a Registrable Security when it is no longer a Transfer
Restricted Security.

     Registration Statement:  Any registration statement of the Company relating
     ----------------------
to the registration for resale of Registrable Securities that is filed pursuant
to the provisions of this Agreement, and including the Prospectus included
therein, all amendments and supplements thereto (including post-effective
amendments) and all exhibits and material incorporated by reference therein.

     Rule 144:  Rule 144 promulgated under the Act.
     --------

     Transfer Restricted Securities:  Each Registrable Security upon original
     ------------------------------
issuance thereof until the earlier to occur of (i) the date on which such
Warrant or Warrant Share (other than any Warrant Share issued upon exercise of a
Warrant in accordance with a Registration Statement) has been disposed of in
accordance with a Registration Statement and (ii) the date on which such Warrant
or Warrant Share (or the related Warrant) is distributed to the public pursuant
to Rule 144 under the Act.

2.   HOLDERS

     A Person is deemed to be a holder of  Registrable Securities (each, a

"Holder") whenever such Person owns Registrable Securities of record or has
-------
provided evidence reasonably satisfactory to the Company that such Person has
the right to acquire such Registrable Securities, whether or not such
acquisition has actually been effected and disregarding any legal restrictions
upon the exercise of such right.

3.   DEMAND REGISTRATIONS

     (a)  The Company covenants and agrees with each Holder that if on or after
90 days following the date hereof, the Company receives a written request from
Holders of not less than 30% of the then outstanding Registrable Securities,
then within 60 days after receipt of such notice (the 60th day after such
notice, the "Filing Date") the Company shall use its reasonable best efforts to
             -----------
file a Registration Statement and cause such Registration Statement to become
effective under the Act at the earliest possible date after such notice (such
date, the "Effectiveness Date") with respect to the offering and sale or other
           ------------------
disposition of such Registrable Securities as such Holders desire to have
covered by such Registration Statement. The Company shall use its reasonable
best efforts to continuously maintain the effectiveness of such Registration
Statement until the earlier of (i) 360 days after the Effectiveness Date or (ii)
the consummation of the distribution by the Holders of all of the Registrable
Securities covered by such Registration Statement (the "Effectiveness Period").
                                                        --------------------
If such Registration is an underwritten registration, and the managing
underwriters thereof advise the Company in writing that in their

                                       2
<PAGE>

opinion the number of securities requested to be included in such registration
exceeds the number which can be sold in such offering without adversely
affecting the marketability of the offering, the Company will include in such
registration (i) first, the Registrable Securities requested to be included in
such registration and (ii) second, other securities of the Company in a primary
offering or requested to be included in such registration pro rata among the
holders of such securities on the basis of the number of shares of Common Stock
owned by each such holder.

     Notwithstanding anything in this Agreement to the contrary,

        (i)    the Company shall not be required to effect more than one
     registration pursuant to this Section 3;

        (ii)   if the intended method of distribution is an underwritten public
     offering, the Company shall not be required to effect such registration
     pursuant to this Section 3.1 unless such underwriting shall be conducted on
     a "firm commitment" basis; and

        (iii)  any Holder whose Registrable Securities were to be included in
any such registration, by written notice to the Company, may withdraw such
request and, if upon receipt of such notice of the withdrawal of such request
the Holders that have not elected to withdraw do not hold, in the aggregate, the
requisite percentage of the Registrable Securities to initiate a request under
this Section 3.1, then the Company shall not effect such registration and if the
Holders of such Registrable Securities reimburse the Company for the out-of-
pocket costs of such registration, such registration shall not be deemed
effected for the purpose of clause (i) above.

Each notice to the Company requesting registration to be effected shall set
forth (A) the number of Registrable Securities to be included; (B) the name of
the Holders of such Registrable Securities and the amount to be sold; and (C)
the proposed manner of sale.  Within 10 days after receipt of such notice, the
Company shall notify each Holder who is not a party to the written notice served
on the Company (or the transferee(s) of such Holder) and offer to them the
opportunity to include their Registrable Securities in such registration.  A
Registration Statement will not be deemed to comply with the terms hereof unless
it is declared effective by the Commission and remains continuously effective
for the Effectiveness Period (other than during any Black-Out Period).

        (b)  Each Holder agrees, if requested by the managing underwriter or
underwriters in an underwritten offering of securities of the Company, not to
effect any public sale or distribution of Registrable Securities or of
securities of the Company of the same class as any securities included in such
Registration Statement, including a sale pursuant to Rule 144 under the Act
(except as part of such underwritten registration), during the 10-day period
prior to, and during the 180 day period beginning on, the closing date of each
underwritten offering made pursuant to such Registration Statement, to the
extent timely notified in writing by the Company or the managing underwriter or
underwriters and provided that such period is no longer than the hold-back
period agreed to by any other person in connection with such registration.

