Document:

Exhibit 10.107.1

COMMERCIAL LEASE

Subject to the Articles L 145.1 through L 145.60 of the New Commercial law

and to the decree of September 30, 1953

BY AND BETWEEN THE UNDERSIGNED

- Real Estate Company at 4/6 Rond-Point des Champs Elysees,

represented by: DAUCHEZ, Property Managers, Inc. with registered headquarters at 132
boulevard Haussmann 75008 PARIS.

Bearer of Professional ID Card No. G 989, bonded by SOCAMAB, 18 rue Beaurepaire PARIS
10th, the aforementioned company is represented by Madame Mabe LE CHATELIER.

hereinafter "the Lessor",

party of the first part,

AND

- INTER PARFUMS SA Company with capital of 12,816,594.00 Euros,

enrolled in the Business Registry for PARIS Companies under No. B 350 219 382

of which the registered office is located at 4/6 Rond Point des Champs Elysees 75008 Paris,

and represented by Monsieur Philippe SANTI, duly authorized for the purposes herein in his
capacity as Administrative and Financial Director,

hereinafter "the Lessee",

party of the second part,

WHICH HAVE PREVIOUSLY DECLARED THE FOLLOWING

- That the company, INTER PARFUMS SA, is the leaseholder of several locales in the building
located at 4-6 Rond-Point des Champs Elysees, and in particular, under the terms of an SSP Act
dated May 3, 2001, that since May 15, 2001, this company has been renting an apartment located
on the 5th floor, left, two cellars (No. 1 and No. 5), and service quarters (No. 20); 

- That through amendment No. 1 of the lease dated May 3, 2001, the substance of the locales
subject to this lease, was modified beginning on July 1, 2001; the rented locales include from
now on, the apartment located on the 5th floor, left, a cellar (No. 1) and a large double cellar
located in the first basement of the building;

- That under the terms of this lease, the rented locales "are for the exclusive purpose and use of
habitation by and for the accommodation of certain members of the INTER PARFUMS SA staff,
and of their affiliates or of their headquarters";

- That as the necessities of the leasing company has evolved, the purpose of the locales has been
gradually modified by them;

- That the Lessor, with this situation in mind and his wish to see the aforementioned buildings
assigned to a regular commercial use, hereby commits before the competent authorities, a
procedure with the goal of modifying the purpose of these buildings;

- That through decision No. 03-458, the Prefecture of Paris gave its consent for the exemption of
the requirement that the locales located on the 5th floor, left, of the building, be only used for
regular commercial practice;

- Therefore, that the character of the lease, from which the company INTER PARFUMS SA
benefits, shall be modified for these locales.

WHICH HEREBY AGREE TO THE FOLLOWING

Beginning on April 1st, 2004, the two parties have come to
a common accord,

- That the 6 years lease for purposes of habitation, drawn
up on May 3, 2001 between the SCI
located at 4-6 Rond Point des Champs Elysees and the company, INTER PARFUMS SA is
cancelled, in fact,

- And that henceforth, this present commercial lease shall govern the use of the location of the
locales on the 5th floor, left, in the building located at 4-6 Rond-Point des Champs Elysees-75008
PARIS. 

DESIGNATION

Within a building located at 4-6 Rond Point des Champs Elysees -75008 PARIS 

- A commercial locale to be used as BUSINESS OFFICES, situated on the 5th floor, left,

with a surface area of 155 square meters approximately, as the aforementioned locales are shown
in the annexed plans.

- A cellar (No. 1);

- And a large double cellar located in the first basement of the building;

Therefore as far as the extra space which these places offer, it shall be understood, the
aforementioned property is leased as seen / "as is", with no exceptions nor reserve and without it
being necessary to make of it here a fuller designation, the Lessee does hereby state that all this
is well known to him since he has occupied them since May 15, 2001, and of which he shall have
a detailed accounting drawn up, including all costs which shall be at the expense of the lessee,
within two months following the signature of the present lease.

It is hereby specified that any error in designation above shall justify neither reduction nor
increase in the rent, the parties shall accept the Property as is and in its present condition. 

The Lessor reserves the possibility of taking the cellars covered by this lease and replacing them
in the building with other equivalent ones that are in good condition.

DURATION OF LEASE

This lease, which shall commence on April 1, 2004, is authorized for the duration of three, six or
nine years, and shall expire on March 31, 2007, March 31, 2010, or March 31, 2013, which date
shall be the sole choice and responsibility to be undertaken by the Lessee and if the Lessee
wishes to change the expiration from the first or the second three year period, he must give six
months notice.

Any leave must be accomplished though an extrajudicial act.

PRICE

The present lease is authorized and accepted in return for an annual cash rent payment of
SEVENTY-FIVE THOUSAND ONE HUNDRED AND SEVENTY-FIVE EUROS
(75,175.00 Euros),

as well as the applicable VAT, that the Lessee commits to pay to the Lessor or his agent, in the
residence of the latter, quarterly, in other words, four ordinary times a year, the first day of each
quarter, every three months, until the expiration of tenancy, in advance.

The aforementioned rent will be automatically indexed on the first of April every year in
accordance with the fluctuation in index of costs to construct a building as is published by the
National Institute of the Statistics and the Economic Surveys (l'Institut National des Statistiques
et des Etudes Economiques - INSEE) for the 3rd quarter of each year.

The first index shall intervene for the first time on the first of April, 2005 on the basis of the
fluctuation between the index of the 3rd quarter 2003 which is 1203, and that which will be
published for the 3rd quarter of 2004, and in the future on the basis of index of the 3rd quarter of
each year.

In addition to the rental amount set above, the Lessee shall pay to the Lessor, at the same time as
each rent is paid, the amount due for the various services and supplies to which the owners have
the right to recover from their tenants, that is to say, his share of:

- municipal costs (sweeping, household garbage collection), maintenance costs, security salaries,
ushers, door men, building employees .., and additional charges;

- cold water charges;

- administrative expenditures;

- expenditures related to the elevator which serves the different floors;

- annual taxes on offices and trade in Ile de France as concerns rented locales, in the event that it
is due, on the first of January each year. It is expressly agreed that this tax on offices shall be due
from the Lessee beginning in 2004.

- Property and household garbage collection tax. It is expressly agreed that this tax shall be due
from the Lessee beginning in 2004 (prorata temporis). 

- the tax on the removal of the industrial and commercial waste, in the event it is due.

The payment of these charges shall be paid on a quarterly basis in the amount of ONE
THOUSAND TWO HUNDRED EUROS (1,200.00 Euros), the final amount being established at
the end of the fiscal year.

However, the annual tax on offices and trade on Ile de France, property tax, tax on household
garbage collection and possibly the tax for the removal of the industrial and commercial waste,
are not included in the provisions covering ordinary charges and are required once a year.

The percentage of cost-sharing may be modified contractually, judicially, or legally.

Any delay in payment of the amounts due, as well the rent payment itself and the additional
charges will cause a late fee reminder to be issued. The Lessee shall be wholly responsible for
payment of these charges, to wit: for the first reminder: 10 Euros, for the second reminder: 20
Euros, in accordance with the tariffs currently in force on the day of the signature of these
presents.

An amount of 2.00 Euros shall be charged each month as an payment notice fee, in accordance
with the tariffs currently in force on the day of the signature of these presents. 

DEPOSIT

Moreover, upon signing the present contract, the Lessee shall provide as an additional deposit,
the amount of TEN THOUSAND ONE HUNDRED AND FIFTY THREE EUROS AND NINETY-SEVEN CENTS, 

added to the aforementioned when the lease to use the room was signed of EIGHT THOUSAND
SIX HUNDRED THIRTY-EIGHT EUROS AND SEVENTY-EIGHT CENTS,

which comes to a total amount of EIGHTEEN THOUSAND SEVEN HUNDRED NINETY-THREE EUROS AND SEVENTY-FIVE CENTS (18,793.75
Euros) which is equivalent to
three months rent, excluding tax.

