Document:

Exhibit 10.4

                      LETTER OF INTENT

This Letter of Intent ("LOI") is entered into this 19th  day
of  May 2003, between            Joe's Jeans Inc. and  Joe's
Jeans  Japan  Inc.,  (hereinafter together  referred  to  as
"JOE'S");  and  Itochu  Corporation,  a  Japan  corporation,
(hereinafter  referred  to  as "ITOCHU"),  and  collectively
hereinafter shall be referred to as the "Parties".

  1.   NATURE OF INTENT

          JOE'S  is  the owner of certain marks "Joe's"  and
          "Joe's  Jeans"              (the "Marks").  ITOCHU
          has approached JOE'S and made an informal proposal
          in  respect  of  the use of the Marks  in  certain
          product  categories in Japan.  The  Parties  state
          their  intention to enter into discussions  and/or
          negotiations  with  a view to  a  possible  master
          distribution and licensing agreement (the  "Master
          Agreement") mutually beneficial to each party,  on
          terms  and  conditions  as  yet  undetermined   in
          detail.

  2.   PURPOSE

           The  purpose of a Master Agreement shall  be  the
following :

             A.   The importation, distribution and sale of certain
                products       (the "Imported Products") under the "Marks"
                as stated in Section 3 below.

             B.   The manufacture, distribution and sale of certain
                products      (the "Licensed Products") envisaged in an
                agreement.

  3.   SCOPE OF PRODUCTS

          3.i. Imported Products

                 a.   Mens apparel bottoms including jeans, other denim
                    products, twill pants, and lightweight cotton pants using
                    the Joe's and Joe's Jeans Marks.

                 b.   Womens apparel bottoms including jeans, other denim
                    products, twill pants, and lightweight cotton pants using
                    the Joe's and Joe's Jeans Marks.

          3.ii.     Licensed Products

               a.   Mens casual apparel :  tops and bottoms including
                 jeans, other denim products, twill pants, and lightweight
                 cotton pants, knitted and woven tops using the Joe's and
                 Joe's Jeans Marks.  This category excludes accessories.

               b.   Womens casual apparel :  tops and bottoms including
                 jeans, other denim products, twill pants, and lightweight
                 cotton pants, knitted and woven tops using the Joe's and
                 Joe's Jeans Marks.  This category excludes accessories.

          The above shall collectively be referred to as the
     "Products".

  4.   TERRITORY

          This LOI pertains to the non-exclusive manufacture
          of  the Licensed Products in the country of  Japan
          or  anywhere  in  the world, and pertains  to  the
          exclusive distribution in the country of Japan  of
          the   Imported  Products  and  Licensed   Products
          specifically mentioned in Section 3 of this LOI.

  5.   SALES AND ROYALTIES

          Projected sales, minimum sales, minimum royalties,
          minimum  purchases,  are to  be  negotiated.   The
          Parties   envisage   that  in   the   event   that
          a  three (3) year Master Agreement is agreed upon,
          the  minimum royalty rate on the Licensed Products
          as  specified in Section 3.ii.a. and 3.ii.b  above
          will be as follows :

          5.i. The  royalty rate for Licensed Products which
               are bottoms, will be six percent (6%).

          5.ii.      The  royalty rate for Licensed Products
               which are tops, will be five percent (5%).

  6.   GUARANTEED MINIMUM IMPORTED AMOUNTS

          ITOCHU agrees to import no less than the hereunder
          written  amounts of the Imported Products  at  FOB
          USA value :

               Year 1    (18 months)    :  1.5 Million USD
               Year 2  (12 months) :  2 Million USD
               Year 3    (12 months)    :  2.25 Million USD
  7.   LICENSED PRODUCTS

          ITOCHU agrees that it and/or its sub-licensee  (as
          may  be  approved  by JOE'S),  shall  not  in  any
          contract  year, manufacture or sell and distribute
          a unit quantity of Licensed Products exceeding the
          unit  quantity of Imported Products purchased from
          Joe's Jeans Inc.