                                       3
<PAGE>

     Notwithstanding the foregoing, (i) the Company's obligation to file a
Registration Statement pursuant to this Section 3 and (ii) following the date on
which a Registration Statement pursuant to this Section 3 first becomes
effective under the Act, the effectiveness of such Registration Statement may be
suspended by the Company by prior written notice to the Holders for a period not
to exceed 45 days in any 12-month period (each a "Black-Out Period") if (x) an
                                                  ----------------
event occurs and is continuing as a result of which the Registration Statement
would, in the reasonable good faith judgment of the Company's Board of
Directors, contain an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein not misleading
and (y)(1) the Company's Board of Directors reasonably determines in good faith
that the disclosure of such event at such time would have a material adverse
effect on the business, operations or prospects of the Company and its
subsidiaries, taken as a whole, or (2) the disclosure otherwise relates to a
previously undisclosed pending material business transaction, the disclosure of
which would, in the reasonable good faith judgment of the Company's Board of
Directors, impede the Company's ability to consummate such transaction.

4.      PIGGY-BACK REGISTRATION

        (a) Subject to the last sentence of Section 4(a) hereof, whenever the
Company proposes to register any shares of Common Stock (or securities
exercisable or exchangeable for or convertible into, or options to acquire,
Common Stock) with the Commission under the Act and the registration form to be
used may be used for the registration of the Registrable Securities other than
on Forms S-8 or Form S-4 (a "Piggyback Registration"), the Company will give
                             ----------------------
written notice to the Holders, at least 30 days prior to the anticipated filing
date, of its intention to effect such a registration, which notice will specify
the proposed offering price, the kind and number of securities proposed to be
registered, the distribution arrangements and such other information that at the
time would be appropriate to include in such notice, and will, subject to
subsection (b) below, include in such Piggyback Registration all Registrable
Securities with respect to which the Company has received written requests for
inclusion therein within 20 days after the effectiveness of the Company' notice.
Except as may otherwise be provided in this Agreement, Registrable Securities
with respect to which such request for registration has been received will be
registered by the Company and offered to the public in a Piggyback Registration
pursuant to this Section 4 on the terms and conditions at least as favorable as
those applicable to the registration of shares to be sold by the Company and by
any other person selling under such Piggyback Registration.

        (b)  The Company shall use all reasonable efforts to cause the managing
underwriter or underwriters of a proposed underwritten offering pursuant to
Section 4 hereof, to permit the Registrable Securities requested to be included
in the registration statement for such offering to be included on the same terms
and conditions as any similar class of securities of the Company or of such
other security holders included therein. Notwithstanding any other provision of
this Agreement, if the underwriter or the managing underwriter, as the case may
be, of such underwritten offering shall inform the Company and the Holders,
that, in its opinion, the amount of securities requested to be included in such
registration exceeds the amount which can be sold in (or during the time of)
such offering without adversely affecting the success of the offering, then the
Company will include in such registration only the amount of Registrable
Securities and other securities that the underwriter or managing underwriter,
as the case may be, has advised can be

                                       4
<PAGE>

sold in (or during the time of) such offering without such adverse effect;
provided, however, that the Company shall include in such required registration:
--------  -------
first, all of the securities initially proposed to be sold pursuant to such
-----
Registration Statement by the Company, second, if applicable, the securities
                                       ------
proposed by the Company to be sold for the account of a holder of securities who
has made a demand for registration pursuant to a section of a registration
rights agreement between such holder and the Company analogous to Section 4
hereof, and third, the amount of Registrable Securities and other securities
            -----
requested to be included in such registration that the Company is so advised can
be sold in (or during the time of) such offering, allocated pro rata among the
selling Holders and other security holders of the Company on the basis of the
number of Registrable Securities and other securities then held by such other
security holders.

        (c)  If any Piggyback Registration is an underwritten offering, the
Company will select a managing underwriter or underwriters to administer the
offering, which managing underwriter or underwriters will be of nationally
recognized standing .

        (d)  Each Holder whose Registrable Securities are covered by a
Registration Statement filed pursuant to Section 4 hereof agrees, if requested
by the managing underwriters in an underwritten offering, not to effect any
public sale or distribution of securities of the Company of the same class as
the securities included in such Registration Statement, including a sale
pursuant to Rule 144 under the Act (except as part of such underwritten
registration), during the 10 day period prior to, and during the 180 day period
beginning on, the closing date of each underwritten offering made pursuant to
such Registration Statement, to the extent timely notified in writing by the
Company or the managing underwriters or underwriters and provided that such
period is no longer than the hold-back period agreed to by any other person in
connection with such Registration.