With each indexing or revision of rent, this deposit will be readjusted so that it always is
equivalent to three months of rent, excluding tax.

The aforementioned amount shall be reimbursed to the Lessee after removal and handing-over of
the keys, after deductions are made for rent and tenant's repairs or all other amounts that may be
due for payment by the Lessee to the Lessor, or any other amounts for which the Lessee may be
responsible. Interest of benefit to the Lessee, shall not be earned upon this amount in any case
whatsoever.

RESOLUTORY CLAUSE

It is expressly agreed that:

1) If any payment is in default within a single rent term, charges, taxes and services, in its agreed
upon payment amount, such as in a case of infringement or non-fulfillment of one of the General
or Special Conditions outlined in the lease agreement, one month after notice is served and if the
appropriate response does not take place, despite all later offers to pay or execute, the present
lease shall be automatically cancelled, in whatever way appears satisfactory to the Lessor, with
no need for any legal formality other than a simple ordinance of summary procedure issued by
the President of the Supreme Court pronouncing expulsion, the aforementioned ordinance shall
fulfill the purpose of assuring its enforcement, not to issue the cancellation which takes place
automatically if the Lessor deems it necessary.

2) In the event that a cancellation takes place as outlined in the first paragraph of this Resolutory
Clause, the amount paid to the Lessor as a deposit shall be appropriated by him to serve as
compensation, without prejudice to all expenses and damages incurred.

3) In the event of non-payment of any amount due at its term or of failure to comply with any of
the General or Special Conditions provided for in the lease and with the first service by a bailiff,
in addition, the Lessee will automatically be required to pay all other charges of recovery
including the entire amount owed to the bailiff, a penalty equal to 10% (ten percent) of the
amount of the sum owed to cover all damages to the Lessor caused by the delay in payment and
the expenses, due diligence and fees incurred in the recovery efforts for this amount. This
penalty is added to the legally incurred interest due once the order is issued.

GENERAL CONDITIONS

This lease is authorized and accepted under the ordinary burden of law, according to the use of
the locales, and moreover, in the following conditions the Lessee commits to carry out or support
under penalty of cancellation, with no right to claim any compensation or reduction in rent,
neither any recourse against the Lessor nor against his insurer.

1o Taking possession: The Lessee shall take possession of the locales rented in the state they
are currently in, and shall not require that the Lessor make any changes to its state nor any
repairs whatsoever, the structural work of the walls and floors shall be the only obligation borne
by the Lessor. 

2o Closure - Coverage: Since no request may be made for other doors or locks than those
currently existing, the Lessee shall relinquish all recourse against the Lessor and against his
insurer, in the event of robbery or burglary in the leased locales.

Effect the final removal of blinds or shutters, at the option of the Lessor, without compensation.

Objects, machines, etc., that are susceptible to water damage, must not be placed under the
frames, window panes, windows or ceilings made of glazed reinforced concrete, if in existence,
the Lessor denies any responsibility in the event that damage occurs resulting from a force of
nature in this way, since sealing is not guaranteed to be waterproof.

3o Inventory and maintenance: Maintain the locales rented, during the entire lease period, in
good condition through repairs made by the tenant, and to perform, consequently, and to carry
out at his own expenses, all electrical repairs, repairs of locks, iron work, furnaces, pluming,
central heating, carpentry, painting, windows and shutters, etc., in other words, all work
necessary to keep the locales functional, as well as making all replacements, be they total or
partial. 

Only the structural work of walls and floors (in the sense set forth by article 606 of the Civil
Code) shall be the responsibility of the Lessor. 

Return the locales rented at the end of the lease, in the same state, (as shown by the inventory
drawn up at the time possession was taken of the locales) as at the beginning of the lease.

At the expiration of the lease, another inventory shall be drawn up indicating the tenant's repairs,
which may be owed by the Lessee. The aforementioned Lessee shall settle the amount.

4o Work Done by the Lessee - Embellishments - Improvements: Without the express and
written consent of the Lessor, the Lessee shall not make any changes to the layout of the rented
locales, in particular concerning the apportionment of the different areas of the rented locales.

The Lessee shall not make any change, installation, demolition, holes in walls, partitions, floors,
nor sealing without the express and written consent of the Lessor.

No work shall be performed, unless authorized by the Lessor, after which approval and under the
direction of the Lessor's architect; the Lessee shall pay the fees.

To leave to the end of the lease, if the Lessor is in agreement, without compensation, all changes
and work thus accomplished.

All decorations, embellishments, cabinets mounted on walls, gas, water, electrical connections,
that the Lessee might install and, in general, all fixed installations and embellishments, shall also
be left in place, unless the Lessor prefers that the locales not be remodeled, (which shall be made
at the expense of the Lessee and without compensation), but in their original state.

The floors should not be overloaded in the rented locales, without completing reinforcement by
means of measures recommended by the Lessor's architect, under whose orders this work must
be carried out, at the expense of the Lessee.

The cost of a possible modification to the rented locales must be covered as required by the
administration, even if this requirement were unforeseeable and essential, as a consequence of an
event of force majeure.

5o Work in the Building - Visiting the Locales - Pipelines: Suffer, without compensation, or
reduction in rent, any work which the Lessor may consider necessary to perform in the rented
locales, or in the building where they are located, the duration of which would exceed forty days

The Lessor reserves the right, without prejudice to the requirement in Article 1723 of the Civil
Code, to make any modifications which he deems appropriate, to the exterior appearance as well
as to the inside of the building where the locales are to be found, excluding the other locales that
are at present rented. 

Permit access to the rented locales, if need be, in order to perform cleaning of the doorways,
court yards, inspections of the elevator counterweights or other work necessary to maintain good
functionality in the building itself and in the operation of all machinery.

Put up with, without receiving any compensation, or reduction in rent, all work which the Lessor
considers necessary or that is forced to perform, such as any nearby construction or demolition,
all blocked access, court yards or days of inconvenience.

Allow that all necessary pipelines cross through their cellars.

File without delay, together with the cost, all formwork, decoration, installations or removal of
same, to be performed that may prove useful for research and repair in the event of leakages of
any kind, or of cracks in smoke or ventilation channels, especially after a fire or smoke damage
from a fire, and in general for the performance of the task.

If work proves to be necessary on all the piping, the Lessor reserves the right to replace buried
pipes with visible pipes.

In the event of work, construction, sale of the building in part or in full, the Lessor may modify
the layout of the cellars and proceed to exchange buildings.

Permit the Lessor, his architect and their representatives to enter the rented places whenever they
consider it useful; the latter shall make sure to notify the Lessee 24 hours in advance (except in
the case of emergencies).

6o Expropriation: No compensation nor reduction in rent may be required by the Lessee of the
Lessor if, throughout the duration of this lease, the building in which the currently rented locales
are found, come to be demolished in part or in full as a result of cutbacks, recession, or
expropriation for use by the public sector, with the exception of course, of the tenant's recourse
against the parties to the expropriation.

7o Furnishings: Make sure the locales rented are continually decorated with furniture, goods,
and furnishings in sufficient quantity and worth to answer for the payment of the rent and for
payment of fees and other conditions of the lease.

The Lessee shall make sure that the rented locales maintain constant commercial activity, and
shall not cease, under any pretext (except for being closed for normal activities such as paid
leave), even temporarily, to use the locales for the purpose indicated below.

Any relocation before the scheduled time is prohibited the Lessee, who, in all the cases, shall
only be permitted to vacate the locales rented after all obligations set forth in the present
Contract have been fulfilled.

