Document:

EXHIBIT 10.116

                       CONTRAT DE PRESTATIONS LOGISTIQUES

ENTRE

La societe INTER PARFUMS, societe anonyme au capital de 12.816.594 (euro), dont
le siege social est 4 Rond Point des Champs Elysees, 75008 PARIS, immatriculee
au Registre du Commerce et des Societes de PARIS sous le numero 350 219 382,

Representee par Monsieur Philippe BENACIN, President Directeur General

Ci-apres denommee INTER PARFUMS,

                                        D'UNE PART,

ET

La societe SAGATRANS, societe par actions simplifiee au capital de 23.880.825
(euro), dont le siege social est 31/32 quai De Dion Bouton, 92800 PUTEAUX,
immatriculee au Registre du Commerce et des Societes de NANTERRE sous le numero
712 025 691,

Representee par Monsieur Philippe CHAMINADE, President

Ci-apres denommee SAGATRANS,

                                        D'AUTRE PART,

<PAGE>

                                    SOMMAIRE

ARTICLE  1 - OBJET

ARTICLE  2 - EXCLUSIVITE

ARTICLE  3 - INSTALLATIONS ET EQUIPEMENTS

ARTICLE  4 - MARCHANDISES ET CONDITIONNEMENTS

ARTICLE  5 - APPROVISIONNEMENT ET RECEPTION DES MARCHANDISES

ARTICLE  6 - PRESTATIONS LOGISTIQUES

ARTICLE  7 - PRESTATIONS COMPLEMENTAIRES

ARTICLE  8 - DROIT DE VISITE

ARTICLE  9 - INVENTAIRES

ARTICLE 10 - COMMANDES

ARTICLE 11 - SORTIES DES MARCHANDISES

ARTICLE 12 - REMUNERATION

ARTICLE 13 -

REVISIONS EXCEPTIONNELLES

ARTICLE 14 - RESPONSABILITE

ARTICLE 15 - ASSURANCES

ARTICLE 16 - FORCE MAJEURE

ARTICLE 17 - GESTION ET ADAPTATION DU CONTRAT

ARTICLE 18 - DUREE

ARTICLE 19 - INDEPENDANCE DES PARTIES

ARTICLE 20 - CONFIDENTIALITE

ARTICLE 21 - RUPTURE DU CONTRAT

ARTICLE 22 - CESSION

ARTICLE 23 - TOLERANCE

ARTICLE 24 - INTITULES

ARTICLE 25 - NULLITE PARTIELLE

ARTICLE 26 - ELECTION DE DOMICILE

ARTICLE 27 - ENREGISTREMENT

ARTICLE 28 - COMPETENCE

                                       2
<PAGE>

IL EST PREALABLEMENT EXPOSE CE QUI SUIT :

Le 29 mai 1995, la societe SAGATRANS,  societe specialisee dans la logistique et
l'organisation  du transport et la societe INTER  PARFUMS,  societe  specialisee
dans la  creation,  fabrication  et  commercialisation  de parfums  et  produits
cosmetiques,  ont signe un  protocole  d'accord,  avec effet  retroactif  au 1er
janvier 1995, aux termes duquel INTER PARFUMS a confie a SAGATRANS, sur son site
de Rouen, rue Leon Maletra,  la gestion de son stock de produits  cosmetiques et
de parfumerie  destines a l'exportation.  Ce contrat a ete complete par avenants
en date des 18 et 20 decembre 1995, et du 24 juin 1997.

Afin de repondre a la  croissance de l'activite de la societe INTER PARFUMS et a
sa decision de confier a SAGATRANS le stockage de ses produits a destination  du
marche francais outre ceux destines a l'exportation,  les parties sont convenues
de transferer le stockage des produits  commercialises par INTER PARFUMS sur une
nouvelle plate-forme dediee a l'activite d'INTER PARFUMS.

INTER  PARFUMS  et  SAGATRANS  ont  donc  signe  le 5 mai  1998  un  contrat  de
prestations de services portant sur l'organisation et l'execution des operations
de reception,  de stockage,  de preparation de commandes de produits cosmetiques
et de parfumerie commercialises par INTER PARFUMS dans un entrepot de 8.000 m(2)
(batiment A) pris en location par SAGATRANS sur le site de Rouen Vallee de Seine
Logistique et dedie a l'activite  INTER PARFUMS dont la mise en  exploitation  a
ete faite le 1er aout 1999.

Pour repondre aux besoins d'INTER  PARFUMS,  SAGATRANS s'est engagee par avenant
du 21 novembre 2001 a prendre en location  aupres de la S.C.I.  SOGARIS-PORT  DE
ROUEN VALLEE DE SEINE, un batiment a usage d'entrepot d'une superficie d'environ
3.000 m(2)  construit  en  extension  du  batiment A et mis en  exploitation  en
juillet  2002 et a  poursuivre  avec le Port  Autonome  de Rouen  et la  SOGARIS
l'etude  d'un  projet  d'implantation  d'un  nouvel  entrepot  d'une  superficie
d'environ 6.000 m(2) sur le meme site.

Dans  le  courant  de  l'annee  2003  et  2004,  les  parties  se  sont  reunies
regulierement pour examiner les moyens necessites par la croissance annoncee par
INTER  PARFUMS.  A l'issue des  differentes  etudes,  les parties ont convenu de
prevoir une nouvelle  extension  des  capacites de stockage sur le site de ROUEN
VALLEE DE SEINE.  et de signer le  present  contrat  qui,  a compter  de sa date
d'effet, entrainera resiliation du contrat du 5 mai 1998 et de son avenant.

IL A DONC ETE CONVENU CE QUI SUIT :

ARTICLE 1 - OBJET

INTER PARFUMS confie a SAGATRANS, qui accepte, aux termes et conditions ci-apres
exposes, l'organisation et l'execution des operations de reception, de stockage,
de  preparation  des  commandes  des  produits  ci-apres  definis a l'article 4,
destines au marche national et a l'exportation.

                                       3
<PAGE>

SAGATRANS s'engage a mettre en place et a adapter la structure, les equipements,
les  moyens  en  personnel  et en  materiels  necessaires  a  l'execution  de la
prestation  confiee et demandee par la societe INTER PARFUMS dans les conditions
des presentes.

ARTICLE 2 - EXCLUSIVITE

INTER PARFUMS  confie a SAGATRANS  l'exclusivite  des operations de stockage des
produits  finis ci-apres  definis (<< Produits  >>)et de logistique  decrites au
present contrat a l'exclusion de toutes prestations complementaires. Les Parties
conviennent  que cette  exclusivite est consentie et acceptee tant que SAGATRANS
sera en mesure,  pendant toute la duree de ce contrat,  d'offrir a INTER PARFUMS
une structure, des equipements, des moyens en personnel et materiels necessaires
afin  de  repondre  a  la  demande  de  capacite  de  stockage  d'INTER  PARFUMS
conformement a la reglementation en vigueur.

Les parties  conviennent  expressement  que par derogation a cette  exclusivite,
INTER  PARFUMS se reserve le droit,  lorsque les  circonstances  le  requierent,
notamment  l'urgence,  la  localisation  a l'etranger  des usines de  production
d'articles   promotionnels,   de  prendre  en  charge  par  ses  propres  moyens
l'expedition  de ses Produits a la sortie des usines et d'exclure en consequence
le chiffre d'affaires  afferent a cette commande du calcul de la remuneration de
SAGATRANS telle que definie a l'article 12.

ARTICLE 3  - INSTALLATIONS ET EQUIPEMENTS

3.1. SURFACES DE STOCKAGE

SAGATRANS a mis en place et en oeuvre sur le site de ROUEN VALLEE DE SEINE
LOGISTIQUE la structure immobiliere necessaire a l'execution de la prestation
confiee et demandee par INTER PARFUMS et permettant :

   -  de stocker les Produits  confies par INTER PARFUMS a temperature  ambiante
      et hors gel dans l'entrepot A,

   -  de preparer les commandes France (picking) et Export

   -  d'assurer  la  gestion  administrative  des  operations  dans les  bureaux
      attenants a l'entrepot A

Afin de repondre a la demande  d'INTER  PARFUMS  d'augmenter  les  capacites  de
stockage,  SAGATRANS s'engage a prendre en location, aupres de la SCI constituee
entre le Port  Autonome  de Rouen et de la SOGARIS ou de toute  entite  qu'il se
substituera , de nouvelles surfaces  d'entreposage situees sur le domaine public
sur le site de Rouen Vallee de Seine Logistique.

En l'etat actuel du projet de  construction  presente par le Port Autonome,  les
surfaces  complementaires  pourront etre mises en  exploitation a compter du 1er
octobre  2005.  Il est  convenu  que  SAGATRANS,  ce  qu'INTER  PARFUMS  accepte
expressement,  ne pourra  etre  tenue  pour  responsable  des  delais  lies a la
construction  a etre  effectuee  par le Port  Autonome  de  Rouen  et/ou  la SCI
precitee ; qu'en  consequence la  realisation de ces travaux qui  conditionne la
mise en  exploitation  effective  de  l'extension  ne  saurait  emporter  aucune
consequence en

                                       4
<PAGE>

matiere de responsabilite dans le cadre des rapports contractuels existant entre
INTER PARFUMS et SAGATRANS. Neanmoins, SAGATRANS fera ses meilleurs efforts pour
mettre en oeuvre tous  moyens  necessaires  aupres de la SCI afin de  s'assurer,
dans  la  mesure  du  possible,  de le mise en  exploitation  desdites  surfaces
complementaires dans le delai escompte.

SAGATRANS  s'engage a informer  immediatement  INTER PARFUMS de tout incident de
nature a remettre en cause ou a retarder la  construction  du batiment,  afin de
permettre  aux  parties  d'envisager  de  nouvelles  solutions.  A  la  mise  en
exploitation des surfaces  complementaires prevue le 1er octobre 2005, SAGATRANS
offrira a INTER PARFUMS une capacite de stockage de 14.000  palettes (base 100 x
120) sur le site de ROUEN VALLE DE SEINE LOGISTIQUE repartie entre le batiment A
et le batiment B,  construits et concus en conformite  de la  reglementation  en
vigueur sur les installations  classees et la protection de l'environnement,  le
batiment  B etant  equipe  d'un  systeme  de  sprinklage  adapte a la nature des
produits et a leur mode de stockage.  SAGATRANS  s'engage a  augmenter,  pendant
toute la duree du present  contrat,  sa  capacite  de  stockage  jusqu'a  20.000
palettes (base 100 x 120) en fonction de l'evolution des besoins d'INTER PARFUMS
lies au developpement de ses activites et figurant en Annexe 1 des presentes.

3.2. EQUIPEMENTS

SAGATRANS met a disposition tous les equipements necessaire a la realisation des
prestations  definies  au  present  contrat  et  notamment  :

   -  un ensemble de palettiers pouvant recevoir des palettes 100 x 120,

   -  un equipement  specifique  (dynamique)  pour les  preparations de commande
      France incluant un tunnel de retraction,

   -  une filmeuse de palettes,

   -  un ensemble de chariots elevateurs adaptes a la configuration du stockage.

Etant  convenu que  SAGATRANS  fera evoluer ou completer  ses  equipements  afin
d'assurer  une  gestion  optimale  du stockage  des  Produits  confies par INTER
PARFUMS au titre du present contrat.

3.3. INSTALLATION INFORMATIQUE

SAGATRANS  s'est dotee d'un  programme  informatique  specifique a la gestion de
stock  qu'elle se reserve le droit de modifier sous reserve  d'accord  prealable
d'INTER  PARFUMS  et pour  lequel des  nouvelles  fonctionnalites  notamment  en
matiere de  radio-frequence  et identification des colis seront effectives au 31
janvier 2005. SAGATRANS mettra tout en oeuvre afin de reduire toute perturbation
qui  pourrait  resulter des  modifications,  qui ne  remettront  en cause aucune
fonction  substantielle au traitement des donnees.