       The foregoing provisions shall not apply to any Holder if such Holder is
prevented by applicable statute or regulation from entering any such agreement;
provided, however, that any such Holder shall undertake, in its request to
participate in any such underwritten offering, not to effect any public sale or
distribution of any Registrable Securities held by such Holder and covered by a
Registration Statement commencing on the date of sale of the Registrable
Securities unless it has provided 45 days prior written notice of such sale or
distribution to the underwriter or underwriters.

5.     REGISTRATION PROCEDURES

       In connection with the Registration Statement and any related Prospectus
required by this Agreement, the Company shall effect such registration to permit
the offering and sale of the Registrable Securities in accordance with the
intended method or methods of disposition thereof, and pursuant thereto the
Company shall as expeditiously as possible:

       (a)  Prepare and file with the Commission as soon as practicable each
such Registration Statement and cause such Registration Statement to become
effective and remain effective as provided herein; provided, however, that
before requesting that any such Registration Statement be declared effective or
before filing any post-effective amendments thereto or any supplements to the
Prospectus (including documents that would be incorporated or deemed to be
incorporated therein by reference, including such documents filed under the
Securities Act that would be

                                       5
<PAGE>

incorporated therein by reference), the Company shall afford promptly to the
Holders of the Registrable Securities covered by such Registration Statement,
their counsel and the managing underwriter or underwriters, if any, an
opportunity to review copies of all such documents proposed to be filed a
reasonable time prior to such time and the Company shall give reasonable
consideration in good faith to any comments of such Holders, counsel and
underwriters.

        (b)  Prepare and file with the Commission as soon as practicable such
amendments and post-effective amendments to the Registration Statement as may be
necessary to keep such Registration Statement continuously effective for the
time periods prescribed hereby; cause the related Prospectus to be supplemented
by any required prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 (or any similar provisions then in force) under the
Securities Act; and comply in all material respects with the provisions of the
Securities Act, the Exchange Act and the rules and regulations of the Commission
promulgated thereunder applicable to it with respect to the disposition of all
securities covered by such Registration Statement as so amended or in such
prospectus as so supplemented.

        (c)  Notify the Holders, their counsel and the managing underwriter or
underwriters, if any, promptly, and confirm such notice in writing, (i) when a
Prospectus or any prospectus supplement or post-effective amendment has been
filed, and, with respect to a Registration Statement or any post-effective
amendment, when the same has become effective (including in such notice a
written statement that any Holder may, upon request, obtain, without charge, one
conformed copy of such Registration Statement or post-effective amendment
including financial statements and schedules and exhibits), (ii) of the issuance
by the Commission of any stop order suspending the effectiveness of such
Registration Statement or of any order preventing or suspending the use of any
preliminary prospectus or the initiation or threatening of any proceedings for
that purpose, (iii) of the receipt by the Company of any notification with
respect to (A) the suspension of the qualification or exemption from
qualification of the Registration Statement or any of the Registrable Securities
covered thereby for offer or sale in any jurisdiction, or (B) the initiation or
threatening of any proceeding for such purpose, (iv) of the happening of any
event, the existence of any condition or information becoming known to the
Company that requires the making of any changes in such Registration Statement,
Prospectus or documents so that, in the case of such Registration Statement, it
will conform in all material respects with the requirements of the Securities
Act and it will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein, not misleading, and that in the case of the Prospectus, it
will conform in all material respects with the requirements of the Securities
Act and it will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading, and (v) of the Company's reasonable determination that a post-
effective amendment to such Registration Statement would be appropriate.

        (d)  Use every reasonable effort to prevent the issuance of any order
suspending the effectiveness of the Registration Statement or of any order
preventing or suspending the use of a Prospectus or suspending the qualification
(or exemption from qualification) of any of the Registrable Securities covered
thereby for sale in any jurisdiction, and, if any such order is issued, to
obtain the withdrawal of any such order at the earliest practicable moment.

                                       6
<PAGE>

        (e)  If requested by the managing underwriter or underwriters, if any,
or the Holders of a majority of the Registrable Securities being sold in
connection with an underwritten offering, (i) promptly incorporate in a
prospectus supplement or post-effective amendment such information as is
reasonably necessary to be included therein to comply with applicable law and
(ii) make all required filings of such prospectus supplement or such post-
effective amendment as soon as practicable after the Company has received
notification of the matters to be incorporated in such prospectus supplement or
post-effective amendment.