8o Insurances: Loss of the leased property, recourse and insurance

8 -1 - Goods that are Property of the Lessee

The Lessee shall insure and maintain insured for entire duration of the lease against fire hazards,
explosion, water damage, destruction, all furniture, furnishings, materials and in a general way,
all of its property inside the locales, including improvements, relinquishing any recourse against
the Lessor for the possibility that the furniture, furnishings, materials, improvements or other
items might become damaged partially or completely.

The Lessee commits to require that his insurer make the same waiver of recourse against the
Lessor.

8 - 2 - Vis-a-Vis Third Parties

The Lessee shall also ensure that third parties have no recourse, also relinquishing any recourse
against the Lessor in the event that goods belonging to a third party are partially or completely
damaged or if they must temporarily or completely interrupt activity.

The Lessee commits to require that his insurer make this same waiver of recourse against the
Lessor. 

8 - 3 - Goods that are Property of the Lessor

The Lessor shall insure the building and all the elements of equipment or other fixtures and
fittings against the hazards of fire, explosion, water damage, partial or total destruction due to
any cause that may be, for the amount necessary to rebuild anew.

The Lessor, in the event of a disaster, shall waive all recourse against the Lessee, and commits to
require that his insurer make the same waiver of recourse against the Lessee.

The Lessee shall reimburse the Lessor for any additional premium required, due to activities
performed, and commits moreover to notify the Lessor of all fixtures and fittings he has
installed, apart from pledging responsibility with respect to the Lessor and in the event of a
disaster, to make reparations for the damage undergone by the Lessor in the event the guarantee
is insufficient.

Since the premiums would be established as a guarantee for the totality of the building, with the
exception of the additional premium required due to the activities performed, the total cost of
which shall be the responsibility of the lessee, the quota due from the Lessee shall be as stated in
Article 4.1.9, to wit

8 - 4 -  Reciprocal Waivers

The parties commit to keep in mind the aforementioned waivers, to notify each other, within two
months beginning with the effective date of these presents, of their insurance policies,
established according to their respective obligations, and which must have:

- on the part of the Lessee, stipulations that he and his insurers shall waive, in the event of a
disaster covered by the guarantees set forth in Articles 8-1 and 8-2, all recourse against the Lessor and his insurers,

- on the part of the Lessor, stipulations that he and his insurers shall waive, by the guarantees set
forth in Articles 8-3, all recourse against the Lessee and his insurers,

These waivers of recourse shall be reciprocal, in such a way that subject to the waiver of
recourse on behalf of the Lessee and his insurers, the Lessor and his insurers waive, in the event
of a disaster, any recourse that they may have against the Lessee and his insurers and who,
subject to the waiver of recourse on behalf of the Lessor and his insurers, the Lessee and his
insurers waive, in the case of disaster, any recourse that they might have against the Lessor and
his insurers.

9o Contributions - Health: Fulfill all the requirements of the city and police force to which
tenants are usually held.

Conform to all the regulations of the proper authority regarding hygiene and public health.

Pay all contributions and taxes precisely that may correspond to him personally. Demonstrate,
before relocation, to the Lessor or his agent that payment of taxes has been made, by providing
the Tax Collector receipt.

Pay, throughout the duration of the lease, his share of all levies and taxes, be they State,
Department or City, in whatever form they are created, whether perceived or not by the owner.

10o Internal By-Laws: The Lessor shall not be held responsible for any interruptions which
could occur in water, gas, or electrical services or of any other public utility, or of any
restrictions which could, possibly, be imposed by the authorities on the various services with
which the building is provided.

Regularly maintain the interior water supply and drainage pipelines, as well as all electrical and
gas pipelines, the Lessor must never have to be worried on this subject and the Lessee shall use
these pipelines only at his own risk and peril.

The Lessee must, by taking possession of the locales, arrange to have work performed that may
possibly be necessary for the proper electrical installation specifically for the rented locales, in
conformity with the regulations in force.

Have the chimneys and flues cleaned in the rented locales, by a qualified chimney-sweep,
whenever the need arises.

The Lessor does not guarantee their state and the Lessee shall use them only with his own risk
and peril. He shall never be called upon to repair them. No stove or radiator may be connected
there.

Nothing must be thrown away, nor allowed to be thrown away, in the building's entry vestibule,
in the corridors, on the staircases, and in a more general way, all common areas of the building
that are formally excluded from this lease.

Flowers and other objects must not be placed in the windows neither on the street nor in the
courtyard.

Conditions imposed by any organization formed between the owners or occupants of the
building must be abided by, with the possible participation of the owners or occupants of the
buildings close by. 

Rigorously observe the rules of usage as established in Paris regarding vicinity. Avoid all noises,
odors or other causes of embarrassment for the other occupants of the building or the close
buildings.

Take care that ventilation equipment such as range hoods, extractors, conduits, etc. meets the
standards necessary for the activity authorized by this lease, and that this equipment is
maintained in perfect operating condition; so that the Lessor does in no case have to be worried
by embarrassments caused in the neighborhood, in the form of fumes, odors, machinery
vibration, or other noises.

Take care that personnel does not park in the areas common to the building, prohibit all manner
of shouting or noises, in particular at the moment when they enter and leave the building, so that
the peace of the building is not disturbed by their presence.

No messy or noisy animals shall be allowed.

Act as a substitute to the Lessor on all complaints which may be raised by a neighbor, the Lessor
must never have to be worried on this subject.

No public sale shall take place in the locales rented at any time, even after failure of the business
or bankruptcy.

Once the Lessee has received or given notice to vacate, during the last six months of the lease,
the Lessor shall have the right to make and put up a sign, at the site of his choice, indicating that
the locales are to be rented. The Lessee shall be open for business on all business days from 10
AM to noon and from 2:00 PM to 5:00 PM. It will be also thus in the event of a sale of the rented
locales.

11o Heating: There is a private heating system installed in the rented locales.

The Lessee must provide maintenance directly, without the Lessor having to ever intervene in
any manner whatsoever, for the entire responsibility of the heating system, as well as for its total
or partial replacement, so as to leave, after vacating the premises, the aforementioned system in
good operating condition.

11. (a): Air-conditioning:

If a private air-conditioning system is installed in the buildings, the Lessee must provide
maintenance directly, without the Lessor having to ever intervene in any manner whatsoever, for
the entire responsibility of the system within the locales, for the air-conditioning equipment, for
their maintenance, as well as for its total or partial replacement, so as to leave, after vacating the
premises, the aforementioned system in good operating condition.

12o Elevators: The elevator shall only be used at the Lessee's own risk and peril, and shall be
maintained by the company in charge of maintenance in such a manner as to be in compliance
with the regulations enacted for this purpose.

The weight limits of this device must be strictly adhered to.

Accept the possibility that other occupants of the building may use the device.

Its use is reserved for the tenants, the transport of all materials or objects by the elevator is
prohibited and it must not be used by delivery men or couriers.

The Lessor shall bear no responsibility for accidents which may occur because of the elevator,
no matter what the causes are.

13o Use and Purpose of Locales: The rented locales shall only be used for the purpose of
PURCHASING, SELLING, MANUFACTURING, IMPORTING and EXPORTING
PERFUMES, COSMETICS, FASHION ARTICLES, AND ACCESSORIES;

Being understood that the business activity of the company, INTER PARFUMS SA, shall
never be limited to the exclusive trade of "FASHION ARTICLES AND ACCESSORIES"
outlined above under accessories.

The locales that are subject to these presents are leased exclusively for business office use, with
the exclusion in particular of all sales, exhibits, etc.

They may not be used except during legal business days and hours, except with rare exceptions,
for use by Management exclusively.

The rented locales may not be used for any other purpose, with the understanding that the Lessor
reserves the right to rent all other locales in the building for any mercantile or professional
purposes that are similar to those of the Lessee.