Une liaison informatique est mise en place entre SAGATRANS et INTER PARFUMS afin
de  permettre  a cette  derniere  de  transmettre  directement  ses  commandes a
SAGATRANS,  de connaitre la position du stock,  les preparations de commandes et
les listes de colisage.

                                       5
<PAGE>

SAGATRANS s'engage a faire les mises a jour des nouvelles versions du logiciel a
l'exception des fonctions  specifiques qui devront faire l'objet d'un cahier des
charges et d'un accord particulier entre les parties.

En cas de  dysfonctionnement  de quelque nature que ce soit de cette application
informatique,   SAGATRANS   s'engage  a  effectuer  ou  faire   effectuer  toute
maintenance necessaire afin que le systeme soit operationnel dans les plus brefs
delais,  notamment en faisant beneficier INTER PARFUMS des delais de maintenance
dont dispose  SAGATRANS aupres de ces fournisseurs de maintenance  informatique,
toute  demande  etant  prise  en  compte  dans un  delai  maximum  de 24  heures
ouvrables.

A l'issue du contrat, l'application informatique fournie par SAGATRANS demeurera
la propriete de SAGATRANS. En consequence,  INTER PARFUMS s'engage a restituer a
SAGATRANS  ladite  application,  le Modem,  l'Interface et tous autres materiels
appartenant  a  SAGATRANS,  a premiere  demande de cette  derniere.  SAGATRANS a
l'issue du contrat mettra automatiquement fin a cette connexion informatique.

3.4. ADEQUATION DES MOYENS MIS EN OEUVRE

INTER PARFUMS  confirme qu'en l'etat actuel du developpement de ses activites et
de la nature des Produits  confies,  les surfaces de stockage,  installations et
equipements  ci-dessus decrits sont necessaires et suffisants a la bonne fin des
prestations qu'elle confie a SAGATRANS et notamment adaptes a la conservation, a
la manutention et au traitement des flux de ses marchandises.

Le respect des donnees qui ont ete  etablies par les parties et qui ont servi de
base au  dimensionnement  des moyens mis en oeuvre est un point  essentiel de ce
contrat.

ARTICLE 4 - MARCHANDISES ET CONDITIONNEMENTS

4.1. INTER PARFUMS confie a SAGATRANS les Produits finis suivants :

o  parfums,

o  cosmetiques et produits de soins du corps,

o  savons, shampooings et autres produits d'entretien du corps,

o  produits conditionnes en aerosol,

o  plus  generalement  toutes les gammes et lignes de produits de cosmetiques ou
   de parfumerie ainsi que tous accessoires commercialises par INTER PARFUMS,

a l'exclusion  d'articles de conditionnement  tels que pompes,  cales,  flacons,
capot, etuis, caisses, concentres, jus, etiquettes.

Les  parties  conviennent  que les marques  designant  l'ensemble  des  Produits
confies  a  SAGATRANS  sont  toutes  les  marques  commercialisees  a la date de
signature  du present  contrat par INTER  PARFUMS,  a  l'exclusion  expresse des
produits  LANVIN destines aux ventes a l'export qui seront confies a SAGATRANS a
compter de la mise en oeuvre effective du batiment B.

                                       6
<PAGE>

      Les parties  excluent  expressement  du present  contrat tous les produits
      dont le stockage  (nature et quantite) n'est pas valablement  autorise par
      les  arretes  prefectoraux   delivres  pour  la  rubrique  1510  (entrepot
      couvert),  1430 (liquides  inflammables)  conformement a la reglementation
      des installations  classees pour la protection de l'environnement pour les
      entrepots situes sur le site de ROUEN VALLE DE SEINE.

Il est expressement precise que,  conformement aux arretes prefectoraux delivres
dans le cadre de la reglementation des installations classees pour la protection
de  l'environnement,  le volume d'alcool contenu dans les liquides  inflammables
stockes ne pourra exceder 400 m3 dans  l'entrepot A et 100 m3 dans l'entrepot B.
En cas de depassement  du volume  autorise les parties se  concerteront  sur les
modalites de stockage du surplus des produits concernes.

4.2.   Les produits sont  conditionnes sur palettes filmees  indiquant le nombre
de cartons contenus dans chaque palette, et les cartons indiqueront le nombre de
produits qu'ils contiennent.

4.3.   INTER PARFUMS s'oblige a fournir a SAGATRANS toutes  informations sur les
caracteristiques  des  produits  et  notamment  les  classifications,  le volume
d'alcool  contenu,  les  contraintes  de  stockage  inherentes  a  des  produits
particuliers et les risques encourus.

SAGATRANS  ne  saurait  etre   responsable  des   consequences  de  declarations
incompletes ou erronees  concernant  notamment la nature et la  composition  des
produits.

SAGATRANS aura la faculte soit de proceder au deplacement d'office dans un local
approprie de la  marchandise  ayant fait l'objet  d'une  declaration  erronee ou
incomplete,  soit d'en effectuer la reexpedition  d'office,  en cas de risque de
nature a  compromettre  la securite de ses  activites,  de son  personnel ou des
tiers.

SAGATRANS aura le droit de refuser l'entree des marchandises  qui, par leur etat
ou leur nature,  seraient en contravention manifeste avec les lois et reglements
en vigueur.

ARTICLE 5 - APPROVISIONNEMENT ET RECEPTION DES MARCHANDISES

5.1.   La societe INTER PARFUMS  assure seule la gestion de  l'approvisionnement
en  marchandises  de  l'entrepot.  Il  appartient a la societe  INTER PARFUMS de
s'assurer  que le stock ainsi genere soit toujours  suffisant,  tant en quantite
qu'en assortiment,  pour permettre a SAGATRANS de preparer les commandes d'INTER
PARFUMS lui parvenant.

INTER PARFUMS communique un planning  d'approvisionnement  pour la semaine S+1 a
SAGATRANS afin que celle-ci  puisse assurer la reception des  marchandises  dans
des conditions optimales.

SAGATRANS ne saurait a ce titre etre  responsable  des ruptures du stock qui lui
est ainsi confie.

                                       7
<PAGE>

5.2.   SAGATRANS assure la reception et le dechargement des marchandises qui lui
sont livrees, du lundi au vendredi de 7 heures 30 a 11 heures 30 et de 13 heures
30 a 17 heures 15.

5.3.   SAGATRANS  verifie l'etat  apparent des palettes et des cartons ainsi que
la quantite  qui lui sont livres,  prend toutes  reserves de droit a l'egard des
transporteurs en cas d'avaries,  de casse ou de manquants constates,  etablit la
lettre de  protestation  dans les delais usuels et transmet a INTER PARFUMS tous
les documents  necessaires  pour deposer sa demande  d'indemnisation  aupres des
transporteurs.

SAGATRANS signale immediatement a la societe INTER PARFUMS ces incidents.

SAGATRANS procedera egalement a une verification  quantitative et qualitative du
contenu par  l'ouverture  d'un carton par  livraison et informera  immediatement
INTER PARFUMS des incoherences relevees au regard du bon de livraison.

En cas  d'avaries  importantes,  SAGATRANS  pourra  demander a INTER  PARFUMS de
missionner un expert afin de preserver ses droits a l'egard de ses  fournisseurs
et/ou transporteurs, etant entendu que le transfert de responsabilite s'effectue
lors du dechargement.

5.4.   Il est  expressement  convenu que SAGATRANS ne saurait etre  responsable,
pour quelle que cause que ce soit,  des erreurs  et/ou casses  survenues du fait
des transporteurs charges de l'acheminement de ces marchandises.

5.5.   Les produits sont recus sur palettes et emballages non consignes.

ARTICLE 6 - PRESTATIONS LOGISTIQUES

6.1. SAGATRANS effectuera pour le compte d'INTER PARFUMS les prestations
logistiques suivantes :

   -  le dechargement des marchandises ;

   -  la reception des  marchandises  dans les conditions  exposees aux articles
      5.3 et 5.4

   -  le stockage et la conservation des marchandises a temperature  ambiante et
      hors gel;

   -  la gestion du stock (controle, inventaire, premier entre

   -  premier sorti selon mode de gestion retenu par INTER PARFUMS) ;

   -  la preparation des commandes conformement aux instructions d'INTER PARFUMS
      et l'eclatement des palettes pour ce faire ;

   -  la gestion informatique du stock pour permettre a la societe INTER PARFUMS
      le suivi de celui-ci.

6.2.   Les marchandises qui sont confiees par la societe INTER PARFUMS demeurent
la propriete de cette  derniere.  SAGATRANS  s'engage  neanmoins a conserver les
Produits en leur donnant les memes soins  qu'elle  aurait  apporte dans le cadre
des objets lui appartenant personnellement.

SAGATRANS est independante dans sa gestion. Elle s'engage a gerer le stock de la
societe INTER PARFUMS en y consacrant tous les soins necessaires,  etant entendu
que les deux  parties  conviennent  d'optimiser  la  gestion  du  stock  par une
organisation rationnelle.

                                       8
<PAGE>

La gestion  informatique  mise en place par SAGATRANS  permet a INTER PARFUMS de
surveiller la rotation reguliere de ses stocks.

6.3.   Si un produit ou plusieurs  produits  n'etaient plus references par INTER
PARFUMS ou devaient  rester en entrepot  plus de six (6) mois sans  mouvement de
stock,  SAGATRANS le signalerait a INTER PARFUMS pour connaitre les  eventuelles
dispositions a prendre quant a leur transfert vers un autre site SAGATRANS situe
en Normandie.

SAGATRANS ne pourra etre tenue  responsable  du  vieillissement  des produits en
entrepot et de l'atteinte  des dates limites de vente.  SAGATRANS ne pourrait en
aucun cas etre tenue d'assumer le cout de destruction de tels produits.

ARTICLE 7 - PRESTATIONS COMPLEMENTAIRES

SAGATRANS  pourra etre amenee a effectuer a la demande d'INTER PARFUMS  diverses
prestations autres que celles enoncees a l'article 6. Il s'agit notamment :

o  des  operations   exceptionnelles  concernant  la  gestion  du  stock  ou  la
   preparation des commandes consistant dans le re-conditionnement de produits ;
   la modification et/ou le complement  d'etiquetage des produits,  le codage et
   les  verifications  specifiques  du contenu  des  cartons  ou  flacons  (hors
   verifications  d'usage lors de la reception et du dechargement des Produits),
   verifications des retours de marchandises de nature exceptionnelle;

o  des operations  d'acheminement  de marchandises au depart ou a destination de
   ou des entrepot(s) de SAGATRANS ;

o  des  transports de  marchandises  vers d'autres  sites INTER PARFUMS et/ou en
   France.

Ces prestations feront l'objet de facturations  separees. Les couts et modalites
de reglement et  d'execution  seront fixes  prealablement  par ecrit d'un commun
accord  entre les  parties,  au cas par cas,  et  notamment  le  planning de ces
operations exceptionnelles de telle sorte qu'elles ne perturbent pas la priorite
de traitement des commandes destinees a l'exportation et au marche francais.

ARTICLE 8 - DROIT DE VISITE

INTER PARFUMS aura librement acces a l'entrepot de SAGATRANS,  sous reserve pour
des raisons de securite,  de l'aviser  prealablement  de toutes visites et devra
etre  accompagnee  d'un  representant de SAGATRANS  durant toute la visite.  Ces
visites devront se derouler pendant les heures d'ouverture de l'etablissement et
seulement les jours ouvres.

Lors de ces  visites,  INTER  PARFUMS  ne pourra pas etre  accompagnee  de tiers
non-membres de son groupe sans autorisation de SAGATRANS.

L'acces aux entrepots par des tiers  commandites par INTER PARFUMS pour prelever
des echantillons, proceder a des expertises ou effectuer des operations diverses
de  controle  se fait dans les memes  conditions  que celles  qui sont  decrites
ci-dessus dans le present article.