        (f)  Furnish to each Holder who so requests and to counsel for the
Holders and each managing underwriter, if any, without charge, upon request, one
conformed copy of the Registration Statement and each post-effective amendment
thereto, including financial statements and schedules, and of all documents
incorporated or deemed to be incorporated therein by reference and all exhibits
(including exhibits incorporated by reference).

        (g)  Deliver to each Holder, their counsel and each underwriter, if any,
without charge, as many copies of each Prospectus (including each form of
prospectus) and each amendment or supplement thereto as such Holders may
reasonably request but only for so long as the Company is required to keep such
registration statement effective; and, subject to the last paragraph of this
Section 5, the Company hereby consents to the use of such Prospectus and each
amendment or supplement thereto by each of the Holders and the underwriter or
underwriters or agents, if any, in connection with the offering and sale of the
Registrable Securities covered by such Prospectus and any amendment or
supplement thereto.

        (h)  Prior to any offering of Registrable Securities, cooperate with the
Holders, the underwriter or underwriters, if any, and their respective counsel
in connection with the registration or qualification (or exemption from such
registration or qualification) of, such Registrable Securities for offer and
sale under the securities or Blue Sky laws of such jurisdictions within the
United States as may be required to permit the resale thereof by the Holders, or
as the managing underwriter or underwriters reasonably request in writing;
provided, that where Registrable Securities are offered other than through an
underwritten offering, the Company agrees to cause its counsel to perform Blue
Sky investigations and file registrations and qualifications required to be
filed pursuant to this Section 5(h); keep each such registration or
qualification (or exemption therefrom) effective during the period such
Registration Statement is required to be effective hereunder and do any and all
other acts or things reasonably necessary or advisable to enable the disposition
in such jurisdictions of the securities covered thereby; provided, however, that
the Company will not be required to (A) qualify generally to do business in any
jurisdiction where it is not then so qualified, (B) take any action that would
subject it to general service of process in any such jurisdiction where it is
not then so subject or (C) become subject to taxation in any jurisdiction where
it is not then so subject.

        (i)  Cooperate with the Holders and the managing underwriter or
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold, which certificates
shall not bear any restrictive legends whatsoever and shall be in a form
eligible for deposit with The Depository Trust Company ("DTC"); and enable such
                                                         ---
Registrable Securities to be in such denominations and registered in such
names as the managing

                                       7
<PAGE>

underwriter or underwriters, if any, or Holders may reasonably request at least
two business days prior to any sale of Registrable Securities in a firm
commitment underwritten public offering.

        (j)  Use its reasonable best efforts to cause the Registrable Securities
covered by a Registration Statement to be registered with or approved by such
other governmental agencies or authorities as may be reasonably necessary to
enable the seller or sellers thereof or the underwriter or underwriters, if any,
to consummate the disposition of such Registrable Securities, except as may be
required solely as a consequence of the nature of such selling Holder's
business, in which case the Company will cooperate in all reasonable respects
with the filing of the Registration Statement and the granting of such
approvals.

        (k)  Upon the occurrence of any event contemplated by Section 5(c)(iv)
or 5(c)(v) above, as promptly as practicable prepare a supplement or post-
effective amendment to the Registration Statement or a supplement to the related
Prospectus or any document incorporated or deemed to be incorporated therein by
reference, and, subject to Section 5(a) hereof, file such with the Commission so
that, as thereafter delivered to the purchasers of Registrable Securities being
sold thereunder, such Prospectus will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading and will otherwise comply with law.

        (l)  Prior to the effective date of a Registration Statement, (i)
provide the registrar for the Registrable Securities with printed certificates
for such securities in a form eligible for deposit with DTC and (ii) provide a
CUSIP number for such securities.

        (m)  Enter into an underwriting agreement in form, scope and substance
as is customary in underwritten offerings by the Company and take all such other
actions as are reasonably requested by the managing underwriter or underwriters
in order to expedite or facilitate the registration or disposition of such
Registrable Securities in any underwritten offering to be made of the
Registrable Securities in accordance with this Agreement, and in such
connection, (i) make such representations and warranties to the underwriter or
underwriters, with respect to the business of the Company and the subsidiaries
of the Company, and the Registration Statement, Prospectus and documents, if
any, incorporated or deemed to be incorporated by reference therein, in each
case, in form, substance and scope as are customarily made by the Company to
underwriters in underwritten offerings, and confirm the same if and when
requested; (ii) obtain an opinion of counsel to the Company (which counsel shall
be reasonably satisfactory to the managing underwriter or underwriters),
addressed to the underwriter or underwriters covering the matters customarily
covered in opinions requested in underwritten offerings with respect to
secondary distributions and such other matters as may be reasonably requested by
the underwriters; (iii) use its reasonable best efforts to obtain "cold comfort"
letters and updates thereof (which letters and updates shall be reasonably
satisfactory in form, scope and substance to the managing underwriter or
underwriters) from the independent certified public accountants of the Company
and, to the extent reasonably practicable, any other independent certified
public accountants of any subsidiary of the Company or of any business acquired
by the Company for which financial statements and financial data are, or are
required to be, included in the Registration Statement, addressed to each of the
underwriters, such letters to be in customary