14o Credit-Lease: In the event that the Lessee has recourse to a credit-lease on his business or
one of the components thereof, the Lessee shall be obligated to warn the Lessor by registered
letter with return receipt, by the month preceding the signing of this credit-lease contract. The
Lessee shall also be obligated to report the date of expiration of the credit-lease contract.

In the event the business is transferred, the Credit-Lessee shall be likewise
obligated to the Credit-Lessor so that the Lessor will never have to worry about
the establishment with the Credit-Lessor of the credit-lease contract.

At the time of the business transfer, the Credit-Lessor must inform the owner that all the legal
formalities and obligations set forth in the Credit-Lease contract have been fulfilled by the
Credit-Lessee assignee.

In the event that a renewal of this lease is requested by the Credit-Lessor
wishing to install a new operator, the latter will be required to carry on an
activity identical to that of the former Credit-Lessor. In this case, the
Credit-Lessor must send to the Lessor, at the same time as the request
for renewal, all information concerning the new operator (K-(a), statutes, banking references)
and of his activity, which shall be subject to his express and written approval.

15o Transfer - Contribution - Sub-Lease: It shall not be permitted to yield the right to the
present lease unless it is to the purchaser of the business, provided that such assignment is made
in its entirety, and with the obligation to remain as a guarantor and jointly and severally
responsible towards the Lessor for all subsequent assignees, both in respect of payments of rent
and in regard to fulfilling the general conditions of the present lease.

The legal instrument containing the transfer must made in authenticated form; the Lessor must
and will be summoned and an overview of the aforesaid act must be delivered him at no charge
within the month of the signing; at said act of the instrument of transfer, the assignees shall of
course be responsible to pay the rent to the Lessor together with the fulfillment of all
responsibilities and conditions of the present lease.

No contribution or transfer may be made if the Lessee has any unpaid rent or charges due.

These stipulations will be applicable to all successive transfers.

The business may not be given to a management agent, nor shall any person be substituted, nor
shall the rented locales be lent to any third parties, even temporarily.

No sub-leasing or domiciling, in part or in totality, shall be allowed, without obtaining prior
written agreement from the Lessor.

15. (a) However, the Lessee is authorized at the present time to domicile within the rented
locales of the companies of the INTER PARFUMS Group, with the provisos of observing the
following five infrangible conditions:

1) That the activity carried on by these companies be the same as that set forth in the 13th
General Condition above and that the Lessee sends to the Lessor a copy of the statutes and of the
K-(a) of these companies;

2) That they be companies of the INTER PARFUMS Group, of which at least 30% of the capital
stock is in holdings;

3) That the President, the Director General, or the manager of these companies be one of the
administrators of the INTER PARFUMS company, bearer of the present lease;

4) That the INTER PARFUMS company, upon vacating the premises that are the subject of this
lease, make sure that they are made free of any occupation; the locals form an indivisible whole
through the common intention of its parts.

Under no circumstances, may these domiciliations transfer the commitment of rights that exists
between these companies and the Lessor, who shall have no direct obligation in regards to them.

5) The company INTER PARFUMS will therefore continue to be solely responsible with respect
to the Lessor for any prejudicial consequence. It shall guarantee strict fulfillment of the
conditions above and commits to pledge same in writing for any domiciled company, which it
will have the obligation to make known to the Lessor.

16. Signs - Commercial Name Plaques: No plate, sign, shade/awning or any attractive
installation to the exterior or interior appearance of the building may not be used without first
being subject to the approval of the Lessor who will necessarily request the authorizations as set
forth in Building Regulations or any other Regulation, schedule of conditions, or statutes to
which it will be subject, however with the stipulation that the Lessee shall personally arrange for
all administrative authorizations required and shall be responsible for payment of the taxes
which may be required.

The aforementioned faççade shall not be changed or ordered to be changed, without having
submitted the plans to the Lessor beforehand, and without the Lessor's authorization for the
projected changes, which shall be carried out under the supervision of the Lessor's architect,
whose session fees shall be the responsibility of the Lessee.

17o Collateral Security: The Lessee hereby commits, if he consents to using his business as
collateral security, to inform the Lessor, and make known to him all names and addresses of the
secured creditors within fifteen days of establishing the aforesaid collateral.

18o Binding Clause: All the responsibilities, clauses and conditions of this lease are obligatory.
Any deviation of the Lessee without express and written authorization from the Lessor will have
effect only through tolerance, and could never be regarded as having made novation, nor to be
adherent to the present clauses and conditions, to which the Lessor shall always have the right to
require strict fulfillment.

19o VAT - Registration - Expenses: Payment of the lease fee, the stamp charges, registration
fees, charges related to the present lease, revisions to the rent amount and possible renewals of
this lease, plus the applicable VAT.

The Lessor has opted for the regime subject to the value-added tax, within the framework set
forth by decree No. 67-1126 of December 22, 1967, supplementing the law of January 6, 1966.
The Lessee shall be required to pay to the Lessor the VAT at the rate in force on the principal
amount of the rent.

20o Selection of Domicile: For the execution of these presents, the Lessee selects his domicile
as the locales rented and the Lessor the domicile of the Property Manager. These domiciles are
attributive of jurisdiction and all announcements and notifications shall validly be made there.

Created in three original copies

Executed in Paris on ...........

THE LESSEE (1)                                                                                 THE LESSOR (1)

(1) Please attach signature next to the handwritten reference, "read and approved" and initial
each page.

Attachments: Blue-prints of the locales

Scale of the fees on the day of these presents.Exhibit 10.108

BAIL COMMERCIAL

Soumis aux Articles L 145.1 a L 145.60 du Nouveau Code de Commerce 

et au decret du 30 Septembre 1953

ENTRE LES SOUSSIGNES

- Societe Civile Immobiliere du 4/6 Rond-Point des Champs Elysees,

representee par : DAUCHEZ, Administrateurs de Biens, Societe Anonyme ayant son siege
social 132 boulevard Haussmann 75008 PARIS.

Titulaire de la carte professionnelle no G 989, garantie par la SOCAMAB, 18 rue Beaurepaire
PARIS 10eme, ladite societe representee par Madame Mabe LE CHATELIER.

ci-apres denommee << le Bailleur >>, 

d'une part,

ET

- Societe INTER PARFUMS S.A. au capital de 12 816 594,00 euros, immatriculee au
Registre du Commerce et des Societes de PARIS sous le no B 350 219 382 dont le siege
social est situe 4/6, Rond-Point des Champs Elysees 75008 PARIS,

et representee aux fins des presentes par Monsieur Philippe BENACIN, en
qualite de
President Directeur General, dument habilite,

ci-apres denommee << le Preneur >>

d'autre part,

IL A ETE CONVENU CE QUI SUIT

A compter du 1er avril 2004, le bailleur, donne a loyer au preneur, qui accepte, les lieux ci-apres designes dependant d'un immeuble sis au 4-6 Rond Point des Champs Elysees
- PARIS 8eme 

DESIGNATION

Dans un immeuble sis a 4-6 Rond Point des Champs Elysees-75008 PARIS

- Un local commercial a usage de BUREAUX COMMERCIAUX, 

situe au 6eme etage droite, accessible par l'escalier principal, d'une superficie de 157 metres
carres environ, compose de 11 bureaux d'un double bloc "sanitaires" avec WC et lavabos et
deux locaux techniques, tels que lesdits lieux figurent aux plans ci-annexes.

Ainsi au surplus que les lieux s'etendent, se poursuivent et comportent, avec toutes leurs
dependances, sans aucune exception ni reserve et sans qu'il soit besoin d'en faire ici une plus
ample designation, le preneur declarant les bien connaitre et dont il sera d'ailleurs fait un
etat
detaille et contradictoire dresse, aux frais du preneur, dans le mois qui suivra l'achevement
des travaux d'amenagement des locaux.