                                       9
<PAGE>

ARTICLE 9 - INVENTAIRES

Un inventaire annuel  contradictoire  sera effectue pour l'ensemble des produits
presents en entrepot en fin d'exercice.

En outre,  le premier jour ouvre de chaque mois,  il sera effectue par SAGATRANS
un inventaire portant sur 20 a 30 references Export et 10 a 15 references France
qui  seront  selectionnees  par  INTER  PARFUMS.  Les  inventaires  se feront en
comparant le stock physique au stock informatique de SAGATRANS.

Les parties ont convenu d'une procedure de comptabilisation des produits arretee
d'un commun accord et qui est annexee aux presentes sous le numero 2.

ARTICLE 10 - COMMANDES

La  societe  INTER  PARFUMS  adresse  ses  commandes  a  SAGATRANS  par  liaison
informatique en precisant les references, et quantites de produits qui composent
les commandes a preparer,  ainsi que le mode de preparation de la commande,  .le
lieu de destination,  le receptionnaire des marchandises,  le moyen de transport
envisage et la date de sortie de l'entrepot.

Il est cependant  precise que les  commandes  finalisees  sont  systematiquement
communiquees a INTER PARFUMS qui devra en cas de desaccord le faire  connaitre a
SAGATRANS au moins 48 heures avant le depart de celle-ci.  A defaut, la commande
sera reputee conforme aux exigences de la societe INTER PARFUMS.

Les commandes  seront  preparees  selon la regle FI-FO  (premier entre - premier
sorti) sauf stipulations ecrites contraires de INTER PARFUMS.

SAGATRANS  s'engage a traiter les commandes  dans un delai de J+1 pour la France
et J+3 pour l'export Le respect de ces delais implique que les commandes  soient
adressees  par INTER PARFUMS de facon  reguliere et que toutes les  operations a
caractere  exceptionnel hors evenements saisonniers soient annoncees a SAGATRANS
avec une preavis de trois semaines  permettant  ainsi la mise en place de moyens
supplementaires.

Les palettes,  cartons,  conteneurs ou autres  emballages  sont commandes  apres
accord d'INTER  PARFUMS par SAGATRANS  selon ses besoins au regard des commandes
qui lui sont demandees et factures directement a INTER PARFUMS.

Les commandes  preparees a la demande d'INTER PARFUMS et toujours presentes dans
l'entrepot  au-dela de deux mois  pourront,  si SAGATRANS le juge utile et apres
accord  prealable d' INTER  PARFUMS , etre placees  dans  d'autres  entrepots en
attente d'enlevement.

                                       10
<PAGE>

ARTICLE 11 -  SORTIES DES MARCHANDISES

Les commandes sortiront par cartons,  palettes entieres (completes  d'origine ou
reconstituees)  ou par containeurs,  selon  instructions  communiquees par INTER
PARFUMS.  La  preparation  des cartons ou palettes sera  effectuee par SAGATRANS
ainsi que  l'empotage  des  containeurs.  SAGATRANS  aura la charge de poser les
etiquettes d'expedition sur les cartons et colis ainsi prepares.

SAGATRANS  assurera les  operations de chargement  des camions  positionnes  sur
demande de INTER PARFUMS.

Les chargements au depart de l'entrepot seront effectues,  du lundi au vendredi,
de 7 heures 30 a 11 heures 30 et de 13 heures 30 a 17 heures 30.

Il sera convenu d'un planning des chargements des camions de facon que l'attente
soit reduite a son minimum.

ARTICLE 12. REMUNERATION

12.1.  La  remuneration  de  SAGATRANS,  qui sera  applicable  a compter  du 1er
janvier 2005,  est calculee en  pourcentage  du chiffre  d'affaires  realise par
INTER PARFUMS selon les conditions suivantes, etant rappele que le montant de ce
chiffre d'affaires ne saurait inclure les chiffres  d'affaires  realises sur les
commandes expediees  directement par INTER PARFUMS conformement a l'article 2 et
a l'article 4.1 :

12.1.1. PRESTATIONS EXPORTATION

         CHIFFRE D'AFFAIRES EXPORT                   REMUNERATION
                HORS TAXES                            HORS TAXES

Jusqu'a 100.000.000 Euros                 1,85 % du chiffre d'affaires export
De 100.000.000 a 150.000.000 Euros        1,60 % du chiffre d'affaires  export
De 150.000.000 a  200.000.000 Euros       1,50 % du chiffre d'affaires export
Au-dela de  200.000.000 Euros             1,40 % du chiffre d'affaires export

12.1.2. PRESTATIONS FRANCE

2,70 % du chiffre d'affaires hors taxes France

12.2.  Toutefois,  INTER PARFUMS garantit a SAGATRANS un minimum de remuneration
annuelle dont les montants sont fixes comme suit :

Annee 2005 :      2.100.000 (euro) hors taxes
Annee 2006 :      2.600.000 (euro) hors taxes
Annee 2007 :      2.600.000 (euro) hors taxes
Annee 2008 :      2.700.000 (euro) hors taxes
Annee 2009 :      2.800.000 (euro) hors taxes
Annee 2010 :      2.900.000 (euro) hors taxes
Annee 2011 :      9/12 * 3.000.000 (euro)  hors taxes

                                       11
<PAGE>

12.3.  SAGATRANS etablira une facturation  mensuelle dont le montant forfaitaire
est  fixe a  210.000  (euro)  pour  l'annee  2005  et a 1/12  du  montant  de la
remuneration   minimale  annuelle  pour  les  annees  suivantes.   Les  factures
mensuelles seront a regler par cheque a 60 jours date de facture, celle-ci etant
emise a terme echu.

12.4.  La  remuneration  due a SAGATRANS sera  regularisee  semestriellement  en
fonction du chiffre d'affaires realise par INTER PARFUMS au depart des entrepots
de SAGATRANS.  Le chiffre  d'affaires  net,  hors taxes,  realise en France et a
l'export apres deduction des produits  retournes ayant donne lieu a avoir,  sera
identifie  par une  attestation  certifiee  conforme  par les  Commissaires  aux
Comptes de la Societe INTER  PARFUMS  fournie dans les 30 jours de la cloture du
semestre a regulariser.  Si le montant  calcule comme il est indique a l'article
12.1.1. est superieur au montant forfaitaire  mentionne a l'article 12.3 pour le
semestre  considere,  SAGATRANS etablira une facture  representant la difference
entre les deux montants, payable a reception.

12.5.  Laremuneration   visee  a  l'article   12.1.   comprend   l'ensemble  des
prestations  effectuees  par  SAGATRANS  en  application  des  termes du present
contrat a l'exception des :

o  des prestations complementaires visees a l'article 7 ;

o  des  fournitures  specifiques au traitement  des  operations  INTER PARFUMS a
   savoir : palettes,  cartons pour  confectionner des commandes  particulieres,
   films  plastiques  pour les palettes en sortie de stock,  etiquettes  cartons
   pour les preparations France, etiquettes produits dangereux, papier soie pour
   la protection des flacons des colis France,  feuillard pour les fermetures de
   carton  France,  particules de calage pour les  emballages  non  standard,  a
   l'exclusion de toutes fournitures bureautiques et informatiques usuelles.

o  des locations eventuelles de containeurs,

o  des frais d'"envoi express" ou tout autre moyen d'acheminement rapide de plis
   ou petits colis.

Ces prestations feront l'objet de facturations separees payables a 30 jours. Les
couts seront fixes prealablement par ecrit d'un commun accord entre les parties,
au cas par cas.

12.6.  Tout retard de reglement  entrainera  des  penalites de retard au taux de
l'interet  legal x 1,5 au prorata  temporis  des  journees  de  retard,  la date
d'envoi par la poste faisant foi.

ARTICLE 13 -  REVISIONS EXCEPTIONNELLES

Dans le cadre de ce contrat de  partenariat,  les Parties  conviennent  que dans
l'hypothese de modifications des donnees declarees par INTER PARFUMS de nature a
imposer a SAGATRANS des contraintes nouvelles non prevues a la date de signature
du present contrat,  par exemple :

   -  nature et caracteristiques des produits,

   -  delais d'execution des prestations,

   -  modification des conditionnements ou des supports de manutention,

   -  changement du systeme informatique,

                                       12
<PAGE>

SAGATRANS pourra demander la revision des conditions financieres du contrat afin
de respecter,  compte tenu desdites  modifications  et contraintes en resultant,
l'equilibre economique du present contrat.

De meme, si de nouvelles  reglementations  devenaient  obligatoires notamment en
matiere de securite des entrepots ou si des  modifications  importantes dans les
conditions  de  stockage  de  nature  a  affecter   l'equilibre   economique  de
l'exploitation du contrat devaient etre imposees par INTER PARFUMS, une revision
exceptionnelle  des conditions  financieres  serait mise en oeuvre dans un delai
maximum d'un mois apres la date ou ces evenements seraient survenus.

De  son  cote,   la  societe  INTER   PARFUMS   pourra   demander  une  revision
exceptionnelle  des  conditions  financieres du contrat dans le cas d'une hausse
substantielle de ses tarifs non liee aux augmentations conjoncturelles.

ARTICLE 14 - RESPONSABILITE

14.1.  RESPONSABILITE  DE SAGATRANS EN TANT  QU'ENTREPOSITAIRE  Pendant toute la
duree du stockage,  SAGATRANS est  responsable de la garde et de la conservation
en quantite et qualite  externes des biens et marchandises qui lui sont confies,
aux conditions ci-apres exposees.

14.1.1.  LA CASSE

14.1.1.1.  La casse  constatee a la reception de la  plate-forme  sera  signalee
immediatement  par  SAGATRANS a la societe  INTER  PARFUMS,  comme  indique dans
l'article 5.4 la societe INTER PARFUMS faisant directement son affaire du litige
avec les transporteurs.

Les  marchandises  avariees seront  dechargees et stockees en zone specifique ou
elles seront tenues a la  disposition  de la societe  INTER PARFUMS  pendant une
periode de 30 jours.  Passe ce delai, si les  marchandises  concernees n'ont pas
ete retirees ou detruites par la societe INTER PARFUMS,  elles seront  detruites
ou retirees par SAGATRANS aux frais de la societe INTER PARFUMS,  apres en avoir
dument informe INTER PARFUMS.

Le cout de stockage  de ces  marchandises  sera  supporte  par la societe  INTER
PARFUMS dans les conditions visees a l'article 12.5.

14.1.1.2. La casse constatee a l'interieur de l'entrepot, et survenue du fait de
SAGATRANS  sera  stockee en zone  specifique,  signalee a INTER  PARFUMS  qui la
facturera a SAGATRANS au Prix de Revient pondere tel qu'il figure sur le dernier
listing  valorise du stock audite ; auquel  s'ajoutera un  coefficient  de frais
d'approche  valide d'un commun  accord entre les parties.  Si cette  marchandise
detruite ou endommagee  fait partie d'une  commande  facturee par INTER PARFUMS,
elle sera  facturee a SAGATRANS au prix de vente facture par INTER PARFUMS a son
client.

Cette marchandise sera detruite aux frais de SAGATRANS.

                                       13
<PAGE>

La casse ainsi  constatee,  sortie du stock  informatique,  ne sera pas prise en
compte dans la  determination  de la limite  d'ecart  negatif  visee a l'article
14.1.2.2.

14.1.2. LES MANQUANTS

14.1.2.1.  Les  manquants  constates a la  reception  de la  plate-forme  seront
signales  immediatement par SAGATRANS a la societe INTER PARFUMS,  comme indique
dans l'article 5.4, la societe INTER PARFUMS faisant  directement son affaire du
litige avec ses transporteurs et/ou ses fournisseurs.

14.1.2.2.  SAGATRANS ne saurait etre tenue responsable du contenu des cartons et
autres conditionnements  puisque ceux-ci ont ete prepares,  emballes et clos par
les soins du fournisseur et qu'il  n'appartient pas a SAGATRANS d'en verifier le
contenu.