                                       8
<PAGE>

form and covering matters of the type customarily covered in "cold comfort"
letters in connection with underwritten offerings; and (iv) if an underwriting
agreement is entered into, the same shall contain indemnification provisions and
procedures no less favorable than those set forth in Section 7 hereof (or such
other provisions and procedures acceptable to Holders of a majority of
Registrable Securities covered by such Registration Statement and the managing
underwriter or underwriters or agents) with respect to all parties to be
indemnified pursuant to said Section. The above shall be done at each closing
under such underwriting agreement, or as and to the extent required thereunder.

        (n)  Make available for inspection upon reasonable written request by an
authorized representative of the Holders being sold, any underwriter
participating in any such disposition of Registrable Securities, if any, and any
attorney or accountant retained by such representative of the Holders or
underwriter (collectively, the "Inspectors"), at the offices where normally
kept, during reasonable business hours, all pertinent financial and other
records, pertinent corporate documents and properties of the Company and the
subsidiaries of the Company, and cause the officers, directors and employees of
the Company and the subsidiaries of the Company to supply all information in
each case reasonably requested by any such Inspector in connection with such
Registration Statement; provided, however, that any information that is
designated in writing by the Company, in good faith, as confidential at the time
of delivery of such information, shall be kept confidential by such Inspector
and not used by such Inspector for any purpose other than in connection with
such Inspector's review of the Registration Statement for such registration
except to the extent (i) disclosure of such information is required by court or
administrative order, (ii) disclosure of such information, is required by law,
(iii) disclosure of such information is in the written opinion of counsel for
any such Inspector (a copy of which is furnished to the Company), necessary or
advisable in connection with any action, claim, suit or proceeding, directly or
indirectly, involving or potentially involving such Inspector and arising out
of, based upon, relating to or involving this Agreement or any of the
transactions contemplated hereby or arising hereunder or (iv) such information
becomes generally available to the public other than as a result of a disclosure
or failure to safeguard by such Inspector; without limiting the foregoing, no
such information shall be used by such Inspector as the basis for any market
transactions in securities of the Company or the subsidiaries of the Company in
violation of applicable law. Each selling Holder of such Registrable Securities
agrees that information obtained by it as a result of such inspections shall be
deemed confidential and shall not be used by it as the basis for any market
transactions in the securities of the Company or of any of its Affiliates unless
and until such is made generally available to the public. Each selling Holder of
such Registrable Securities further agrees that it will, upon learning that
disclosure of such information is sought in a court of competent jurisdiction,
give prompt notice to the Company and allow the Company, at the Company's
expense, to undertake appropriate action to prevent disclosure of the
information deemed confidential.

        (o)  Comply in all material respects with all applicable rules and
regulations of the Commission and make generally available to its security
holders earnings statements satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder (or any similar rule promulgated under
the Securities Act) no later than 50 days after the end of any 12-month period
(or 100 days after the end of any 12-month period if such period is a fiscal
year) (i) commencing at the end of any fiscal quarter in which Registrable
Securities are sold to an underwriter or to

                                       9
<PAGE>

underwriters in a firm commitment or best efforts underwritten offering and (ii)
if not sold to an underwriter or to underwriters in such an offering, commencing
on the first day of the first fiscal quarter of the Company after the effective
date of the relevant Registration Statement, which statements shall cover said
12-month periods.

        (p)  Use its reasonable best efforts to cause all Registrable Securities
relating to such Registration Statement to be listed on each securities
exchange, if any, on which similar securities issued by the Company are then
listed.

        Each seller of Registrable Securities as to which any registration is
being effected agrees, as a condition to the registration obligations with
respect to such Holder provided herein, to furnish promptly to the Company such
information regarding such seller and the distribution of such Registrable
Securities as the Company may, from time to time, reasonably request in writing
to comply with the Securities Act and other applicable law. The Company may
exclude from such registration the Registrable Securities of any seller who
unreasonably fails to furnish such information within a reasonable time after
receiving such request. If the identity of a seller of Registrable Securities is
to be disclosed in the Registration Statement, such seller shall be permitted to
include all information regarding such seller as it shall reasonably request.