Il est precise que toute erreur dans la designation ci-dessus ne peut justifier ni reduction ni
augmentation du loyer, les parties se referant a la consistance des locaux tels qu'ils se
comportent. 

DUREE

Le present bail, qui commencera a courir le 1er avril 2004, est consenti pour une duree de
un mois et trois, six ou neuf ans, qui expireront les 31 mars 2007, 31 mars 2010. ou 31 mars
2013, au choix du preneur seul a charge par lui s'il desire donner conge pour l'expiration de la
premiere ou de la deuxieme periode triennale de respecter un preavis de six mois.

Tout conge devra etre signifie par acte extrajudiciaire.

PRIX 

La presente location est consentie et acceptee moyennant un loyer annuel en principal de
SOIXANTE QUATRE MILLE CINQ CENT VINGT SEPT EUROS (64 527,00 euros),

ainsi que la T.V.A., applicable, que le preneur s'oblige a payer au bailleur ou
a son mandataire,
au domicile de celui-ci, par quart, aux quatre termes ordinaires de l'annee, le premier jour de
chaque trimestre, de trois mois en trois mois, jusqu'a l'expiration de la location,
a terme
d'avance.

Ledit loyer sera automatiquement indexe le premier juillet de chaque annee en fonction de la
variation de l'indice du cout de la construction d'un immeuble tel qu'il sera
publie par l'Institut
National des Statistiques et des etudes economiques (INSEE) pour le 3eme trimestre de
chaque annee.

La premiere indexation interviendra pour la premiere fois le premier avril 2005 sur la base de
la variation entre l'indice du 3eme trimestre 2003 qui est de 1203, et celui qu'il publiera
pour le 3eme trimestre 2004., et dans le futur sur la base des indices du
3eme trimestre de chaque annee.

En sus du loyer ci-dessus fixe, le preneur remboursera au bailleur, en meme temps que chaque
terme de loyer, les differentes prestations et fournitures que les proprietaires sont en droit de
recuperer sur les locataires, soit sa part :

- des depenses municipales (balayage, enlevement des ordures menageres) des depenses
d'entretien, des appointements du gardien et charges accessoires ;

- des depenses d'eau froide ;

- des depenses de fonctionnement ;

- des depenses concernant les ascenseurs qui dessert les etages ;

- de la taxe annuelle sur les bureaux et les commerces en Ile de France concernant les lieux
loues, si elle est due, au premier janvier de chaque annee. Il est expressement convenu que
cette taxe sur les bureaux est due par le preneur a partir de l'annee 2004. 

- De la taxe fonciere et de la taxe d'enlevement des ordures menageres. Il est expressement
convenu que ces taxes sont dues par le preneur a partir de l'annee 2004 ( prorata temporis).

- de la taxe d'enlevement des dechets industriels et commerciaux, si elle est due.

Il sera demande pour le remboursement de ces charges une provision trimestrielle de MILLE
TROIS CENTS EUROS ( 1 300,00 Euros ), le compte definitif etant etabli en fin d'exercice.

Toutefois, la taxe annuelle sur les Bureaux et commerces en Ile de France, la taxe foncieres, la
taxe d'enlevement des ordures menageres et eventuellement celle d'enlevement des
dechets industriels et commerciaux, ne sont pas incluses dans les provisions sur charges
ordinaires et sont appelees une fois par an.

Les pourcentages de repartition des charges pourront etre modifies
a la suite de la nouvelle
repartition des charges qui sera etablie par le geometre afin de prendre en compte
l'amenagement des locaux du 6eme etage . Par la suite les modalites de repartition des
charges pourront etre modifiees par voie contractuelle, judiciaire, ou legale.

Tout retard dans le reglement des sommes dues, tant au titre du loyer qu'au titre des charges et
accessoires, donnera lieu a des relances dont les frais incomberont au preneur,
a savoir : pour
la premiere relance : 10 euros, pour la deuxieme relance : 20 euros, suivant les tarifs en
vigueur au jour de la signature des presentes.

Veuillez noter que la somme de 2,00 euros vous sera demandee chaque mois pour frais
d'etablissement d'avis d'echeance, suivant les tarifs en vigueur au jour de la signature des
presentes.

DEPOT DE GARANTIE

Le preneur versera en outre a la signature des presentes, a titre de depot de garantie, la
somme de SEIZE MILLE CENT TRENTE ET UN EUROS ET SOIXANTE QUINZE
CENTIMES (16 131,75 euros) representant trois mois de loyers H.T.

A chaque indexation ou revision de loyer, ce depot de garantie sera reajuste de telle sorte
qu'il corresponde toujours a trois mois de loyers H.T.

Ladite somme sera remboursee au preneur apres demenagement et remise des cles,
deduction faite des loyers et reparations locatives ou toutes autres sommes pouvant
etre dues
par le preneur au bailleur, ou dont celui-ci pourrait etre rendu responsable pour le preneur. Cette
somme ne sera en aucun cas productive d'interets au profit du preneur.

FRANCHISE DE LOYERS

Il est accorde au preneur une franchise de loyers d'une valeur hors TVA de SEIZE MILLE
CENT TRENTE ET UN EUROS ET SOIXANTE QUINZE CENTIMES (16 131,75 euros),
representant 3 mois de loyer, pour permettre au preneur d'executer des travaux dans les
bureaux livres tels que designes dans l'etat des lieux etabli des l'entree en jouissance par
le preneur. 

Le preneur s'engage expressement a fournir au bailleur, a la signature du bail, le descriptif
detaille et chiffre des travaux objets de la presente franchise. Ce descriptif sera
annexe au
present bail.

En outre, le preneur s'engage expressement a fournir au bailleur, les copies certifiees
conformes des factures pour les travaux executes, des la fin du chantier.

De plus, le preneur s'engage expressement a faire executer les travaux objets de cette
franchise, au regard des dispositions reglementaires applicables (et notamment une assurance
maitre d'ouvrage, et un coordonateur de securite et protection de la
sante) a ses frais et sous
le controle de l'architecte du bailleur, dont les honoraires seront
a la charge du preneur. 

Enfin, le preneur s'engage, des la date de prise d'effet du bail, a s'acquitter aupres du bailleur
des charges afferentes aux locaux objets du present acte.

CLAUSE RESOLUTOIRE

Il est expressement convenu que :

1) A defaut de paiement d'un seul terme de loyer en principal, charges, taxes et prestations,
a
son echeance convenue, comme au cas d'infraction ou d'inexecution d'une des conditions
generales ou particulieres prevues au bail, un mois apres un simple commandement
demeure infructueux, malgre toutes offres ulterieures de payer ou d'executer, la presente
location sera resiliee de plein droit, si bon semble au bailleur, sans qu'il soit besoin d'aucune
formalite judiciaire autre qu'une simple ordonnance de refere rendue par M. le President du
Tribunal de Grande Instance prononççant l'expulsion, ladite ordonnance ayant pour objet, non de
prononcer la resiliation qui a lieu de plein droit si bon semble au bailleur, mais d'en assurer
l'execution.

2) Au cas de resiliation prevue au paragraphe premier de la presente clause resolutoire, les
sommes versees au bailleur a titre de depot de garantie lui seront acquises
a titre d'indemnite, sans prejudice de tous depens et de tous dommages-interets.

3) En cas de non-paiement de toute somme due a son echeance ou d'inexecution d'une des
conditions generales ou particulieres prevues au bail et des le premier acte d'huissier, le
preneur devra de plein droit payer en sus, outre les frais de recouvrement y compris la
totalite
du droit proportionnel du a l'huissier de justice, une penalite egale
a 10% (dix pour cent)
du montant de la somme due pour couvrir le bailleur tant des dommages pouvant resulter du
retard dans le paiement que des frais, diligences et honoraires exposes pour le recouvrement de
cette somme. Cette penalite s'ajoute a l'interet legal du
a compter du commandement.