SAGATRANS ne saurait etre tenue  responsable  des  manquants en stock  survenant
dans l'entrepot et  eventuellement  constates lors des  inventaires,  si l'ecart
constate entre le stock physique et le stock  informatique  n'excede pas 1,5 % (
un et demi pour cent). Si des ecarts negatifs superieurs etaient constates,  ils
seraient factures a SAGATRANS apres realisation d'un nouvel inventaire  physique
contradictoire  les  confirmant,  au Prix de  Revient  pondere  tel que defini a
l'article 14.1.1.2. susvise.

SAGATRANS  s'engage  toutefois  a signaler a INTER  PARFUMS  tous  manquants  de
produits   qu'elle   constaterait   a   l'ouverture   des   cartons   ou  autres
conditionnements  lors  de leur  eclatement  en  zone  de  "picking".  En cas de
constatation d'un lot important faisant apparaitre de tels manquants,  SAGATRANS
fera  intervenir  INTER PARFUMS afin qu'elle puisse  prendre  toutes  reserves a
l'egard de son fournisseur.

En pareil cas,  les  manquants  ainsi  constates ne seraient pas retenus dans le
calcul des taux d'ecart negatif susvises.

14.2. RESPONSABILITE DE SAGATRANS EN MATIERE DE DISTRIBUTION ET DE TRANSPORT

14.2.1. Responsabilite du fait des substitues :

SAGATRANS demeure responsable de plein droit vis-a-vis de INTER PARFUMS comme de
tous tiers, des dommages  susceptibles de leur etre causes tant par lui-meme que
par ses preposes ou toute personne auxquelles il ferait appel pour l'assister ou
executer en ses lieu et place une obligation resultant du present contrat.

Si la responsabilite de SAGATRANS est engagee du fait d'un de ses sous-traitants
elle est strictement  limitee a celle encourue par le  sous-traitant et calculee
conformement aux dispositions prevues par les Conventions  Internationales et la
legislation  nationale  applicables  au  sous-traitant.  Quand  les  limites  de
responsabilite du sous-traitant ne resultent pas de dispositions  imperatives ou
legales, elles sont reputees identiques a celles de SAGATRANS.

                                       14
<PAGE>

14.2.2.  Si la  responsabilite  personnelle  de SAGATRANS est engagee,  elle est
limitee :

En cas de pertes et avaries :

       a)     pour tous les dommages a la  marchandise  imputables a l'operation
              de  transport  par suite de pertes et avaries  et pour  toutes les
              consequences  pouvant en resulter,  aux plafonds d'indemnite fixes
              dans  les  dispositions   legales  ou  reglementaires  en  vigueur
              applicables au transport  considere.

       b)     dans tous les cas, ou les dommages a la  marchandise ou toutes les
              consequences pouvant en resulter ne sont pas dues a l'operation de
              transport, a 14 euros par kilogramme de poids brut de marchandises
              manquantes ou avariees sans pouvoir  exceder,  quels que soient le
              poids,  le volume,  les  dimensions,  la nature ou la valeur de la
              marchandise  concernee,  une somme  superieure au produit du poids
              brut de la marchandise exprime en tonnes multiplie par 2 300 euros
              avec un maximum de 50 000 euros par evenement.

Pour tous les autres  dommages  et  notamment  ceux  entraines  par un retard de
livraison portant sur un delai convenu,  la reparation due par SAGATRANS dans le
cadre  de sa  responsabilite  personnelle  est  strictement  limitee  au prix du
transport de la marchandise (droits, taxes et frais divers exclus).

En aucun cas,  cette  indemnite  ne pourra  exceder  celle qui est due en cas de
perte ou d'avarie de la  marchandise.

INTER  PARFUMS  renonce et se porte fort de faire  renoncer ses assureurs a tout
recours a l'encontre de SAGATRANS  au-dela des limites  definies dans le present
article.

14.2.3. Responsabilite de INTER PARFUMS

INTER PARFUMS  demeure seule et entierement  responsable  des  declarations  aux
autorites,   de   certificat   ou   d'autorisation   relative  a  la  detention,
l'importation ou la distribution dont les produits devraient faire l'objet.

ARTICLE 15 -  ASSURANCES

15.1. ASSURANCE DES MARCHANDISES EN ENTREPOT

INTER PARFUMS assure elle-meme a ses risques et perils ses propres  marchandises
entreposees  dans le cadre  du  present  accord  pour  les  risques  de vol avec
effraction,  emeutes,  guerres  declarees ou non, degats des eaux ou incendie et
risques  annexes.  INTER PARFUMS fera donc son affaire  personnelle  de tous les
dommages ou pertes pouvant  survenir du fait des risques  susvises aux biens lui
appartenant dans le cadre des polices ainsi souscrites.

Par consequent, INTER PARFUMS renonce et s'engage a faire renoncer ses assureurs
a exercer tous droits de recours a l'encontre  de SAGATRANS et de ses  assureurs
pour les sinistres relevant des assurances ainsi prises.

SAGATRANS sera  responsable  dans les conditions des articles 14.1 des sinistres
survenus hors les cas vises a l'alinea 1 ci-dessus.

                                       15
<PAGE>

15.2 ASSURANCE DES BIENS DE SAGATRANS

SAGATRANS  fera son affaire  personnelle  de  l'assurance de tout autre bien lui
appartenant  ou place sous sa  responsabilite.  SAGATRANS  renonce et s'engage a
faire  renoncer  ses  assureurs  a exercer  ses droits de recours  contre  INTER
PARFUMS et ses assureurs,  y compris en cas de sinistre pouvant survenir du fait
de ces derniers aux autres marchandises entreposees.

15.3 Chacune des deux parties souscrira les polices d'assurance necessaires pour
se  garantir  contre les risques  restant a sa charge en vertu des  dispositions
susvisees.  Chacune  des parties  supportera  les primes et les  franchises  des
polices d'assurance ainsi souscrites.  Les limites de garantie de telles polices
ne seront pas opposables a l'autre partie.

Les polices  d'assurance  comporteront,  par ailleurs,  un abandon des droits de
subrogation des assureurs, en faveur de l'autre partie.

Chacune  des  parties  fournira,  a  premiere  demande  de  l'autre,  copie  des
attestations d'assurance permettant de justifier des garanties requises.

15.4 ASSURANCE DES MARCHANDISES TRANSPORTEES

INTER  PARFUMS  fera son  affaire de  l'assurance  des  marchandises  pendant le
transport.

ARTICLE 16 -  FORCE MAJEURE

Sont considerees comme cas de force majeure, tous evenements  independants de la
volonte des parties lorsque ces evenements  interviennent apres la conclusion du
contrat et en empechent l'execution totale ou partielle.

En cas  de  survenance  d'un  cas de  force  majeure  le  present  contrat  sera
automatiquement  suspendu  pendant toute la periode de force majeure,  et aucune
des parties ne pourra etre tenue responsable par l'autre partie d'une quelconque
inexecution contractuelle du fait d'un tel evenement.

Pour l'application de cette clause,  sont considerees comme evenements de "force
majeure", a titre non limitatif : le lock-out de la plate-forme,  l'incendie, la
mobilisation, la requisition,  l'embargo,  l'insurrection, la guerre declaree ou
non, la guerre civile, la revolution, l'emeute, le sabotage,  l'interruption des
moyens de  transport,  les  restrictions  d'energie,  le fait de toute  autorite
publique,  les  interdictions   d'importer,   d'exporter  ou  de  transiter  des
marchandises...

Les parties se reuniront  afin de determiner  d'un commun accord les  conditions
d'amenagement  ou de  remplacement  permettant  une  reprise de  l'execution  du
contrat dans les plus brefs delais.

En cas de force majeure empechant la poursuite des relations  contractuelles les
parties reconnaissent que le present contrat serait rompu sans indemnite de part
ni d'autre.

                                       16
<PAGE>

ARTICLE 17 -  GESTION ET ADAPTATION DU CONTRAT

Les parties  conviennent  de se reunir selon leurs besoins afin  d'examiner  les
moyens  d'adapter  le  contrat  aux  evolutions  constatees  dans  les  facteurs
economiques, techniques ou de la reglementation.

Et plus  particulierement,  les  parties se  rencontreront  en cas  d'evenements
majeurs ou de  variations  significatives  des  parametres  ayant  determine les
obligations de l'une ou l'autre des parties.

ARTICLE 18 -  DUREE

Le present  contrat  entrera en  vigueur a compter du 1er  janvier  2005 pour se
terminer le 30 septembre 2011.

Les parties  conviennent  de se  concerter 10 (dix) mois avant  l'expiration  du
contrat afin de fixer les termes et conditions de son eventuel renouvellement et
de notifier  leur  decision de  renouveler  ou de ne pas  renouveler  le present
contrat par lettre  recommandee  avec accuse de reception 7 (sept) mois avant le
30 septembre 2011.

Il se reconduira ensuite pour des periodes successives de 3 (trois) annees, sauf
si l'une des parties le denonce en  prevenant  son  cocontractant  7 (sept) mois
avant l'echeance par lettre recommandee avec accuse de reception.

Il pourra  etre mis fin,  dans les memes  conditions,  au  contrat  renouvele  a
l'expiration de chaque periode de 3 (trois) annees en respectant un preavis de 7
(sept) mois.

ARTICLE 19 - INDEPENDANCE DES PARTIES

SAGATRANS  traite  en  toutes  circonstances  en son  nom  personnel  et agit en
entreprise independante et sans possibilite de representation.

Les parties  assument  l'entiere  responsabilite  des  obligations  mises a leur
charge en raison des  presentes.  Sauf  convention  ecrite  expresse  contraire,
SAGATRANS n'a aucune  qualite pour agir au nom de la societe INTER PARFUMS et/ou
pour l'engager d'une quelconque  maniere,  et doit prendre toutes mesures utiles
pour eviter une confusion des tiers a cet egard, et inversement.

ARTICLE 20 - CONFIDENTIALITE

Les parties  reconnaissent  que les  informations  qui leur sont fournies  et/ou
qu'elles  recueilleront a l'occasion de l'execution de la convention (clientele,
methode de gestion  et tous  renseignements  d'ordre  technique,  commercial  et
financier) presentent un caractere strictement  confidentiel.  Elles s'engagent,
tant au cours de la convention  qu'apres son  expiration,  a ne pas les devoiler
aux tiers,

                                       17
<PAGE>

et a prendre toutes mesures  necessaires  notamment a l'egard de leur personnel,
pour en maintenir et en garantir le secret.

A l'expiration de la convention, chacune des parties restituera a l'autre les
documents lui appartenant.

ARTICLE 21 - RUPTURE DU CONTRAT

21.2.  Pendant  toute la duree de la premiere  periode  expirant au 30 septembre
2011, le present contrat ne pourra etre resilie que pour manquement repete d'une
partie a ses obligations essentielles ou pour manquement constitutif d'une faute
grave,  directement et entierement  imputable a l'une des parties, qui causerait
directement ou indirectement a l'autre partie un prejudice commercial important,
apres mise en demeure par lettre recommandee avec accuse de reception adressee a
la partie defaillante restee infructueuse  pendant un mois. Pour tout manquement
contractuel  volontaire ou constitutif d'une faute grave, la partie lesee pourra
demander l'octroi de dommages et interets.

Au-dela  de la  premiere  periode  expirant  au 30  septembre  2011 et en cas de
renouvellement,  la  resiliation  pourra  intervenir  pour  inexecution  de  ses
obligations  par une des parties,  apres mise en demeure par lettre  recommandee
avec accuse de reception adressee a la partie  defaillante  restee  infructueuse
pendant un mois. Le present contrat sera resilie de plein droit,  sans prejudice
des dommages et interets qui pourront etre reclames a la partie defaillante.