          ITOCHU  agrees  that  it and/or  its  sub-licensee
          shall  commence the sale and distribution of  that
          portion of Licensed Products which is knitted  and
          woven tops, by no later than June 30, 2004.

  8.   TERM

          The term of a possible agreement would be a period
          of three (3) years, or otherwise, as may be agreed
          upon.

  9.   ADVERTISING

          ITOCHU  agrees  that  an amount  equivalent  to  a
          minimum  of three percent (3%) of annual wholesale
          sales shall be spent each year for advertising the
          brand.

  10.  INVENTORY

          ITOCHU  and/or its sub-licensee will purchase  the
          inventory   from  JOE'S,  within   the   hereunder
          mentioned considerations :

                 a.   Inventory which is in JOE'S current line of products
                    being sold shall be purchased by ITOCHU at Joe's Jeans Inc.
                    USA wholesale price minus twenty-five percent (25%).

                 b.   Defective goods/damaged goods returned by customers or
                    otherwise; will not be purchased.

                 c.   All other inventory shall be purchased at Joe's Jeans
                    Inc.  "cost", plus duty and freight to Tokyo warehouse.
                    Such   "cost" shall be mutually agreed upon between the
                    Parties.

                 d.     Inventory purchases will be a cash transaction.

          Any  inventory transacted in accordance with  this
          Section   10,  shall  have  no  bearing   on   any
          considerations mentioned in Section 6 and  Section
          7 hereof.
  11.  ACCOUNTS RECEIVABLE OF JOE'S JEANS JAPAN INC.

          This receivable will be collected by JOE'S in  due
          course   and  ITOCHU  has  no  obligation  related
          thereto.

  12.  EMPLOYEES OF JOE'S JEANS JAPAN INC.

          ITOCHU  will  make  its best  efforts  to  employ,
          either  itself or together with any approved  sub-
          licensee,  as  many employees  as  possible.   The
          following  circumstances will create an  exclusion
          from the undertaking :

                 a.   Agency or outside contract employees

                 b.   Employees who decline to be interviewed or unilaterally
                    decided not be hired

          Except   for   those  exclusions  mentioned,   the
          employees not hired will be subject to a severance
          consideration to be managed by JOE'S but  mutually
          agreed  upon  with  ITOCHU.   The  cost  of   such
          severance consideration will be equally shared  by
          JOE'S and ITOCHU.

  13.  DISCOUNT AND PAYMENT TERMS ON IMPORTED PRODUCTS

          Imported Products shall be paid for via letter  of
          credit  at sight, or via wire transfer within  ten
          (10)  days  of  FOB  ship date, whichever  payment
          method  may  be elected by Joe's Jeans  Inc.  from
          time to time.  In the event that wire transfer  is
          elected  as  method of payment, Joe's  Jeans  Inc.
          will  submit  a pro-forma invoice and an  accurate
          packing  list  related  to all  shipments  of  the
          Imported  Products to ITOCHU, no less  than  three
          (3) days prior to the anticipated FOB ship date.

          Joe's  Jeans  Inc. undertakes to  grant  ITOCHU  a
          discount of twenty-five percent (25%) off the  USA
          wholesale price of imported products.

  14.  PRICING STRUCTURE AND IMAGE

          The  Parties agree that the Products are a premium
          jean  and  prestige product sold under  the  JOE'S
          brand.  A discount of twenty-five percent (25%) is
          granted  on Imported Products, in order to  insure
          that ITOCHU will maintain the same prestige retail
          marketing  strategy as previously  established  by
          Joe's  Jeans  Japan Inc.  The standard  of  retail
          distribution  and  appropriateness  shall   follow
          those  currently  maintained by  JOE'S  in  Japan.
          ITOCHU acknowledges the high standard and prestige
          market positioning of the JOE'S brand in Japan.

  15.  DURATION OF THE LOI

          The   Parties  shall  exercise  every  effort   to
          complete   the  discussions  and  execute   formal
          agreements contemplated by this LOI as soon as  is
          practical.   If  no  formal agreements  have  been
          executed   by  June  20,  2003,  this  LOI   shall
          automatically   terminate   unless   extended   in
          writing, prior to that date, by mutual agreement.