CONDITIONS GENERALES

Le present bail est consenti et accepte sous les charges ordinaires de droit, suivant l'usage des
lieux, et en outre aux conditions suivantes que le preneur s'oblige a executer ou supporter
a
peine de resiliation, sans pouvoir pretendre a aucune indemnite ni diminution de loyer, ni
sans aucun recours contre le bailleur ni contre son assureur.

1o Prise de possession : De prendre les lieux loues dans l'etat
ou ils se trouvent actuellement
sans pouvoir exiger du bailleur aucune mise en etat ni aucune reparation quelconque, le gros
oeuvre des murs et planchers etant seul a la charge du bailleur.

2o Fermeture - Couverture : De ne pouvoir reclamer d'autres fermetures ni serrures que celles
existant actuellement, le preneur declarant renoncer a tous recours contre le bailleur ou contre
son assureur, au cas de vol ou d'effraction dans les lieux loues.

De supporter la depose definitive de persiennes ou volets, au gre du bailleur, sans
indemnite.

De ne pouvoir placer sous les chââssis, vitres, verrieres ou plafonds en beton translucide s'il en
existe, des objets, machines, etc. pouvant etre endommages par des fuites d'eau, le bailleur
declinant toute responsabilite au cas de degââts pouvant en resulter
a raison de la nature
meme de ce mode de couverture dont l'etancheite n'est par garantie.

3o etat des lieux et entretien : D'entretenir les lieux loues, pendant toute la duree du bail, en
bon etat de reparations locatives, et de faire, en consequence, executer a ses frais toutes
reparations d'electricite, de robinetterie, serrurerie, fumisterie, plomberie, chauffage central,
menuiserie, peinture, fenetres et volets, etc., en un mot tous travaux qu'il serait necessaire de
faire effectuer dans les lieux, meme le remplacement total ou partiel. 

Seul le gros oeuvre des murs et planchers (au sens de l'article 606 du Code Civil) restera
a la
charge du bailleur.

De rendre a la fin de la location les lieux loues dans le meme etat que celui dans lequel
l'etat des lieux dresse lors de la prise de possession montrera qu'ils se trouvaient au debut de
la location.

A l'expiration de la location, il sera dresse un autre etat des lieux indiquant les reparations
locatives pouvant etre dues par le preneur. Ledit preneur devra en regler le montant.

4o Travaux par le preneur - Embellissements - Ameliorations : De ne pouvoir, sans le
consentement expres et par ecrit du bailleur, rien changer dans la distribution des lieux loues,
notamment en ce qui concerne l'affectation donnee aux differentes parties des lieux loues.

De ne pouvoir faire aucun changement, installation, demolition, percement de murs, cloisons,
planchers, ni scellement sans le consentement expres et par ecrit du bailleur.

De ne pouvoir faire executer ces travaux, s'ils etaient autorises par le bailleur, qu'apres
l'approbation et sous la direction de l'architecte du bailleur, dont le preneur paierait les
honoraires.

De laisser a la fin de la location si bon semble au bailleur, sans indemnite, les changements et
travaux ainsi executes.

De laisser egalement tous decors, embellissements, armoires fixees aux murs, conduites de
gaz, d'eau et d'electricite, que le preneur pourrait faire installer et, en general, toutes
installations et tous embellissements devenant immeubles par destination, a moins que le
bailleur ne prefere que les lieux soient retablis, aux frais du preneur et sans
indemnite, dans
leur etat primitif.

De ne pouvoir surcharger les planchers des lieux loues, sans en avoir au prealable complete
la solidite au moyen de mesures que preconiserait l'architecte du bailleur, sous les ordres
duquel les travaux devraient d'ailleurs etre executes, aux frais du preneur.

De supporter les frais d'une modification eventuelle des lieux loues qui pourrait
etre exigee
par une quelconque administration, meme si cette exigence etait imprevisible et constitutive,
par suite d'un fait de force majeure.

5o Travaux dans l'immeuble - Visite des Lieux - Canalisations : De souffrir, sans aucune
indemnite, ni diminution de loyer, les travaux que le bailleur jugerait necessaire de faire
executer dans les lieux loues, ou dans l'immeuble dont ils dependent, leur duree excederait-elle quarante jours.

Le bailleur se reserve la faculte, au besoin par derogation a l'Article 1723 du Code civil,
d'apporter toutes les modifications qu'il jugera a propos, tant a l'aspect exterieur
qu'a
l'interieur de l'immeuble dont dependent les locaux loues, a l'exclusion des lieux
presentement loues.

De laisser passer par les lieux loues, si besoin etait, pour proceder au nettoyage des cours,
courettes, visites des contrepoids d'ascenseur ou autres travaux necessaires a la bonne tenue de
l'immeuble ou au fonctionnement de tous appareils.

De supporter, sans aucune indemnite, ni diminution de loyer, tous les travaux que le bailleur
estimerait devoir subir ou serait force de subir, ainsi que toutes constructions ou demolitions
voisines, tous bouchements de cours, courettes ou jours de souffrance.

De laisser traverser ses caves par toutes canalisations necessaires.

De deposer a ses frais et sans delai tous coffrages et decoration ainsi que toutes installations
qu'il aurait faites et dont l'enlevement serait utile pour la recherche et la reparation des fuites
de toute nature, de fissures dans les conduits de fumee et de ventilation, notamment apres
incendie ou infiltrations, et en general pour l'execution de travaux.

Au cas ou des travaux s'avereraient necessaires sur toutes canalisations, le bailleur se
reserve la possibilite de remplacer les canalisations encastrees par des canalisations
apparentes.

En cas de travaux, constructions, vente de l'immeuble par parties ou en
totalite, le bailleur
pourra modifier la repartition des caves et proceder a un echange de locaux.

De laisser le bailleur, son architecte et leurs representants penetrer dans les lieux loues
chaque fois qu'ils le jugeront utile; ces derniers veillant a prevenir le preneur 24 heures
a
l'avance (sauf urgence).

6o Expropriation : De ne pouvoir exiger du bailleur aucune indemnite ni diminution de loyer
si, pendant la duree du present bail, l'immeuble dont dependent les lieux presentement
loues venait etre demoli en totalite ou en partie par suite de retranchement, reculement ou
expropriation pour cause d'utilite publique, sauf bien entendu le recours du locataire contre les
parties expropriantes.

7o Garnissement : De tenir les lieux loues constamment garnis de meubles, marchandise,
objets mobiliers en quantite et de valeur suffisante pour repondre du paiement des loyers et de
l'execution des charges et conditions du bail.

De maintenir dans les lieux loues une activite commerciale constante, sans pouvoir sous aucun
pretexte, sauf la fermeture normale pour conges payes cesser, meme momentanement, de
les employer a la destination ci-dessous indiquee.

Tout demenagement partiel anticipe est interdit au preneur qui, dans tous les cas, ne pourra
quitter les lieux loues qu'apres l'entiere execution des obligations prevues au present acte.

8o Assurances : Perte de la chose louee, recours et assurances

8 -1 - biens propriete du preneur

Le preneur assurera et maintiendra assures pendant toute la duree du bail contre les risques
d'incendie, d'explosion, degââts des eaux, destruction, les meubles, objets mobiliers,
materiels et de maniere generale tout ce qui est sa propriete a l'interieur des locaux, y
inclus les agencements, renonççant a tout recours a l'encontre du bailleur dans l'hypothese
ou les meubles, objets mobiliers, materiels, agencements ou autres seraient endommages
partiellement ou totalement.

Le preneur s'engage a imposer a son assureur la meme renonciation
a recours a l'encontre
de son bailleur.