21.3. En cas de rupture du present  contrat,  pour quelle que cause que ce soit,
la societe INTER PARFUMS fera son affaire personnelle de la reprise des produits
en stock sur la plate-forme a la date de cette rupture.

21.4.  En cas de  resiliation  pour  quelque  cause  que ce  soit,  les  Parties
s'engagent  a un  accord de  non-denigrement  reciproque  aupres de tout  tiers,
pouvant  nuire a l'image de marque et la reputation de chacune des Parties ainsi
qu'a leur developpement commercial et poursuite des activites logistiques.

ARTICLE 22 - CESSION

Le  present  contrat  a ete  negocie  et  conclu  par  chacune  des  parties  en
consideration   de  l'intuiti   personae   s'attachant  a  l'autre  partie.   En
consequence,  il ne pourra faire l'objet  d'une  cession sans  l'accord  expres,
ecrit et prealable  des  parties.  Sont  assimiles a une cession du contrat,  un
apport en societe, une fusion, une absorption, une cession de fonds de commerce,
un  changement de majorite dans la  repartition  du capital  social de l'une des
parties et d'une maniere generale toutes  operations  tendant a faire changer le
contrat de patrimoine a l'exception d'un cas de reclassement  interne au sein du
Groupe auquel chacune des parties appartient.

                                       18
<PAGE>

ARTICLE 23 - TOLERANCE

Le fait pour l'une des parties de renoncer et/ou d'omettre de se prevaloir d'une
disposition  quelconque  de la  convention,  ne  constituera  en  aucun  cas une
renonciation   permanente   applicable  a  une  violation  ulterieure  de  cette
disposition dont le caractere obligatoire demeurera plein et entier.

ARTICLE 24 - INTITULES

Les  descriptifs ou intitules des differents  articles et paragraphes du present
contrat ont ete inseres  exclusivement pour des raisons de clarte du texte et ne
peuvent en aucune  maniere etre  consideres  comme pouvant  definir,  limiter ou
circonscrire de quelque facon que ce soit le champ  d'application  ou l'objet de
l'article ou du paragraphe specifique auquel ils se referent.

ARTICLE 25 - NULLITE PARTIELLE

Dans  l'eventualite  ou une clause du present  contrat serait  declaree nulle ou
contraire  aux lois  imperatives  ou  relevant  de l'ordre  public,  les parties
soussignees s'engagent a se concerter et a rechercher de bonne foi un accord sur
une clause  valable dont les effets se rapprochent le plus possible de la clause
invalidee.

ARTICLE 26 - ELECTION DE DOMICILE

Toute  notification  d'une  partie  a  l'autre  devra  etre  faite,  par  lettre
recommandee avec accuse de reception au siege social de chaque partie.

ARTICLE 27 - ENREGISTREMENT

Si une des parties le requiert,  les presentes seront  enregistrees aux frais de
celle-ci.

ARTICLE 28 - COMPETENCE

Tout differend  relatif a  l'interpretation  et l'application du present contrat
relevera du Tribunal de Commerce de Nanterre.

Fait a
le
en deux exemplaires

                 INTER PARFUMS                         SAGATRANS
                PHILIPPE BENACIN                   PHILIPPE CHAMINADE

                                       19EXHIBIT 10.116.1

                           LOGISTICS SERVICE CONTRACT

BETWEEN

The INTER PARFUMS Company, a Corporation with capital of (euro)12,816,594,  with
headquarters at 4, Rond point des Champs Elysees, 75008 PARIS,  registered under
the Commerce and Companies Registry of Paris under the number 350 219 382,

Represented by Mr. Philippe BENACIN, the President and General Director

Designated hereinafter INTER PARFUMS,

                                                   PARTY OF THE FIRST PART,

AND

The  SAGATRANS  Company,  a  simplified  joint  stock  company  with  capital of
(euro)23,880,825, with headquarters at 31/32 quai de Dion Bouton, 92800 PUTEAUX,
registered  under the  Commerce  and  Companies  Registry of NANTERRE  under the
number 712 025 691,

Represented by Mr. Philippe CHAMINADE, President

Designated hereinafter SAGATRANS,

                                                    PARTY OF THE SECOND PART,

<PAGE>

EXHIBIT 10.116.1

                                     SUMMARY

ARTICLE 1 - PURPOSE

ARTICLE 2 - EXCLUSIVITY

ARTICLE 3 - SETUP AND EQUIPMENT

ARTICLE 4 - MERCHANDISE AND PACKAGING

ARTICLE 5 - PROVISIONING AND RECEIPT OF MERCHANDISE

ARTICLE 6 - LOGISTICS SERVICES

ARTICLE 7 - COMPLEMENTARY SERVICES

ARTICLE 8 - RIGHT TO ACCESS

ARTICLE 9 - INVENTORY

ARTICLE 10 - ORDERS

ARTICLE 11 - MERCHANDISE OUTPUT

ARTICLE 12 - REMUNERATION

ARTICLE 13 - EXTRAORDINARY REVIEWS

ARTICLE 14 - RESPONSIBILITIES

ARTICLE 15 - INSURANCE

ARTICLE 16 - ACTS OF GOD

ARTICLE 17 - MANAGING AND ADAPTING THE CONTRACT

ARTICLE 18 - TERM

ARTICLE 19 - AUTONOMY OF THE PARTIES

ARTICLE 20 - CONFIDENTIALITY

ARTICLE 21 - BREACH OF CONTRACT

ARTICLE 22 - TRANSFER

ARTICLE 23 - LIMITS

ARTICLE 24 - HEADINGS

ARTICLE 25 - PARTIAL INVALIDITY

ARTICLE 26 - ELECTION OF DOMICILE

ARTICLE 27 - REGISTRATION

ARTICLE 28 - JURISDICTION

                                                                               2
<PAGE>

EXHIBIT 10.116.1

WHICH HAVE AGREED TO THE FOLLOWING BEFOREHAND:

On May 29, 1995, the company SAGATRANS,  a company  specialized in logistics and
the  organization of  transportation,  and the company INTER PARFUMS,  a company
specialized in the creation,  manufacture and marketing of perfumes and cosmetic
Products, have signed a Memorandum of Understanding,  with retroactive effect to
January  1,  1995,  under the terms of which  INTER  PARFUMS  has  entrusted  to
SAGATRANS,  from its site at Rouen,  Leon Maletra street,  the management of its
cosmetic  Products  and perfume  stock  intended for export.  This  contract was
amended on December 18 and 20, 1995, and on June 24, 1997.

In order to meet the needs of the company INTER PARFUMS created by the growth of
its activities,  and with its decision to entrust  SAGATRANS with the storage of
its  Products  bound  for  the  French  market  as well as  those  intended  for
exportation,  the  parties  have  agreed to  transfer  storage  of the  Products
marketed  by  INTER  PARFUMS  to a new  platform  dedicated  to  INTER  PARFUMS'
activity.

Therefore, on May 5, 1998, INTER PARFUMS and SAGATRANS signed a contract for the
provision  of  services  related  to  the  organization  and  the  execution  of
operations dealing with reception,  storage,  preparation of orders for cosmetic
and perfume  Products  marketed by INTER PARFUMS,  within a warehouse with 8,000
m(2) of area,  (Building  A) leased by  SAGATRANS on the site of Rouen Vallee de
Seine Logistique and dedicated solely to INTER PARFUMS'  activities.  Startup of
the operation began on August 1, 1999.

To meet the needs of INTER PARFUMS,  SAGATRANS has secured a lease on a building
to be used as a warehouse  located near S.C.I.  SOGARIS-PORT  OF ROUEN VALLEY OF
THE SEINE  beginning  November 21, 2001 with a surface area of around 3,000 m(2)
and built as an extension of Building A and to begin operations in July of 2002,
and to pursue,  together with the Port  Authority of Rouen and SOGARIS,  a study
for a project  for  implementation  of a new  warehouse  with a surface  area of
around 6,000 m(2) on the same site.

In the current of the year 2003 and 2004,  the parties met  regularly to examine
the ways and means necessary to meet the needs caused by the growth announced by
INTER PARFUMS.  After concluding the various studies, the parties have agreed to
provide  a new  extension  of the  storage  capacities  on the site of the ROUEN
VALLEY OF THE SEINE. And to sign this contract which, from the date it goes into
effect,  will involve the cancellation of the contract dated May 5, 1998 and its
amendments.

WHICH HEREBY AGREE TO THE FOLLOWING:

ARTICLE 1 - PURPOSE

INTER  PARFUMS  entrusts  to  SAGATRANS,  which  accepts,  under  the  terms and
conditions made know  hereafter,  the  organization  and execution of operations
related to the  reception,  storage,  and  preparation  of orders  for  Products
hereafter   defined  in  article  4,  intended  for  the  national   market  and
exportation.

SAGATRANS  commits to set up and adapt the structure,  equipment,  personnel and
materials  necessary for carrying out the service  entrusted and required by the
company INTER PERFUM under the conditions of these presents.

                                                                               3
<PAGE>

EXHIBIT 10.116.1

ARTICLE 2 - EXCLUSIVITY

INTER PARFUMS  entrusts to SAGATRANS  exclusivity in the storage  operations for
the end Products hereafter defined  ("Products") and of the logistics  described
in the present  contract to the exclusion of all other  complementary  services.
The Parties agree that this  exclusivity  is authorized  and accepted as long as
SAGATRANS,  during the term of this contract,  is able to offer to INTER PARFUMS
the  structure,  equipment,  personnel  and  materials  necessary  to meet INTER
PARFUMS' storage demand capacity, in accordance with current law in force.

The parties expressly agree that notwithstanding this exclusivity, INTER PARFUMS
reserves  the right,  should  circumstances  require  it, and  especially  in an
emergency,  in the case of factories  located  abroad that  produce  promotional
articles,  to handle  forwarding  its  Products  using  its own  means  from the
factories and consequently to exclude the sales turnover related with this order
from the calculation of SAGATRANS' remuneration, as defined in article 12.

ARTICLE 3 - SETUP AND EQUIPMENT

3.1. STORAGE AREAS

SAGATRANS  has in place and on the site of ROUEN  VALLEE DE SEINE  LOGISTIQUE  a
property  with the structure  sufficient to carry out the service  entrusted and
required by INTER PARFUMS and that shall permit:

   -  Storage  of the  Products  entrusted  to them by INTER  PARFUMS at ambient
      temperature (above freezing) in Warehouse A,

   -  Preparation of the orders (picking) for France and those for exportation

   -  The ability to ensure  administrative  management of the operations in the
      offices contiguous to warehouse A

In order  to  respond  to the  request  of INTER  PARFUMS  to  increase  storage
capacities,  SAGATRANS hereby commits to lease, near the SCI constituted between
the Port  Authority of Rouen and SOGARIS or any other entity which it may act as
a  substitute,  the new storage  areas located on the public land on the site of
Rouen Vallee de Seine Logistique.

At the  current  state  of  the  construction  project  presented  by  the  Port
Authority,  the additional  storage areas could be put into operation by October
1, 2005. It is agreed that  SAGATRANS,  which INTER PARFUMS  expressly  accepts,
shall not be held  responsible for any delays in the  construction to be carried
out by the Port  Authority  of Rouen  and/or the above  mentioned  SCI; and that
consequently the realization of this work upon which the effective  introduction
of the extension  depends,  may carry no  consequence  regarding  responsibility
within the existing  framework of the  contractual  relationship  between  INTER
PARFUMS  and  SAGATRANS.  Nevertheless,  SAGATRANS  will make its best effort to
implement  all  necessary  resources at the  disposition  of the SCI in order to
ensure, as far as possible, the preparations for operation of the aforementioned
supplementary storage areas within the expected time.

                                                                               4
<PAGE>

EXHIBIT 10.116.1

SAGATRANS  agrees to immediately  inform INTER PARFUMS of any incident likely to
call into question or delay the construction of the building,  in order to allow
the parties to consider new  solutions.