        (q)  Each Holder agrees by acquisition of such Registrable Securities
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 5(c)(ii), 5(c)(iv) or 5(c)(v), such Holder will
forthwith discontinue disposition of such Registrable Securities covered by the
Registration Statement or Prospectus until such Holder's receipt of the copies
of the supplemented or amended Prospectus contemplated by Section 5(k), or until
it is advised in writing (the "Advice") by the Company that the use of the
                               ------
applicable prospectus may be resumed, and has received copies of any amendments
or supplements thereto, and, if so directed by the Company, such Holder will (A)
either (i) deliver to the Company, or (ii) destroy, all copies, other than
permanent file copies, then in such Holder's possession, of the Prospectus
covering such Registrable Securities current at the time of receipt of such
notice, and (B) not use the facts of such Advice as the basis for any market
transactions in securities of the Company or any of its Affiliates, unless and
until such information is made generally available to the public. In the event
the Company shall give any such notice, the period of time for which a
Registration Statement is required hereunder to be effective shall be extended
by the number of days during such periods from and including the date of the
giving of such notice to and including the date when each seller of Registrable
Securities covered by such Registration Statement shall have received (x) the
copies of the supplemented or amended Prospectus contemplated by Section 5(k) or
(y) the Advice.

6.      REGISTRATION EXPENSES

        All expenses incident to the Company's performance of or compliance with
this Agreement will be borne by the Company, regardless of whether a
Registration Statement becomes effective, including, without limitation: (i) all
registration and filing fees and expenses; (ii) all fees and expenses of
compliance with federal securities and state Blue Sky or securities laws; (iii)
all expenses of printing (including printing Prospectuses (whether for sales,
market-making or otherwise)), messenger and delivery services and telephone;
(iv) all fees and

                                      10
<PAGE>

disbursements of counsel for the Company; (v) all application and filing fees in
connection with listing the Warrant Shares on a national securities exchange or
automated quotation system pursuant to the requirements hereof; and (vi) all
fees and disbursements of independent certified public accountants of the
Company (including the expenses of any special audit and comfort letters
required by or incident to such performance). Holders shall bear all costs of
any such Registration Statement and offering with respect to any legal counsel,
accountant, financial advisor or other person retained by the Holders in
connection therewith, as well as any underwriter's discounts or commissions in
connection with an underwritten offering.

        The Company will, in any event, bear its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit and the
fees and expenses of any Person, including special experts, retained by the
Company.

7.      INDEMNIFICATION

        (a)  The Company agrees to indemnify and hold harmless each Holder, its
directors, officers and each Person, if any, who controls such Holder (within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from
and against any and all losses, claims, damages, liabilities, judgments
(including, without limitation, any legal or other expenses incurred in
connection with investigating or defending any matter, including any action that
could give rise to any such losses, claims, damages, liabilities or judgments)
caused by any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement, preliminary prospectus or Prospectus
(or any amendment or supplement thereto) provided by the Company to any Holder
or any prospective purchaser of Registrable Securities, or caused by any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or judgments are
caused by an untrue statement or omission or alleged untrue statement or
omission that is based upon information relating to a Holder furnished in
writing to the Company by such Holder.

        (b)  Each Holder agrees, severally and not jointly, to indemnify and
hold harmless the Company, its directors and officers, and each person, if any,
who controls (within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act) the Company, to the same extent as the foregoing indemnity from
the Company set forth in Section 7(a) hereof, but only with reference to
information relating to such Holder furnished in writing to the Company by such
Holder expressly for use in any Registration Statement. In no event shall any
Holder, its directors, officers or any Person who controls such Holder be liable
or responsible for any amount in excess of the amount by which the total amount
received by such Holder with respect to its sale of Registrable Securities
pursuant to a Registration Statement exceeds the amount paid by such Holder for
such Registrable Securities.

        (c)  In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 7(a) or Section
7(b) (the "indemnified party"), the indemnified party shall promptly notify the
           -----------------
person against whom such indemnity may be sought (the "indemnifying party") in
                                                       ------------------
writing, and the indemnifying party shall assume the defense of