  16.  CONFIDENTIALITY

          Each  party  and  its  directors,  employees   and
          representatives   shall  keep   confidential   the
          content of any discussions or negotiations between
          the  Parties  under this LOI and pertaining  to  a
          possible license agreement.

  17.  COSTS

          ITOCHU  and  JOE'S each will bear  its  own  costs
          pertaining  to  the signing of  this  LOI  and  in
          connection  with  the activities  contemplated  by
          this  LOI for the negotiation and finalization  of
          any formal agreements.

  18.   NON-BINDING AND ESSENTIAL CONDITIONS

          This LOI is merely indicative of the intentions of
          the  Parties  hereto  and  is  in  no  way  to  be
          considered  as a legally binding instrument.   The
          Parties   shall  only  become  bound   after   the
          negotiation and execution of a separate  agreement
          which   will   reflect  the  overall   terms   and
          conditions  related  to the  intentions  contained
          herein  and  if  and  when such definite  separate
          definitive  agreement  is prepared,  executed  and
          delivered by and between them and the transactions
          contemplated   thereby  are  approved   by   their
          respective Board of Directors and their designees.
          The  Parties  intend that only the  provisions  of
          Section  16, 17 and 20 shall constitute a  binding
          agreement between the Parties beyond the expiry of
          this LOI.

  19.  EXCLUSIVITY OF NEGOTIATIONS

          Until  such time as a party notifies the other  in
          writing  that it does not wish to proceed  further
          with the execution of an Agreement as contemplated
          by  this  LOI,  or until the expiry of  this  LOI,
          neither   party   shall  engage   in   discussions
          concerning  or  otherwise  supporting  a   similar
          Distribution or Licensing Agreement.

  20.   GOVERNING LAW

          The  laws  of  the  State of  California,  without
          regard to its principles of conflict of law, shall
          govern the interpretation of this LOI.

This LETTER OF INTENT is executed in the State of California
on the 19th day of     May 2003.

          /s/ Samuel Joseph Furrow, Jr.
          by :  Samuel Joseph Furrow, Jr.
          title/capacity :     CEO
          for :   JOE'S JEANS INC.

          /s/ Philip R. Foxwell
          by :  Philip R. Foxwell
          title/capacity : President
          for :   JOE'S JEANS JAPAN INC.

          /s/ Takeshi Kuhekawa
          by : Takeshi Kuhekawa
          title/capacity : Chief Operating Officer
          for :   ITOCHU CORPORATIONExhibit 10.5

   LETTER OF INTENT FOR PURCHASE OF THE ASSETS OF THE BLUE
 CONCEPTS DIVISION OF AZTECA PRODUCTIONS INTERNATIONAL, INC.

              STRICTLY PRIVATE AND CONFIDENTIAL

Innovo Group Inc.
5900 S. Eastern Ave., Suite 104
Commerce, California 90040
(323) 725-5516

Hubert Guez
CEO
Azteca Production International, Inc.
5804 E. Slauson Ave.
Commerce, CA 90040

June 10, 2003

Dear Mr.Guez:

Innovo  Group,  Inc., a Delaware corporation, ("Innovo")  is
pleased to submit this letter of intent ("Letter of Intent")
regarding the acquisition of 100% of the assets of the  Blue
Concepts  Division  ("Blue Concepts") of Azteca  Productions
International,   Inc.   ("Azteca")   by   our   wholly-owned
subsidiary   Innovo  Azteca  Apparel,  Inc.  ("IAA").    The
acquisition  of  the  assets of Blue Concepts  by  IAA  from
Azteca shall hereafter be known as the "Transaction" and the
date  of  the consummation of the Transaction shall  be  the
"Close"   or   the  "Closing".   IAA  will   pay   a   total
consideration  of  $21.8  million  (the  "Purchase   Price")
composed  of  a  note/convertible note as  discussed  below,
subject  to  the  terms and conditions  of  this  Letter  of
Intent.  The Transaction, including terms and conditions, is
described in greater detail below.