Once the  additional  storage  areas are  operational,  which is planned to take
place on  October  1,  2005,  SAGATRANS  will be able to offer  INTER  PARFUMS a
storage capacity of 14,000 pallets (100 x 120 base) on the site of PORT DE ROUEN
VALLEE DE SEINE LOGISTIQUE  distributed between building A and building B, built
and designed in conformity  with the current law in force  regarding these types
of facilities and environmental protection.  Building B shall be equipped with a
sprinkling  system  adapted  to the  nature of the  Products  and their  storage
method.  SAGATRANS  is  committed  to  increasing,  throughout  the term of this
contract,  its  storage  capacity  to 20,000  pallets  (100 x 120 base) as INTER
PARFUMS'  needs  evolve  linked  to the  development  of its  activities  and as
outlined in Annex 1 of these presents.

3.2. EQUIPMENT

SAGATRANS shall make available all equipment necessary to carry out the services
defined in the present contract and in particular:

   -  a set of pallet racks which are able to accommodate  pallets measuring 100
      x 120,

   -  specific equipment (dynamic) to prepare orders for France including a heat
      shrink tunnel,

   -  a stretch film wrapper for pallets,

   -  a set of forklifts adapted to the storage arrangement.

It is agreed that SAGATRANS  shall increase or supplement its equipment in order
to ensure  optimal  management of the Product  storage  entrusted to it by INTER
PARFUMS under this contract.

3.3. COMPUTER INSTALLATION

SAGATRANS has obtained a computer program specific to stock management, which it
reserves the right to modify subject to prior agreement with INTER PARFUMS,  and
for which new  functionalities,  in particular  as regards  radio  frequency and
identification of parcels,  will be in operation by January 31, 2005.  SAGATRANS
will implement all of these, in order to keep any disruption  resulting from the
modifications at a minimum, and should not involve any important function in the
data processing.

A computer  link shall be  established  between  SAGATRANS  and INTER PARFUMS in
order to allow the latter to directly transmit its orders to SAGATRANS,  to know
the whereabouts of the stock, track order preparation, and packing lists.

SAGATRANS  commits to perform updates of the new versions of the computer except
for specific functions,  which shall be subject to specific terms and conditions
and to a special agreement between the parties.

                                                                               5
<PAGE>

EXHIBIT 10.116.1

In the event of dysfunction of any nature  involving this computer  application,
SAGATRANS  shall  commit  to  carry  out or shall  have any and all  maintenance
carried out that might be  necessary to make the system  operational  as soon as
possible,  especially,  to benefit  INTER  PARFUMS with  maintenance  deadlines,
SAGATRANS  should provide support with computer  maintenance  providers that are
nearby. All requests must be attended to within a maximum of 24 business hours.

At the end of the contract,  the computer application provided by SAGATRANS will
remain  the  property  of  SAGATRANS.  Consequently,  INTER  PARFUMS  commits to
restoring said application to SAGATRANS, as well as the modem, interface and all
other materials belonging to SAGATRANS,  upon the first request from the latter.
At the end of the  contract,  SAGATRANS  will put  automatically  terminate  the
computer link.

3.4. SUITABILITY OF THE RESOURCES IMPLEMENTED

INTER  PARFUMS  confirms  that  in  the  current  state  of  development  of its
activities  and  the  nature  of the  entrusted  Products,  the  storage  areas,
facilities and equipment described above are necessary and sufficient to fulfill
the services which it hereby entrusts to SAGATRANS and is  particularly  adapted
to the conservation, maintenance, and processing of the flow of merchandise.

Respect  for the date  established  by the parties and that were used as a basis
for  dimensioning  the  resources  implemented  was an  essential  point of this
contract.

ARTICLE 4 - MERCHANDISE AND PACKAGING

4.1. INTER PARFUMS entrusts SAGATRANS with the following  finished  Products:

o  perfumes,

o  cosmetics and body care products,

o  soaps, shampoos and other body cleansing products,

o  spray conditioning products,

o  in addition to the whole range and line of cosmetic or perfumery  products as
   well as all  accessories  marketed by INTER  PARFUMS,  with the  exception of
   packaging  items  such as  pumps,  stickers,  bottles,  caps,  cases,  boxes,
   concentrates, extracts, labels.

The  parties  agree that the brands  assigned  to the  entire  line of  Products
entrusted to SAGATRANS are all the brands  marketed by INTER PARFUMS at the date
of  signature of this  contract,  with the express  exception of LANVIN  product
sales  intended for export which shall be entrusted to SAGATRANS once building B
is in operation.

                                                                               6
<PAGE>

EXHIBIT 10.116.1

     The parties  expressly  exclude from this contract all products the storage
     of which (due to their nature and  quantity) is not validly  authorized  by
     the  Magisterial  Decrees  handed  down in  reference  to  categories  1510
     (covered  warehouse),  1430  (flammable  liquids)  in  accordance  with the
     regulation of facilities classified for the environmental  protection which
     include  the  warehouses  located  on the site of the  ROUEN  VALLEY OF THE
     SEINE.

It is expressly  specified  that, in  accordance  with the  Magisterial  Decrees
handed  down an  material  to the  framework  of the  regulation  of  facilities
classified  for  environmental  protection,  the volume of alcohol  contained in
stored  flammable  liquids must not exceed 400 m3 in Warehouse A and 100 m(3) in
Warehouse B. In the event the volume  authorized  is exceeded,  the parties will
act in  concert  to find  methods of  storage  for the  surplus of the  Products
concerned.

4.2. The Products are packaged on pallets covered with plastic film,  indicating
the number of boxes  contained in each pallet,  and the boxes shall indicate the
number of Products which they contain.

4.3.  INTER  PARFUMS shall be  responsible  for  providing  all  information  to
SAGATRANS on the characteristics of the Products and especially  regarding their
classifications,   the  volume  of  alcohol  contained,   any  inherent  storage
restrictions in certain Products and incurred risks.

SAGATRANS shall not be held  responsible  for the  consequences of incomplete or
erroneous  information,  especially in regards to the nature and the composition
of the Products.

SAGATRANS  shall have the power to undertake a transfer of the goods (subject of
an erroneous or incomplete statement) to a suitable location,  that is to say to
undertake reshipment,  in the event said risk is likely to compromise the safety
of its activities, its personnel or third parties.

SAGATRANS  shall have the right to refuse the entry of the goods  which,  due to
their state or their nature,  would be in manifest  infringement of current laws
and regulations in force.

ARTICLE 5 - PROVISIONING AND RECEIPT OF MERCHANDISE

5.1. The company INTER PARFUMS shall only handle the management of the warehouse
supply goods.
It shall remain the  responsibility  of the company  INTER  PARFUMS to make sure
that  stock thus  generated  always be  sufficient,  in  quantity  as well as in
assortment,  to make it possible  for  SAGATRANS  to prepare  the INTER  PARFUMS
orders that go through to them.

INTER PARFUMS  shall  communicate a supply plan for the W+1 week to SAGATRANS so
that they can ensure that the goods are received under optimal conditions.

As such,  SAGATRANS shall not be held  responsible for the breakage of the stock
which is entrusted to them in this way.

                                                                               7
<PAGE>

EXHIBIT 10.116.1

5.2. SAGATRANS shall be in charge of receiving and unloading the goods delivered
to them from  Monday to Friday,  from 7:30 a.m.  to 11:30 a.m.  and 1:30 p.m. to
5:15 p.m.

5.3.  SAGATRANS  shall check the apparent  state of the pallets and the boxes as
well as the  quantity  delivered,  shall  reserve  all rights with regard to the
shippers in the event of damages, of certifiable  breakage or missing items, the
claim letter shall be written  within the usual  timeframe and all the necessary
documents  shall be  transmitted  to INTER  PARFUMS  in order for them to file a
request for compensation from the shippers.

SAGATRANS shall immediately notify the company INTER PARFUMS of these incidents.

SAGATRANS will also carry out a  quantitative  and  qualitative  checking of the
contents by opening of a delivered box and will inform INTER PARFUMS immediately
of the inconsistencies recorded by comparing it against the delivery order.

In the event of significant  damage,  SAGATRANS  shall have the right to require
that INTER  PARFUMS  enlist the  services of an expert in order to retain  their
rights with regard to its  suppliers  and/or  transporters,  given that that the
transfer of responsibility is carried out during unloading.

5.4. It is expressly  agreed that SAGATRANS  shall not be held  responsible  for
errors  and/or  breakages,  no matter what the reason may be, that have occurred
because of the shipper responsible for transporting these goods.

5.5. The Products shall be received on non-returnable pallets and packing.

ARTICLE 6 - LOGISTICS SERVICES

6.1.  SAGATRANS will perform the following  logistic services for the account of
INTER  PARFUMS:

   -  Unloading of the goods;

   -  Reception of the goods under the  conditions  outlined in articles 5.3 and
      5.4

   -  Storage  and  conservation  of the  goods at  ambient  temperature  (above
      freezing);

   -  Management of stock (control, inventory, first in

   -  first  out,  according  to the  manner  of  management  retained  by INTER
      PARFUMS); - Preparation of orders in accordance with the instructions from
      INTER PARFUMS and breakdown of the pallets used;

   -  Computer  management  of stock that  allows the INTER  PARFUMS  company to
      track their own inventory.

6.2. All goods entrusted by the INTER PARFUMS company remain the property of the
latter.  Nevertheless,  SAGATRANS agrees to give the Products the same care that
it would give to objects belonging to them personally.

SAGATRANS is independent in its  management.  It accepts the  responsibility  of
managing the stock of the INTER  PARFUMS  company by devoting to it all the care
necessary,  it is  understood  that  the  two  parties  agree  to  optimize  the
management of the stock through thoughtful organization.

                                       8
<PAGE>

EXHIBIT 10.116.1

The  computer  management  installed  by  SAGATRANS  makes it possible for INTER
PARFUMS to supervise the regular rotation of its stock.

6.3.  If a product  or  several  Products  were not to be  referred  to by INTER
PARFUMS  any  more,  or were to remain  in the  warehouse  for more than six (6)
months with no inventory turnover,  SAGATRANS would notify INTER PARFUMS and ask
what  possible  provisions  should to be taken as for their  transfer to another
SAGATRANS site located in Normandy.

SAGATRANS cannot be held responsible for the obsolescence of the Products in the
warehouse that have reached their final sell-by dates.  SAGATRANS may in no case
be held responsible for the cost of the disposal of such Products.

ARTICLE 7 - COMPLEMENTARY SERVICES

SAGATRANS  would be amenable to carrying out several  services  other than those
given  in  article  6, at the  request  of  INTER  PARFUMS.  Those  would be the
following, specifically:

o  Extraordinary  operations  regarding  inventory  control or order preparation
   consisting of repackaging of Products;  modification  of and/or adding labels
   to the  Products,  coding and  specific  verification  of the contents of the
   boxes or bottles (in  addition to the usage  checks at the time the  Products
   are received and unloaded), verification of product returns of an exceptional
   nature;

o  Routing of Products at the departure or the destination or from the SAGATRANS
   warehouse(s);

o  Transporting of goods to other INTER PARFUMS sites and/or within France.

These services shall be subject to separate invoicing.  The costs and methods of
payment  and  execution  shall be  established  beforehand  in writing by mutual
agreement  between the parties,  on a case by case basis,  and in particular the
planning of these exceptional operations, so that they do not upset the priority
of processing orders intended for exportation and the French market.

ARTICLE 8 - RIGHT TO ACCESS

INTER PARFUMS shall enjoy free access to the SAGATRANS warehouse,  provided, for
reasons of safety, it advises SAGATRANS  beforehand of all visits and it will be
necessary that they be accompanied by a  representative  of SAGATRANS during the
entire visit. These visits must take place during the hours the establishment is
open and only on business days.