                                      11
<PAGE>

such action, including the employment of counsel reasonably satisfactory to the
indemnified party and the payment of all fees and expenses of such counsel, as
incurred (except that, in the case of any action in respect of which indemnity
may be sought pursuant to both Sections 8(a) and Section 7(b), a Holder shall
not be required to assume the defense of such action pursuant to this Section
7(c), but may employ separate counsel and participate in the defense thereof,
but the fees and expenses of such counsel, except as provided below, shall be at
the expense of the Holder). Any indemnified party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of the indemnified
party, unless (i) the employment of such counsel shall have been specifically
authorized in writing by the indemnifying party, (ii) the indemnifying party
shall have failed to assume the defense of such action or employ counsel
reasonably satisfactory to the indemnified party or (iii) the named parties to
any such action (including any impleaded parties) include both the indemnified
party and the indemnifying party, and the indemnified party shall have been
advised by such counsel that there may be one or more legal defenses available
to it which are different from or additional to those available to the
indemnifying party (in which case the indemnifying party shall not have the
right to assume the defense of such action on behalf of the indemnified party).
In any such case, the indemnifying party shall not, in connection with any one
action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) for all indemnified parties and all such fees and
expenses shall be reimbursed as they are incurred. Such firm shall be designated
in writing by the Holders of a majority of the Registrable Securities, in the
case of the parties indemnified pursuant to Section 7(a), and by the Company, in
the case of parties indemnified pursuant to Section 7(b). The indemnifying party
shall indemnify and hold harmless the indemnified party from and against any and
all losses, claims, damages, liabilities and judgments by reason of any
settlement of any action effected with its written consent. Notwithstanding the
foregoing, any such settlement may be effected by the indemnified party without
the indemnifying party's written consent if the settlement is entered into more
than 20 Business Days after the indemnifying party shall have received a request
from the indemnified party for reimbursement for the fees and expenses of
counsel (in any case where such fees and expenses are at the expense of the
indemnifying party) and, prior to the date of such settlement, the indemnifying
party shall have failed to comply with such reimbursement request. The
indemnifying party shall not, without the prior written consent of the
indemnified party, effect any settlement or compromise of, or consent to the
entry of judgment with respect to, any pending or threatened action in respect
of which the indemnified party is or could have been a party and indemnity or
contribution may be or could have been sought hereunder by the indemnified
party, unless such settlement, compromise or judgment (i) includes an
unconditional release of the indemnified party from all liability on claims that
are or could have been the subject matter of such action and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of the indemnified party.

        (d)  To the extent that the indemnification provided for in this Section
7 is unavailable to an indemnified party in respect of any losses, claims,
damages, liabilities or judgments referred to therein, then each indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,

                                      12
<PAGE>

claims, damages, liabilities or judgments (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company, on the one
hand, and the Holders, on the other hand, from their sale of Registrable
Securities or (ii) if the allocation provided by clause 8(d)(i) is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause 8(d)(i) hereof but also the relative
fault of the Company, on the one hand, and of the Holder, on the other hand, in
connection with the statements or omissions which resulted in such losses,
claims, damages, liabilities or judgments, as well as any other relevant
equitable considerations. The relative fault of the Company, on the one hand,
and of the Holder, on the other hand, shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company, on the one hand, or by the Holder, on the
other hand, and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The amount
paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities or judgments referred to above shall be deemed to include,
subject to the limitations set forth in the second paragraph of Section 7(a),
any legal or other fees or expenses reasonably incurred by such indemnified
party in connection with investigating or defending any matter, including any
action that could have given rise to such losses, claims, damages, liabilities
or judgments.

        The Company and each Holder agree that it would not be just and
equitable if contribution pursuant to this Section 7(d) were determined by pro
rata allocation (even if the Holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 7, no Holder, its directors, its
officers or any Person, if any, who controls such Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the
total received by such Holder with respect to the sale of Registrable Securities
pursuant to a Registration Statement exceeds the amount paid by such Holder for
such Registrable Securities. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders' obligations to contribute pursuant to this
Section 7(d) are several in proportion to the respective principal amount of
Registrable Securities held by each Holder hereunder and not joint.

        (e)  The Company agrees that the indemnity and contribution provisions
     of this Section 7 shall apply to the Initial Holders to the same extent, on
     the same conditions, as it applies to Holders.

8.      RULE 144 AND RULE 144A

        The Company agrees with each Holder, for so long as any Registrable
Securities remain outstanding and during any period in which the Company is (i)
not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon
request of any Holder, to such Holder or beneficial owner of Registrable
Securities in connection with any sale thereof and any prospective purchaser of
such Registrable Securities designated to such Holder or beneficial owner, the
information required by Rule 144A(d)(4) under the Act in order to permit resales
of such Registrable Securities pursuant to Rule 144A, and (ii) subject to
Section 13 or 15(d) of the Exchange Act, to

                                      13
<PAGE>

make all filings required thereby in a timely manner in order to permit resales
of such Registrable Securities pursuant to Rule 144.

9.      MISCELLANEOUS

        (a)  Remedies.  The Company acknowledges and agrees that any failure by
             --------
the Company to comply with its obligations under Section 3 and Section 4 hereof
may result in material irreparable injury to the Initial Holders or the Holders
for which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of any such
failure, the Initial Holders or any Holder may obtain such relief as may be
required to specifically enforce the Company's obligations under Section 3 and
Section 4 hereof. The Company further agrees to waive the defense in any action
for specific performance that a remedy at law would be adequate.