The  parties to this Letter of Intent shall endeavor in good
faith  to  finalize and execute a definitive asset  purchase
agreement (the "Definitive Purchase Agreement") and  certain
other  ancillary  agreements defining the Transaction  which
shall  include the terms below and such other provisions  as
may be mutually agreed upon.

A.   Definitive Asset Purchase Agreement

1.   General Terms

          (a)   The Purchased Assets:  The Transaction shall
          include the purchase of all of the assets of  Blue
          Concepts including but not limited to:

          All  right,  title and exclusive interest  to  all
          patents,   trademarks,  trade   names,   technical
          processes, know-how or other intellectual property
          associated  with  the business of  Blue  Concepts,
          whether registered or not;

          All  tangible and intangible property  related  to
          the  business of Blue Concepts including  customer
          lists,  records, goodwill, account base and  other
          intangible assets;

          All  contracts  for  purchases from  suppliers  or
          deliveries, to customers of Blue Concepts; and

          Any other assets of any nature whatsoever that are
          related to or used in connection with the business
          of  Blue  Concepts and its goodwill (collectively,
          the "Purchased Assets").

     (b)   Purchase Price: The total consideration  for  the
Purchased  Assets shall be $21.8 million dollars  ("Purchase
Price") payable to Azteca as follows:

    (i)  Purchase Note:  IAA shall execute a promissory note
       equal to the Purchase
       Price  in  favor  of Azteca (the "Note").   The  Note
       shall be a 7 year note with interest only being  paid
       for  the  first  24 month period and  shall  then  be
       fully   amoritorizing  over  the   remaining   5-year
       period.  The Note shall bear interest at the rate  of
       6%  per  annum. The principal amount of the Note  may
       be  offset  by Azteca against the exercise  price  of
       previously  issued  and outstanding  Innovo  warrants
       held  by Azteca or its affiliates, provided that  any
       such  offset  shall be duly authorized and  evidenced
       by  board resolutions of Azteca and/or the affiliate,
       as  the case may be, and shall be in accordance  with
       applicable  law  and  generally  accepted  accounting
       principles.

    (ii)  Purchase  Note Conversion:  As soon as  reasonably
       possible, Innovo shall hold a shareholder meeting to vote on
       the  approval of the conversion of $12,500,000 of the
       principal balance of the Note into 3,125,000 shares of
       Innovo Common Stock ("Converted Shares").  In the event
       shareholder approval is not obtained, the Note shall remain
       in place with the same existing terms and balances.

       (iii)  Locked Up Shares:  In the event the  Converted
       Shares   are  issued  as  contemplated  herein,   the
       Converted  Shares  shall  be  non  transferable   and
       "locked  up"  for the 24 month period  following  the
       issuance  of  the  Converted  Shares.   ("Locked   Up
       Shares").  Azteca shall have the right to  substitute
       other  shares  of Innovo common stock  now  owned  by
       Azteca,  or  acquired by Azteca pursuant  to  warrant
       agreements  to  satisfy its obligation  to  hold  the
       requisite number of Locked Up Shares during the  lock
       up  period. In the event that the thirty day  average
       trading   price   of  the  Company's   common   stock
       immediately preceding the expiration of the 24  month
       lock  up period ("Lockup Date Average") is below  $4,
       the  Company shall issue to Azteca additional  shares
       of  common  stock ("Shortage Shares")  equal  to  the
       difference  of 12,500,000 divided by the Lockup  Date
       Average minus 3,125,000.  The Lockup Date Average  to
       be  used in the aforementioned formula shall  not  be
       less than at $3.   This provision will be subject  to
       shareholder approval by the Company's shareholders.

    (iv) Fairness Opinion:   Prior to the Special Committee of
       the  Board of Directors recommending to the Board  of
       Directors to approve the Definitive Purchase Agreement, a
       fairness opinion shall be obtained by Innovo.