At the time of these  visits,  INTER  PARFUMS  may not be  accompanied  by third
parties  that  are  non-members  of  their  group  without   authorization  from
SAGATRANS.

Access to the warehouses by third parties that are partners of INTER PARFUMS, in
order for them to take samples, needed for performing expert testing or to carry
out various  control  operations must be done under the same conditions as those
which are described above in this article.

                                                                               9
<PAGE>

EXHIBIT 10.116.1

ARTICLE 9 - INVENTORY

An annual cross-inventory will be carried out for the entire lot of the Products
present in warehouse at the end of the fiscal year.

Moreover, the first business day of each month, an inventory will be carried out
by SAGATRANS on 20 to 30 exportation  order categories and 10 to 15 France order
categories which will be selected by INTER PARFUMS. The inventories will be done
by comparing physical stock with the SAGATRANS computer record of the stock.

The parties agree to use an accounting procedure for Products chosen by way of a
mutual agreement and which is annexed to these presents under number 2.

ARTICLE 10: ORDERS

The  company  INTER  PARFUMS  shall send its  orders to  SAGATRANS  by  computer
connection by specifying the  references,  and quantities of Products which make
up the orders to be  prepared,  as well as the manner to prepare the order,  the
destination, the recipient of the goods, the method of transportation considered
and date it will leave the warehouse.

However, finalized orders are systematically  communicated to INTER PARFUMS who,
in the event of a  disagreement,  must make  known it to  SAGATRANS  at least 48
hours  before the  departure  of the  order.  If notice of  disagreement  is not
received,  the order will be  considered in order with the  requirements  of the
INTER PARFUMS company.

Orders  will be  prepared  according  to the FI-FO  rule  (first in - first out)
unless written instructions to the contrary from INTER PARFUMS are received.

SAGATRANS is committed to  processing  the orders  within D+1 for France and D+3
for  exportation.  Respecting  these  deadlines  implies that the orders sent by
INTER PARFUMS systematically and that SAGATRANS will be given three weeks notice
of all exceptional  operations,  except seasonal events, thus allowing the setup
of additional methods.

Pallets,  boxes,  containers  or other  packing are ordered by  SAGATRANS  after
reaching an agreement  with INTER PARFUMS that will reflect INTER PARFUMS' needs
in regards to orders  that are  requested  from and  invoiced  directly to INTER
PARFUMS.

Orders prepared at the request of INTER PARFUMS and that remain in the warehouse
for longer than two months, will be, if SAGATRANS considers it to be useful, and
after reaching a prior agreement with INTER PARFUMS,  placed in other warehouses
on standby to later be removed.

                                                                              10
<PAGE>

EXHIBIT 10.116.1

ARTICLE 11 - MERCHANDISE OUTPUT

Orders  will  leave  in  boxes,  on  full  pallets   (complete  with  origin  or
reconstituted)  or in  containers,  according  to  instructions  given  by INTER
PARFUMS. Preparation of the boxes or pallets will be carried out by SAGATRANS as
well as loading  the  containers.  SAGATRANS  shall be in charge of placing  the
shipping labels on the boxes and parcels prepared.

SAGATRANS will oversee loading of the trucks upon request of INTER PARFUMS.
Loading  leaving the warehouse  will be performed,  from Monday to Friday,  from
7:30 a.m.  to 11:30 a.m.  and 1:30 p.m.  to 5:30 p.m. A truck  loading  schedule
shall be agreed upon, so that the lead time is reduced to a minimum.

ARTICLE 12 - REMUNERATION

12.1. Remuneration of SAGATRANS,  which shall be applicable beginning January 1,
2005,  shall be  calculated as a percentage  of the sales  turnover  realized by
INTER  PARFUMS  according to following  conditions,  remembering  that the total
amount of sales  turnover  may not include  sales  turnovers  realized on orders
dispatched  directly by INTER PARFUMS in  accordance  with article 2 and article
4.1:

12.1.1. EXPORT SERVICES

         EXPORT SALES TURNOVER                       REMUNERATION
              TAX-FREE                                 TAX-FREE

Up to 100,000,000 Euros                     1.85% of export sales turnover
From 100,000,000 to 150,000,000 Euros       1.60% of export sales turnover
From 150,000,000 to 200,000,000 Euros       1.50 % of export sales turnover
More than 200,000,000 Euros                 1.40 % of export sales turnover

12.1.2. SERVICES IN FRANCE

20 % OF FRENCH TAX-FREE SALES TURNOVER

12.2.  However,  INTER  PARFUMS  guarantees  a minimum  annual  remuneration  to
SAGATRANS, the amounts of which shall be set as follows:

Year 2005:    (euro) 2,100,000 Tax-Free
Year 2006:    (euro) 2,600,000 Tax-Free
Year 2007:    (euro) 2,600,000 Tax-Free
Year 2008:    (euro) 2,700,000 Tax-Free
Year 2009:    (euro) 2,800,000 Tax-Free
Year 2010:    (euro) 2,900,000 Tax-Free
Year 2011:    9/12 * (euro) 3,000,000 Tax-Free

12.3.  SAGATRANS will establish a monthly invoicing system for a lump sum amount
fixed at  (euro)  210,000  in the year  2005  and at 1/12 of the  amount  of the
minimal annual remuneration for the following years.

                                                                              11
<PAGE>

EXHIBIT 10.116.1

Monthly  invoices  will be  payable  by  check  at 60 days  from the date of the
invoice, which shall be issued on the due date.

12.4.  Remuneration  due SAGATRANS will be paid  semi-annually  according to the
sales  turnover  realized  by  INTER  PARFUMS  originating  from  the  SAGATRANS
warehouses.  The net sales turnover,  without tax,  carried out in France and by
exportation, after deducting the returned Products, will be made known through a
certified  affidavit  issued by the Auditors of the INTER PARFUMS  Company,  and
will be provided  within 30 days after books are closed in the six-month  period
in which payment will be made. If the calculated amount, as indicated in article
12.1.1 is higher  than the lump sum amount  mentioned  in  article  12.3 for the
six-month period contemplated, SAGATRANS shall establish an invoice representing
the difference between the two amounts, payable upon receipt.

12.5. The remuneration referenced in article 12.1. covers all services performed
by SAGATRANS, pursuant to the terms of this contract, with the exception of:

o  Complementary services referred to in article 7;

o  Supplies  specific to the  processing  of INTER PARFUMS  operations,  to wit:
   pallets, boxes for certain orders, plastic film for the pallets coming out of
   stock, labels, boxes for the preparation of orders within France,  labels for
   hazardous  Products,  tissue paper to protect bottles in parcels destined for
   France,  steel  strapping  to close  boxes for  France,  packing  peanuts for
   nonstandard packages, other than all the usual office and computer supplies.

o  Possible leasing of containers,

o  expenses incurred for express shipping or any other method of fast routing of
   envelopes or small parcels.

These services shall be subject to separate  invoicing payable at 30 days. Costs
will be fixed beforehand in writing by mutual agreement between the parties,  on
a case-by-case basis.

12.6.  Any delay of payment  shall  involve late  penalties at the legal rate of
interest x 1.5 at  prorata  temporis  for the number of days of delay,  the post
office date stamp shall serve as verification.

ARTICLE 13 - EXTRAORDINARY REVIEWS

Within the framework of this partnership contract, the parties agree that in the
event the information given by INTER PARFUMS changes in such a way that it would
cause new constraints to be placed upon SAGATRANS that were not envisaged on the
date this  contract  is  signed,  for  example:

   -  Changes in the nature and characteristics of the Products,

   -  Changes in service  completion  periods,

   -  Changes to the packaging or handling materials,

   -  Changes to the computer system,

SAGATRANS  may require a revision of the  financial  conditions  of the contract
because of the aforesaid changes and resulting  constraints in order to maintain
the economic equilibrium of this contract.

                                                                              12
<PAGE>

EXHIBIT 10.116.1

In the same way, if new  regulations  become  obligatory,  especially  regarding
warehouse safety, or if significant  changes were to be imposed by INTER PARFUMS
regarding  the  storage   conditions  that  would  likely  affect  the  economic
equilibrium  of  the  contract,  an  extraordinary  revision  of  the  financial
conditions  would be  implemented  within a maximum of one month  after the date
when these events occur.

Also,  the INTER PARFUMS  company may request an  extraordinary  revision of the
financial conditions of the contract, if a substantial rise in its prices occurs
that is not related to increases in the business cycle.

ARTICLE 14 - RESPONSIBILITIES

14.1. SAGATRANS' RESPONSIBILITY AS A WAREHOUSE OWNER
Throughout  the entire  period  when  storage is  provided,  SAGATRANS  shall be
responsible for guarding and conserving both the exterior  quantity and exterior
quality  of the  goods  and  merchandise  which  are  entrusted  to him,  in the
conditions hereafter outlined.

14.1.1.  BREAKAGE

14.1.1.1.  Any breakage  found upon receipt of the goods at the platform will be
pointed out immediately by SAGATRANS to the INTER PARFUMS company.  As indicated
in article 5.4, the INTER PARFUMS  company  shall  conduct its dispute  directly
with the transporters.

The damaged goods will be unloaded and stored in a specific zone where they will
be held at the disposal of the company INTER PARFUMS for a period of 30 days. At
the end of this  period,  if the  goods  concerned  have  not  been  removed  or
destroyed  by the INTER  PARFUMS  company,  they will be destroyed or removed by
SAGATRANS  at the  expense  of the INTER  PARFUMS  company,  after  having  duly
informed INTER PARFUMS.

The cost of storing  these  goods  shall be borne by the INTER  PARFUMS  company
under the conditions set forth in article 12.5.

14.1.1.2.  Breakage  discovered  inside the  warehouse,  and which has  occurred
because of SAGATRANS  shall be stored in a specific  area,  pointed out to INTER
PARFUMS who will invoice SAGATRANS for the breakage at the resale price that was
quoted in the last audited  stock  listing;  to which an overhead  charge set by
mutual  agreement  between  the parties  will be added.  If these  destroyed  or
damaged  goods  are  part of an order  invoiced  by  INTER  PARFUMS,  it will be
invoiced to  SAGATRANS  at the selling  price  invoiced by INTER  PARFUMS to its
customer.

These goods shall be destroyed at the expense of SAGATRANS.

With the breakage thus noted, the stock is removed from the computer  inventory,
and will not be included in the determination of the difference to be subtracted
from the total as set forth in article 14.1.2.2.

                                       13
<PAGE>

EXHIBIT 10.116.1

14.1.2. MISSING MERCHANDISE

14.1.2.1.  Any  merchandise  found  missing  upon  receipt  of the  goods at the
platform  will be pointed out  immediately  by  SAGATRANS  to the INTER  PARFUMS
company.  As indicated in article 5.4, the INTER  PARFUMS  company shall conduct
its dispute directly with their transporters and/or providers.

14.1.2.2.  SAGATRANS may not be held  responsible for the contents for the boxes
and other packaging since those were prepared,  packed and closed under the care
of the supplier and the responsibility to check their contents does not lie with
SAGATRANS.

SAGATRANS  may  not be held  responsible  for  missing  stock  occurring  in the
warehouse and possibly  noted at the time of the  inventory,  if the  difference
noted between the physical inventory and computer inventory does not exceed 1.5%
(one and one-half percent).
If  higher   differences  were  to  be  noted,   after  taking  a  new  physical
cross-inventory  to confirm  them,  they would be invoiced at the quoted  resale
price to SAGATRANS as defined in article 14.1.1.2 above.

SAGATRANS  is  committed  however to  notifying  INTER  PARFUMS  of all  missing
Products noticed when opening boxes or other packages when breaking them down in
the  "picking"  zone.  In the event a batch is  discovered to have a significant
number of missing Products,  SAGATRANS will have INTER PARFUMS intervene so that
it may explore all recourse it has with its supplier.

In such case,  the  missing  Products  thus noted  would not be  retained in the
calculation of the difference referred to above.