        (b)  No Inconsistent Agreements.  The Company will not, on or after the
             --------------------------
date of this Agreement, enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of the Company's securities under any
agreement in effect on the date hereof.

        (c)  Amendments and Waivers.  The provisions of this Agreement may not
             ----------------------
be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of this
Section 9(c)(i), the Company has obtained the written consent of Holders of all
outstanding Registrable Securities, and (ii) in the case of all other provisions
hereof, the Company has obtained the written consent of Holders of a majority of
the outstanding principal amount of Registrable Securities (excluding
Registrable Securities held by the Company or its Affiliates); provided,
however, that this Agreement may be amended without the consent of any Holder
pursuant to Section 16 of the Warrant Agreement.

        (d)  Third Party Beneficiary.  The Holders shall be third party
             -----------------------
beneficiaries to the agreements granting rights to Holders made hereunder
between the Company, on the one hand, and the Initial Holders, on the other
hand, and shall have the right to enforce such agreements directly to the extent
they may deem such enforcement necessary or advisable to protect its rights or
the rights of Holders hereunder.

        (e)  Notices.  All notices and other communications provided for or
             -------
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air
courier guaranteeing overnight delivery:

             (i)  if to a Holder, at the address set forth on the records of the
Warrant Agent, with a copy to the Warrant Agent, and

                  With a copy to:

                  Credit Suisse First Boston Corporation
                  277 Park Avenue

                                      14
<PAGE>

                  New York, New York  10172
                  Telecopier No.: (212) 892-7272
                  Attention:  Richard Beaudoin

                  and with a copy to:

                  Latham & Watkins
                  885 Third Avenue
                  New York, New York  10122
                  Telecopier No.: (212) 751-4864
                  Attention:  Marc Jaffe, Esq.

        (ii)      if to the Company:

                  French Fragrances, Inc.
                  14100 N.W. 60th Avenue
                  Miami Lakes, Florida  33014
                  Telecopier No.:  (305) 818-8010
                  Attention:  Oscar Marina, Esq.

                  With a copy to:

                  Weil Gotshal & Manges
                  767 Fifth Avenue
                  New York, New York  10153
                  Telecopier No.: (212) 310-8007
                  Attention:  Rod Miller, Esq.

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and on the next Business Day, if timely delivered
to an air courier guaranteeing overnight delivery.

     Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Warrant Agent at the
address specified in Warrant Agreement.

     (f)  Successors and Assigns.  This Agreement shall inure to the benefit of
          ----------------------
and be binding upon the successors and assigns of each of the parties,
including, without limitation, and without the need for an express assignment,
subsequent Holders; provided that nothing herein shall be deemed to permit any
assignment, transfer or other disposition of Registrable Securities in violation
of the terms hereof or of the Purchase Agreement or the Warrant Agreement. If
any transferee of any Holder shall acquire Registrable Securities in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all of the terms of this Agreement, and by taking and holding
such Registrable Securities such Person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this
Agreement, including the restrictions on resale set forth in this Agreement and,
if

                                      15
<PAGE>

applicable, the Purchase Agreement, and such Person shall be entitled to receive
the benefits hereof.

        (g)  Counterparts.  This Agreement may be executed in any number of
             ------------
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one an d the same agreement.

        (h)  Headings.  The headings in this Agreement are for convenience of
             --------
reference only and shall not limit or otherwise affect the meaning hereof.

        (i)  Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
             -------------
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICTS OF LAW RULES THEREOF.

        (j)  Severability.  In the event that any one or more of the provisions
             ------------
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

        (k)  Entire Agreement.  This Agreement is intended by the parties as a
             ----------------
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted with respect to the Registrable
Securities. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter.

                                      16
<PAGE>

        In WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                FRENCH FRAGRANCES, INC.

                                By: /s/ Oscar E. Marina
                                    ---------------------------------
                                Name:  Oscar E. Marina
                                Title: Senior Vice President, General
                                       Counsel and Secretary

CREDIT SUISSE FIRST BOSTON CAYMAN ISLANDS BRANCH

By: /s/ [ILLEGIBLE]
   --------------------------------------
Name:  [ILLEGIBLE]
Title:

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

FLEET CORPORATE FINANCE INC.

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

<PAGE>

        In WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                FRENCH FRAGRANCES, INC.

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

CREDIT SUISSE FIRST BOSTON CAYMAN ISLANDS BRANCH

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

FLEET CORPORATE FINANCE INC.

By: /s/ [Illegible}
   --------------------------------------
Name:
Title:

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