8 - 2 - vis-a-vis des tiers

Le preneur devra egalement s'assurer contre le recours de tous tiers, renonççant
egalement a
tout recours contre le bailleur si par le fait d'un tiers les biens qui sont sa propriete sont
partiellement ou totalement endommages ou encore s'il doit interrompre momentanement ou
totalement son activite.

Le preneur s'engage a imposer cette meme renonciation a recours
a son assureur.

8 - 3 - biens propriete bailleur

Le bailleur assurera l'immeuble et tous les elements d'equipement ou autres devenus
immeuble par destination contre les risques d'incendie, d'explosion, degâât des eaux,
destruction partielle ou totale pour quelque cause que ce soit et ce, en valeur reconstruction
a
neuf.

Le bailleur, dans l'hypothese d'un sinistre, renonce a tous recours a l'egard du preneur, il
s'engage a imposer a son assureur la meme renonciation a l'encontre du preneur.

Le preneur remboursera au bailleur toute surprime nee des activites exercees, s'obligeant en
outre a communiquer tous les elements permettant de connaitre les biens devenus immeuble
par destination, sauf a engager sa responsabilite vis-a-vis du bailleur et dans l'hypothese
d'un sinistre a reparer le prejudice subi par le bailleur en cas d'insuffisance de garantie.

Des lors que les primes seraient etablies pour une garantie concernant la
totalite de
l'immeuble, a l'exception de la surprime nee des activites exercees dont la
totalite
demeure en toute hypothese a la charge du preneur, la quote-part due par le preneur serait celle
rappelee a l'article 4.1.9, savoir

8 - 4 - renonciations reciproques

Les parties s'obligent compte tenu des renonciations ci-dessus rappelees, a se notifier dans le
delai de deux mois et a compter de la prise d'effet des presentes leurs polices d'assurances,
lesquelles etablies en fonction de leurs obligations respectives devront :

- pour le preneur, stipuler que lui-meme et ses assureurs renoncent, en cas de sinistre couvert
par les garanties prevues aux articles 8-1 et 8-2, a tout recours contre le bailleur et ses
assureurs,

- pour le bailleur, stipuler que lui-meme et ses assureurs, pour les garanties prevues
a
l'article 8-3 renoncent a tout recours contre le preneur et ses assureurs.

Ces renonciations a recours seront reciproques de telle sorte que sous reserve de la
renonciation a recours de la part du preneur et de ses assureurs, le bailleur et ses assureurs
renoncent pour les memes sinistres, a tout recours qu'ils seraient fondes
a exercer contre le
preneur et ses assureurs et que sous reserve de la renonciation a recours de la part du bailleur
et de ses assureurs, le preneur et ses assureurs renoncent pour les memes sinistres
a tout
recours qu'ils seraient fondes a exercer contre le bailleur et ses assureurs.

9o Contributions - Salubrite : De satisfaire a toutes les charges de ville et de police dont les
locataires sont ordinairement tenus.

De se conformer a toutes les prescriptions de l'autorite competente pour cause d'hygiene et
de salubrite publique.

D'acquitter exactement toutes contributions et taxes pouvant lui incomber personnellement. De
justifier, avant son demenagement, au bailleur ou a son mandataire du reglement de ses
contributions par le reççu du Percepteur.

De supporter, pendant la duree de la location, sa part de tous impots et taxes d'etat, de
departement ou de ville, sous quelque forme qu'ils soient crees, perççus ou non sur le
proprietaire.

10o Reglement interieur : De ne pouvoir rendre le bailleur responsable des interruptions qui
pourraient se produire dans les services d'eau, gaz, electricite ou tout autre service public, ou
des restrictions qui pourraient, eventuellement, etre imposees par les pouvoirs publics aux
divers services de l'immeuble.

D'entretenir normalement les canalisations interieures d'alimentation ou d'ecoulement d'eau,
ainsi que toutes canalisations de gaz et d'electricite, le bailleur ne devant jamais
etre
inquiete a ce sujet et le preneur n'utilisant ces canalisations qu'a ses risques et perils.

Le preneur devra en prenant possession des lieux, faire executer les travaux
eventuellement
necessaires pour mettre l'installation electrique propre aux lieux loues, en
conformite aux
reglements en vigueur.

De faire ramoner a ses frais, par un fumiste qualifie, autant que besoin sera, les cheminees et
conduits de fumee dependant des lieux loues.

Le bailleur ne garantit pas leur etat et le preneur ne pourra les utiliser
qu'a ses risques et
perils. Il ne pourra jamais demander leur remise en etat. Il ne pourra y brancher aucun poele
ou radiateur.

De ne rien deposer, ni laisser deposer, dans le vestibule de l'entree de l'immeuble, les
couloirs, escaliers, et d'une faççon plus generale, toutes parties communes de l'immeuble qui
sont formellement exclues de la presente location.

De ne pouvoir placer ni des fleurs, ni des objets quelconques aux fenetres aussi bien sur rue que
sur cour.

De respecter les conditions imposees par tout organisme cree entre proprietaires ou
occupants de l'immeuble, eventuellement avec la participation des proprietaires ou occupants
des immeubles voisins.

D'observer rigoureusement les usages etablis a Paris en matiere de voisinage. D'eviter
a ce
sujet tous bruits, odeurs ou autres causes de gene pour les autres occupants de l'immeuble ou
des immeubles voisins.

De veiller a ce que les equipements de ventilation tels que hottes aspirantes, extracteurs,
conduits, etc. repondent aux normes requis pour l'activite autorisee par le present bail, et que
ces equipements soient maintenus en parfait etat de fonctionnement ; de telle sorte que le
bailleur ne soit en aucun cas inquiete par des genes occasionnes au voisinage, sous forme de
fumees, odeurs, trepidations de machinerie, ou autres bruits.

De veiller a ce que son personnel ne stationne pas dans les parties communes de l'immeuble, de
lui interdire tous cris ou bruits quelconques, notamment au moment des entrees et sorties, de
telle sorte que la tranquillite de l'immeuble ne soit pas troublee par leur presence.

De ne pouvoir avoir aucun animal malpropre ou bruyant.

De se substituer au bailleur sur toutes reclamations qui pourraient etre
elevees par un voisin,
le bailleur ne devant jamais etre inquiete a ce sujet.

De ne faire en aucun cas de vente publique dans les lieux loues, meme apres faillite ou
liquidation judiciaire.

Lorsque le preneur aura reççu ou donne conge, et dans les six derniers mois de la location, le
bailleur pourra faire mettre un ecriteau, a l'emplacement de son choix, indiquant que les lieux
sont a louer. Le preneur devra laisser visiter tous les jours ouvrables de 10 heures
a midi et de
14 heures a 17 heures. Il en sera egalement ainsi en cas de mise en vente des lieux loues.

11o Chauffage : Il existe dans les lieux loues une installation de chauffage privative.

Le preneur devra supporter directement, sans que le bailleur n'ait jamais a intervenir de quelque
maniere que ce soit, la charge entiere de l'installation de chauffage, de son remplacement total
ou partiel, de maniere a laisser, a son depart, lesdites installations en bon etat de
fonctionnement.

11o bis : Climatisation :

Une installation de climatisation privative va etre mise en place dans ces locaux.

Le preneur devra supporter directement, sans que le bailleur n'ait jamais a intervenir de quelque
maniere que ce soit, la charge entiere de cette installation de climatisation dans ces locaux, de
son remplacement total ou partiel, de maniere a laisser, a son depart, lesdites installations en
bon etat de fonctionnement

12o Ascenseurs : De ne pouvoir utiliser l'ascenseur qu'a ses risques et perils, et en se
conformant aux prescriptions edictees a cet effet par l'entreprise chargee de l'entretien.

De respecter la charge utile de cet appareil.

De respecter la possibilite d'usage de l'appareil par les autres occupants de l'immeuble.