2.   Representations and Warranties.

     The   Definitive  Purchase  Agreement   shall   contain
representations and warranties typical in a  transaction  of
this  size  and  nature.  The Definitive Purchase  Agreement
shall  provide for customary remedies to IAA  for  any  cost
incurred  by  IAA  within three years of the  Closing  as  a
result   of   a   breach  by  Azteca/Blue  Concepts   of   a
representation  and  warranty.  Additionally,  Azteca  shall
represent  that  the  financial income  statements  attached
hereto  as Exhibit 1 fairly represents the financial results
for  the  2002 fiscal year end and first quarter of 2003  of
Blue Concepts, including historical expenses.

3.   Loss of Account

     In  the event, during the 12 month period following the
Closing,  American  Eagle Outfitters,  Inc.  ("AEO")  is  no
longer  a  customer  of IAA any Locked Up  Shares  shall  be
returned  to  the  Company and any amount remaining  on  the
balance of the Note shall be shall be forgiven.

4.   Sales Guarantee

     In  the  event IAA's gross revenues from AEO  does  not
reach  $65 million during either of the two 12 month periods
following  the Closing, the principal balance  of  the  Note
shall be reduced by an amount equal to $65 million minus the
actual  gross  sales  to  AEO during  the  12  month  period
multiplied by 50%.  If this provision is implemented  during
the  first twelve month period and the net revenues from AEO
in  the  subsequent twelve months decreases compared to  the
prior  12 month period, the then existing principal  balance
of the Note shall be reduced by an amount equal to the first
12  months  net revenues from AEO minus the net revenues  in
the second 12 month period multiplied by 50%.

     In  the  event  a portion of the Note is exchanged  for
Converted  Shares and the proceeding formula  results  in  a
reduction of the principal balance of the Note greater  than
the  principal balance of the Note then outstanding,  Locked
Up  shares  shall be returned to Innovo, with the Locked  Up
Shares being valued at $4 per share, in an amount sufficient
to  equal  the  amount of the requisite reduction.   In  the
event  the  gross  revenues of IAA to AEO  decrease  to  $35
million or less in any of the two 12 month periods following
the  Closing  Date,  IAA shall have the right  to  sell  the
Purchased Assets back to Azteca, and Azteca shall  have  the
right  to  buy  back the Purchased Assets for the  remaining
balance  of the Note and any and all Locked Up Shares  shall
be returned to the Company.

     Notwithstanding   anything  in   the   two   proceeding
paragraphs,  in  the event the net revenues decrease  during
the  24  month  period following the Closing, the  principal
balance  of  the Note and the value of the Converted  Shares
shall  not  be reduced below $5 million, unless  AEO  is  no
longer a customer of IAA as addressed in section 3 above  or
if   the  Purchased  Assets  are  sold  back  to  Azteca  as
contemplated in the proceeding paragraph.

5.   No Assumption of Liability

     IAA  shall not assume any liabilities of Azteca or  its
Blue Concepts division as a result of the Transaction.

6.   Conditions Precedent to the Closing

     The Definitive Purchase Agreement shall provide for the
following conditions precedent to closing:

     (a)  Governmental Approvals:  All required governmental
          approvals necessary for the Closing shall have been
          attained.

(b)  Material Adverse Change: There shall have been no
material adverse change in the business, assets, operations,
or prospects of Blue Concepts prior to the Close, relative
to the state of Blue Concepts as of the date of this Letter
of Intent, and Blue Concepts shall notify Innovo of any
material changes.

(c)  Due Diligence:  Innovo shall have concluded its due
diligence and found the results acceptable.

(d)  Documentation:  Innovo shall consider acceptable the
documentation necessary for Closing the Transaction.

     (e)  Approval Process:  Successful completion of Innovo's
          internal approval process (including receipt of Fairness
          Opinion).

B.   Supply Agreement

      IAA and Azteca shall enter into a non-exclusive supply
agreement  for products to be sold by IAA to Blue  Concept's
former   customers.   The  purchase  price  for  the   goods
purchased  from  Azteca or its affiliates  pursuant  to  the
supply  agreement shall be at a price which will allow   IAA
to  have an initial margin per unit of not less than 15%  on
the  goods  sold  to  IAA's new and  Blue  Concept's  former
customers.