14.2. SAGATRANS' RESPONSIBILITY REGARDING DISTRIBUTION AND TRANSPORTATION

14.2.1. Responsibility for making substitutions:

SAGATRANS  remains  fully  responsible  with respect to INTER PARFUMS as well as
with all third parties, for any damages that might be caused to INTER PARFUMS as
well as to itself,  by its  employees or by any person asked assist or to act in
their  behalf,  and will  therefore  assume the  obligation  as a result of this
contract.

If SAGATRANS becomes liable due to the actions of its  subcontractors,  it shall
be  strictly  limited  to  that  liability  incurred  by the  subcontractor  and
calculated  in accordance  with the  provisions  set forth by the  International
Conventions and the national legislation  applicable to the subcontractor.  When
the limits of liability set for the  subcontractor do not result from imperative
or legal  provisions,  they shall be considered  identical to those  applying to
SAGATRANS.

                                                                              14
<PAGE>

EXHIBIT 10.116.1

14.2.2. If SAGATRANS becomes personally liable, it shall be limited to:

In the event of losses and damages:

   a) All  attributable  damage to the merchandise  during  transport  regarding
      losses and harm and for all consequences  that may result thereof,  with a
      ceiling on any  compensation to be fixed in accordance to current legal or
      lawful provisions in force and applicable to transportation.

   b) In any case,  where  the  damage to the  merchandise  or any  consequences
      resulting thereof is not due to the action of transportation,  at 14 euros
      per  kilogram of gross  weight of missing or damaged  goods not to exceed,
      whatever  the  weight,  volume,  dimensions,  nature or value of the goods
      concerned,  a sum higher than the product of the gross weight of the goods
      expressed in tons multiplied by 2,300 euros with a maximum of 50,000 euros
      per event.

For all the  other  damage,  and in  particular  those  caused by a delay in the
delivery time agreed upon, reparation due by SAGATRANS,  within the framework of
its personal liability,  shall be strictly limited to the price of the transport
of the merchandise (excluding all duties, taxes and incidental fees).

In no case shall this compensation exceed that which is due in the event of loss
or of damage of the goods.

INTER PARFUMS shall  relinquish and shall make every effort to make the insurers
waive any recourse against SAGATRANS beyond the limits defined in this article.

14.2.3. Responsibilities of INTER PARFUMS

INTER PARFUMS remains solely and completely  responsible for its declarations to
the  authorities,  for  any  certification  or  authorization  relating  to  the
detention, importation or distribution of the Products.

ARTICLE 15 - INSURANCE

15.1. INSURANCE OF THE WAREHOUSED GOODS

INTER  PARFUMS  shall  insure  itself  at its own  risks  and  peril for its own
warehoused  goods within the framework of this  agreement  against risk of theft
due to burglary,  riots,  wars, be they  declared or not,  against water or fire
damage,  and any  other  additional  risks.  INTER  PARFUMS  will  in this  way,
personally handle all damage or losses that may occur, due to the risks referred
to  above,  to  the  goods  belonging  to  him,  within  the  framework  of  the
underwritten policies.

Consequently,  INTER  PARFUMS  shall  relinquish  and  shall  agree  to make the
insurers  waive any recourse  against  SAGATRANS  and its insurers for disasters
covered by insurance taken hereto.

SAGATRANS shall be responsible  under the conditions set forth in articles 14.1,
for disasters which may occur arising out the cases examined in clause 1, above.

                                       15
<PAGE>

EXHIBIT 10.116.1

15.2 INSURANCE FOR SAGATRANS' PROPERTY

SAGATRANS  shall be  personally  responsible  for  insurance  covering all other
property  belonging  to him or that has been  placed  under its  responsibility.
SAGATRANS shall  relinquish and shall agree to make the insurers waive any right
to recourse  against  INTER  PARFUMS and its  insurers,  including  any event of
disaster which may occur due to actions of the latter in regards to other stored
goods.

15.3 Each of two parties shall purchase  insurance policies necessary to provide
guaranteed protection against any remaining risks for which they are responsible
under the terms of the  provisions  referred to above.  Each party shall pay the
premiums and any deductibles due for the insurance  policies thus  underwritten.
The limits of the guarantee of said policies  shall not be  enforceable  against
the other party.

The insurance policies shall  additionally  include an abandonment of the rights
of subrogation of the insurers, in favor of the other party.

Each party will provide,  upon the first request from the other party, a copy of
the insurance certificates justifying possession of the required guarantees.

15.4 - INSURANCE ON TRANSPORTED MERCHANDISE

INTER PARFUMS shall purchase its own insurance  covering the merchandise  during
transport.

ARTICLE 16 - ACTS OF GOD

The following are  considered to be Acts of God: All events  independent  of the
will of the parties,  when said events  intervene after signing the contract and
thereby prevent the total or partial execution of it.

In the event an Act of God arises, this contract will be automatically suspended
for the entire  period of said Act of God, and none of the parties shall be held
responsible by the other party of any contractual non-fulfillment due to such an
event.

For the  application of this clause,  the following are regarded as, but are not
limited  to these  events of "force  majeure"  (Acts of God):  A lockout  of the
platform, fire, mobilization,  requisition, embargo, insurrection, war, declared
or not, civil war, revolution, riot, sabotage,  interruption of transport means,
energy  restrictions,   dealings  by  any  public  authority,   prohibitions  on
importations, exportations or the transfer of goods...

The parties shall meet in order to determine by mutual  agreement the conditions
of  arrangements  or  substitutions   that  will  permit  a  resumption  of  the
implementation of the contract as soon as possible.

In the event an Act of God occurs preventing the continuation of the contractual
relation,  the parties  hereby  acknowledge  that this contract  would be broken
without right to compensation from one party or the other.

                                       16
<PAGE>

EXHIBIT 10.116.1

ARTICLE 17 - MANAGING AND ADAPTING THE CONTRACT

The  parties  agree to meet as  needed,  in order to  examine  how to adapt  the
contract to the any evolution due to economic, technical or regulatory factors.

And more particularly,  the parties will meet in the event of major events or of
significant  changes in the parameters that determined the obligations of one or
the other of the parties.

ARTICLE 18 - TERM

This  contract  shall  enter into  effect on  January 1, 2005,  and shall end on
September 30, 2011.

The parties agree to consult each other 10 (ten) months before the expiration of
the contract,  in order to fix the terms and conditions of its possible renewal,
and to  provide  notification  of their  decision  to renew or to not renew this
contract,  by registered  letter with return receipt  acknowledgment,  7 (seven)
months before September 30, 2011.

It will be  renewed  at that time for  successive  periods  of 3 (three)  years,
except if one of the parties  renounces  this by its  decision  to not renew,  7
(seven) months before the expiration,  by registered  letter with return receipt
acknowledgment.

It may be ended, under the same conditions,  after renewing the contract with an
expiration  occurring  with every 3 (three)  years period by providing  notice 7
(seven) months in advance.

ARTICLE 19 - AUTONOMY OF THE PARTIES

SAGATRANS shall conduct business, under all circumstances, on its own behalf and
shall act as an independent company and with no possibility of representation.

The parties shall assume the entire  responsibility of any obligations for which
they are charged by reason of these  presents.  Except by express  agreement  in
writing  to the  contrary,  SAGATRANS  has no  ability to act in the name of the
company  INTER  PARFUMS  and/or  to bind it in any  manner,  and  must  take all
measures  required to avoid any confusion of third parties in this respect,  and
conversely.

ARTICLE 20 - CONFIDENTIALITY

The parties hereby  acknowledge  that any information  which is provided to them
and/or which they may collect  during the execution of the contract  (customers,
method of  management,  and all  information  of a  technical,  commercial,  and
financial  nature) shall be of a strictly  confidential  nature.  They do hereby
commit,  during the period of the contract as well as after its expiration,  not
to reveal this information to third parties,  and to take all required  measures
necessary,  in  particular  with  regard to their  personnel,  to  maintain  and
guarantee the secrecy of it.

                                       17
<PAGE>

EXHIBIT 10.116.1

At the expiration of the agreement,  each party shall restore to the other,  the
documents belonging to him.

ARTICLE 21 - BREACH OF CONTRACT

21.2.  Throughout  the entire first period,  which shall expire on September 30,
2011,  this contract may only be terminated  for repeated  failure of a party in
its essential  obligations or for failure  representing  serious damage, that is
directly and entirely attributable to one of the parties, thus causing, directly
or  indirectly,  an important  commercial  loss to the other party,  and after a
notice is sent by registered letter with return receipt acknowledgment addressed
to the  party  in  default  has  remained  unfruitful  for  one  month.  For any
contractual  failure,  voluntary or constitutive of a serious fault, the injured
party shall have the right to require damages be granted.

Beyond the first period that will expire on September 30, 2011, and in the event
of renewal,  cancellation will be possible due to non-fulfillment of obligations
by one of the  parties,  and after a notice is sent by  registered  letter  with
return  receipt  acknowledgment  addressed  to the party in default has remained
unfruitful  for one month.  This  contract  shall be  automatically  terminated,
without prejudice to the damages which may be claimed from the party in default.

21.3. In the event of a breach of this  contract,  for whatever  reason that may
be,  the  INTER  PARFUMS  company  shall  be  responsible  for  making  its  own
arrangements to remove the Products in stock on the platform on the date of this
breach.

21.4. In the event of cancellation for any reason that may be, the parties shall
commit to an agreement  of  reciprocal  non-disparagement  with any third party,
since this would  possibly harm the reputation and public image of each party as
well  as  their   commercial   development  and  the  continuation  of  logistic
activities.

ARTICLE 22 - TRANSFER

This contract was negotiated and concluded by each party in consideration of the
intuiti personae attachment to the other party. Consequently,  no transfer shall
be possible  without  obtaining a prior  express  agreement in writing from both
parties.

The  following  are to be  considered  a  transfer  of the  contract:  corporate
contributions,  a merger,  a  take-over,  a transfer  of  business,  a change of
majority in the distribution of the authorized capital by one of the parties and
generally all operations tending to make changes in the contract assets,  except
in the case of an internal reclassification within the Group to which each party
belongs.

                                                                              18
<PAGE>

EXHIBIT 10.116.1

ARTICLE 23 - LIMITS

The fact that either of the  parties  relinquishes  and/or  does not  prevailing
itself  upon  an  unspecified  provision  of  the  agreement,  will  in no  case
constitute  a permanent  renunciation  applicable  to a later  violation of this
provision,  the obligatory  character of which shall remain in full and complete
force.

ARTICLE 24: HEADINGS

The  descriptions  or headings of the various  articles and  paragraphs  of this
contract were inserted  exclusively for reasons of clarity of text and can in no
way be  considered  to  define,  limit or  circumscribe  in any way its field of
application  or the purpose of the article or specific  paragraph  to which they
refer.

ARTICLE 25 - PARTIAL INVALIDITY

In the  eventuality  that a clause of this contract is declared null or contrary
to  essential  laws or  concerning  public law and order,  the here  undersigned
parties  shall  agree  to  consult  with  each  other  to seek in good  faith an
agreement  of a valid  clause  which shall exert the same  effects,  inasmuch as
possible, as the invalidated clause.

ARTICLE 26 - ELECTION OF DOMICILE

Any  notification  from one party to another must be made by  registered  letter
with  return  receipt  acknowledgment  addressed  so as to be  delivered  to the
registered corporate offices of each party.

ARTICLE 27 - REGISTRATION

If one of the parties so requires it, these  presents shall be registered at the
expense of the requiring party.

ARTICLE 28 - JURISDICTION

Any  disagreement  relating to the  interpretation  and the  application of this
contract  shall be  under  the  jurisdiction  of the  Tribunal  of  Commerce  of
Nanterre.

Executed in
On
in two copies

                INTER PARFUMS                         SAGATRANS
                PHILLIPE BENACIN                  PHILIPPE CHAMINADE

                                                                              19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]