L'usage en est reserve aux locataires,: il est interdit pour le transport de tous materiaux ou
objets et ne doit pas etre utilise par les livreurs ou coursiers.

Le bailleur decline toute responsabilite pour les accidents qui pourraient survenir du fait de
l'ascenseur et quelles qu'en soient les causes.

13o Destination des lieux : De ne pouvoir exercer dans les lieux loues que
l'activite d'ACHAT, VENTE, FABRICATION, IMPORTATION et EXPORTATION DE PARFUMS,
COSMETIQUES, ARTICLES DE MODE ET ACCESSOIRES ; 

Etant entendu que le commerce de la societe INTER PARFUMS SA ne devra jamais
etre
limite au commerce exclusif des articles <<ARTICLES DE MODE ET ACCESSOIRES >> ci-dessus
enumeres a titre d'accessoires.

Les lieux objets des presentes sont loues a usage exclusif de bureaux commerciaux,
a
l'exclusion notamment de toute vente, exposition, etc.

Ils ne pourront etre utilises que pendant les jours et heures ouvrables legaux, sauf
a de rares
exceptions, a des fins de Direction exclusivement.

Les lieux loues ne pourront servir a aucun autre usage, etant entendu que le bailleur se
reserve le droit de louer tous autres locaux de l'immeuble pour tous commerces ou professions
semblables ou similaires a celui du preneur.

14o Credit-Bail : Dans le cas ou le preneur aurait recours
a un credit-bail sur son fonds de
commerce ou sur un des elements de celui-ci, il a l'obligation d'en prevenir le bailleur par
lettre recommandee avec accuse de reception dans le mois qui precede la signature du
contrat de credit-bail. De meme, il aura l'obligation de le prevenir de la date d'expiration du
contrat de credit-bail.

En cas de cession du fonds de commerce, le credit-preneur aura la meme obligation vis-a-vis
du credit bailleur afin que le bailleur ne soit jamais inquiete par l'etablissement credit-bailleur aupres duquel le contrat de credit-bail aura
ete souscrit.

Au moment de la cession du fonds de commerce, le credit-bailleur doit informer le proprietaire
que toutes les formalites et obligations prevues au contrat de credit-bail ont
ete remplies
par le credit-preneur cessionnaire.

Au cas de demande de renouvellement du present bail par le credit-bailleur desirant installer
un nouvel exploitant, ce dernier devra exercer une activite identique a celle de l'ancien credit-preneur. Le credit-bailleur devra en ce cas adresser au bailleur, en meme temps que la
demande de renouvellement, toutes informations concernant le nouvel exploitant (K-bis, statuts,
references bancaires) et son activite pour etre soumis a son agrement expres et par
ecrit.

15o Cession - Apport - Sous-location : De ne pouvoir ceder son droit au present bail si ce
n'est a l'acquereur de son fonds de commerce, pourvu que ce soit en totalite, et
a charge de
rester garant et repondant solidaire envers le bailleur de tous cessionnaires successifs ; tant pour
raison du paiement des loyers que pour l'execution des conditions generales du present bail.

L'acte contenant la cession devra etre fait sous la forme authentique ; le bailleur devra y
etre
appele et une grosse dudit acte devra lui etre remise gratuitement dans le mois de la signature ;
au dit acte de cession les cessionnaires s'obligeront naturellement envers le bailleur au paiement
du loyer et a l'execution des charges et conditions du present bail.

Aucun apport ou cession ne pourra etre fait s'il est du des loyers et charges par le preneur.

Ces stipulations seront applicables a toutes cessions successives.

De ne pouvoir donner son fonds en gerance, se substituer toute personne, preter les lieux
loues, meme temporairement, a des tiers.

De ne pouvoir sous-louer et domicilier ni en totalite ni en partie, sans l'accord prealable et
ecrit du Bailleur.

15o bis Toutefois, le preneur est d'ores et deja autorise a domicilier dans les lieux loues
des societes du Groupe INTER PARFUMS, a conditions de respecter les cinq conditions
indivisibles suivantes:

1) Que l'activite exercee par ces societes soit la meme que celle prevue
a la 13eme
condition generale ci-dessus et que le preneur adresse au bailleur une copie des statuts et du
Kbis de ces societes;

2) Qu'il s'agisse de societes du Groupe INTER PARFUMS, dont il detient au moins 30% du
capital social;

3) Que le President, le Directeur General ou le gerant de ces societes soit un des
administrateurs de la societe INTER PARFUMS, titulaire du present bail;

4) Qu'au depart de la societe INTER PARFUMS, les locaux, objet du present bail, soient
rendus libres de toute occupation, les lieux formant dans la commune intention des parties un
tout indivisible.

En aucun cas, ces domiciliations ne devront ceer de lien de droit entre ces societes et le
bailleur, qui n'aura a leur egard aucune obligation directe.

5) En consequence, la societe INTER PARFUMS restera en consequence seule responsable
vis a vis du bailleur de toute consequence prejudiciable a celui-ci. Elle garantit la stricte
execution des conditions ci-dessus et s'oblige a faire prendre le meme engagement
ecrit a
toute societe domiciliee qu'elle aura obligation de faire connaitre au bailleur.

16o Enseignes - Plaques commerciales : aucune plaque, enseigne, store ou installation
quelconque interessant l'aspect exterieur ou l'aspect interieur de l'immeuble ne pourra
etre
placee sans avoir ete au prealable soumise a l'agrement du bailleur qui sollicitera en tant
que de besoin les autorisations prevues au reglement de l'immeuble ou a tout autre
reglement, cahier des charges ou statuts auquel lui-meme sera soumis,
etant toutefois
precise que le preneur fera son affaire personnelle des autorisations administratives exigees et
du reglement des taxes qui pourraient etre exigees de ce fait.

Il ne pourra modifier ou faire modifier ladite faççade, sans avoir au prealable soumis les plans
au bailleur, et sans que celui-ci ait autorise la transformation projetee, et ceci sous la
surveillance de l'architecte du bailleur, dont les honoraires de vacations seront
a la charge du
preneur.

17o Nantissement : Le preneur s'engage, s'il consentait des nantissements sur son fonds de
commerce, a en avertir le bailleur, et lui faire connaitre les noms et adresses des creanciers
nantis dans les quinze jours de la constitution desdits nantissements.

18o Clause de rigueur : Toutes les charges, clauses et conditions du present bail sont de
rigueur. Toute derogation du preneur sans autorisation expresse et par ecrit du bailleur n'aura
d'effet qu'a titre de tolerance, et ne pourra jamais etre consideree comme ayant fait
novation, ni porter jamais atteinte aux presentes clauses et conditions, dont le bailleur aura
toujours le droit d'exiger la stricte execution.

19o T.V.A. - Enregistrement - Frais : De payer le droit de bail, les frais de timbre,
d'enregistrement, les honoraires afferents au present bail, aux revisions du loyer et aux
renouvellements eventuels du present bail, et la T.V.A. applicable.

Le bailleur a opte pour le regime de l'assujettissement a la taxe sur la valeur ajoutee, dans le
cadre prevu par le decret No 67-1126 du 22 decembre 1967 completant la loi du 6 janvier
1966. Le preneur devra payer au bailleur la T.V.A. au taux en vigueur en fonction du montant de
son loyer en principal.

20o election de domicile : Pour l'execution de presentes, le preneur fait
election de
domicile dans les lieux loues et le bailleur au domicile du Gerant de l'immeuble. Ces domiciles
sont attributifs de juridiction et toutes significations et notifications y seront valablement faites.

Fait en trois exemplaires originaux

a Paris le ...........

LE PRENEUR (1)                                                                                                 LE BAILLEUR (1)

(1) Faire preceder la signature de la mention manuscrite << lu et
approuve >> et parapher
chaque page.

PJ : Plan des locaux

Bareme des honoraires au jour des presentes.

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