C.   Earn out Provision

     So  long as IAA is selling apparel products to AEO, IAA
shall,  on a quarterly basis, pay to Sweets Sportswear,  LLC
an  amount  equal  to 2.5% of the gross  revenues  of  these
products.

D.   Covenants Not to Compete and Non-Solicitation

1.   Covenant Not to Compete.

     For  a period of 48 months beginning as of the Closing,
Azteca,   its   principals,   shareholders,   partners   and
affiliates shall not, directly or indirectly engage (whether
as   owner,   operator,  shareholder,  manager,  consultant,
employee,) in any business with AEO, its subsidiaries or its
affiliates, unless the person is an employee of IAA.

2.   Non-Solicitation.

     With the exception of those employees who are not hired
by IAA, if any, to manage and operate IAA's business, for  a
period  of  24 months beginning on the Closing, Azteca,  its
principals, shareholders, partners and affiliates shall not,
directly  or  indirectly, solicit for  employment  or  hire,
either  as  an employee or as a consultant, any employee  or
independent  contractor  of  IAA  who  was  an  employee  or
independent contractor of Blue Concepts as of the signing of
this Letter of Intent.

E.   Voting Agreement

     The  parties contemplate that the current board members
of  Innovo  shall enter into a Voting Agreement  or  similar
agreement  to  vote all shares of Innovo Common  Stock  that
they  control directly or indirectly in favor of  a  portion
of  the  Note  being converted into shares of Innovo  Common
Stock.

F.   Counterparts

     This letter may be executed in one or more counterparts
which  when  taken together shall constitute  but  a  single
instrument.

G.   Arbitration

        All   claims   demands,   disputes,   controversies,
differences,  or  misunderstandings  between   the   parties
relating  to  this  Letter of Intent  shall  be  settled  by
arbitration,  in accordance with the rules of  the  American
Arbitration Association, and judgment on the award  rendered
by the arbitrator or arbitrators may be entered and enforced
in  any  court  having jurisdiction.  The arbitration  shall
take place in California.

H.   Governing Law

       This   Letter  of  Intent  shall  be  construed   and
interpreted   in  accordance  with  and  governed   by   the
substantive  laws of the State of California, excluding  any
choice-of-law principle that may require application of  the
laws of another jurisdiction.

I.   Public Disclosure

      None  of Blue Concepts, Azteca, Innovo, IAA or any  of
its affiliates will make any disclosure of the existence  of
this  Letter of Intent or any terms of this Letter of Intent
without  the consent of the other party, unless required  by
law.

J.   Legal Effect

      This Letter of Intent is intended to be a statement of
the  mutual  interest  of  the parties  with  respect  to  a
possible  Transaction  and  is  subject  to  execution   and
delivery  of  a  mutually satisfactory  Definitive  Purchase
Agreement  and Definitive Supply Agreement.  Nothing  herein
shall constitute a binding commitment of either party.   The
parties  will become legally obligated with respect  to  the
Transaction  only in accordance with the terms contained  in
the  Definitive  Purchase Agreement  and  Definitive  Supply
Agreement  relating thereto if, as and  when  each  of  such
documents has been executed and delivered by the parties.

     If  the  foregoing meets your approval, please indicate
your  acceptance of the terms set forth in  this  Letter  of
Intent  by  signing in the space provided below and  on  the
enclosed  copy  and  by returning the copy  to  us  for  our
records.

                         Sincerely,

                         INNOVO GROUP INC.

                         By:  /s/ Jay Furrow
                                 Jay Furrow, CEO

Agreed to and accepted this 10th day of
June, 2003.

AZTECA PRODUCTION INTERNATIONAL, INC.

By:  /s/ Hubert Guez
        Hubert Guez, CEO

Agreed to and accepted this 10th day of
June, 2003.

AZTECA PRODUCTION INTERNATIONAL, INC.

By:  /s/ Paul Guez
        Paul Guez, President

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