Document:

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                                                                   EXHIBIT 10.26

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                   STOCK SUBSCRIPTION AND GUARANTEE AGREEMENT

                                     between

                   DISTRIBUIDORA COMERCIAL JAFRA S.A. DE C.V.

                                       and

                   JAFRA COSMETICS INTERNATIONAL, S.A. DE C.V.

                            Dated as of May 20, 2003

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                   STOCK SUBSCRIPTION AND GUARANTEE AGREEMENT

                  This STOCK SUBSCRIPTION AND GUARANTEE AGREEMENT, is dated as
of May 20, 2003, between Jafra Cosmetics International, S.A. de C.V., a sociedad
anonima de capital variable (the "Company"), and Distribuidora Comercial Jafra,
S.A. de C.V., a sociedad anonima de capital variable ("Purchaser").

                  Recitals:

                  A.       The Company desires to issue and sell to Purchaser,
and Purchaser desires to subscribe for an purchase, shares of the Company's
Series C 4.5% Cumulative Preferred Stock, no par value ("Preferred Stock"), as
provided in this Agreement.

                  B.       Purchaser has agreed to incur (i) up to $120 million
of indebtedness under an indenture, dated as of the date hereof (the
"Indenture"), among Jafra Cosmetics International, Inc. ("Jafra US"), Purchaser,
Jafra Worldwide Holdings (Lux) S.ar.l. ("Jafra Worldwide") and the trustee named
therein and (ii) up to $30 million of indebtedness under a credit agreement,
dated as of the date hereof (the "Credit Agreement"), among Jafra US, Purchaser
and the lender parties named therein.

                  C.       It is a condition to Purchaser's ability to incur
indebtedness under the Indenture and the Credit Agreement that the Company and
its subsidiaries have guaranteed all of Purchaser's obligations thereunder and,
in order to induce the Company and its subsidiaries to guarantee such
indebtedness, Purchaser desires to pay a guarantee fee to the Company.

                  NOW, THEREFORE, the parties hereto hereby agree as follows:

                  1. Purchase and Sale of Common Stock.

                  (a) Purchase of Common Stock. Subject to all of the terms and
conditions of this Agreement, Purchaser will subscribe for and purchase, and the
Company will issue and sell to Purchaser, 2,015 shares of Preferred Stock (the
"Shares"), for a purchase price of $10,000 USD per Share, at the Closing.

                  (b) Consideration. Subject to all of the terms and conditions
of this Agreement, Purchaser will deliver to the Company at the Closing
immediately available funds in the amount of $20,150,000 USD (the "Investment
Amount").

                  2. Guarantee.

                  (a) Subject to all of the terms and conditions of this
Agreement, the Company will guarantee, and cause its subsidiaries to guarantee,
unconditionally and

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otherwise subject to the terms of the Indenture, the Credit Agreement and the
related agreements and instruments, all of Purchaser's obligations thereunder.
Purchaser will deliver to the Company at the Closing immediately available funds
in the amount of $4,000,000 USD (the "Guarantee Fee") as compensation for the
Company's and its subsidiaries' guarantee of Purchaser's obligations under the
Indenture, the Credit Agreement and related agreements and instruments.

                  (b) The Company will use its reasonable best efforts, and
cause its subsidiaries to use their reasonable best efforts, to execute and
deliver to the parties to the Indenture and the Credit Agreement such
instruments and other document as may be necessary or reasonably requested to
evidence such guarantees or otherwise facilitate the consummation of the
transactions contemplated thereby.

                  3. Closing.

                  (a) Time and Place. Subject to Purchaser's initial incurrence
of indebtedness under the Indenture and the Credit Agreement, the closing of the
sale and the purchase of the Shares and of the payment of the Guarantee Fee (the
"Closing") shall be held at the offices of Debevoise & Plimpton, 919 Third
Avenue, New York, New York at 10:00 a.m. (New York time) on May 20, 2003 or such
other time and date as the parties may agree to in writing.

                  (b) Delivery by the Company. At the Closing, the Company shall
deliver to Purchaser a stock certificate registered in such Purchaser's name and
representing the Shares and the Company shall make a notation on its stock
registry that all of the Shares have been endorsed in ownership and delivered by
the Company to Purchaser.

                  (c) Delivery by Purchaser. At the Closing, Purchaser shall
deliver to the Company the Investment Amount and the Guarantee Fee.

                  4. Representations and Warranties of the Company. The Company
hereby represents and warrants to Purchaser as follows:

                  (a) Corporate Organization. The Company is a corporation duly
incorporated, validly existing and in good standing under the laws of the United
Mexican States and has full power and authority to execute and deliver this
Agreement and to consummate the transactions contemplated hereby in accordance
with the terms hereof. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly authorized
by the Company. This Agreement constitutes a valid and binding agreement of the
Company, enforceable against the Company in accordance with its terms, except to
the extent limited by (i) bankruptcy, insolvency, reorganization, fraudulent
transfer, moratorium or similar laws now or

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hereafter in effect relating to creditors' rights generally and (ii) general
principles of equity.

                  (b) No Violation. Neither the execution and delivery by
Purchaser of this Agreement nor the consummation by Purchaser of the
transactions contemplated hereby will (i) conflict with, violate or result in a
breach of the certificate of incorporation or the by-laws or other applicable
organizational documents of Purchaser, (ii) result in a violation or breach of,
or constitute (with or without due notice or lapse of time or both) a default or
give rise to any right of termination, cancellation or acceleration under, or
result in the creation of any lien on or against any of the properties of
Purchaser pursuant to, any of the terms or conditions of any note, bond,
mortgage, indenture, license, agreement or other instrument or obligation to
which Purchaser is a party or by which it or any of its properties or assets may
be bound, or (iii) violate any statute, law, rule, regulation, writ, injunction,
judgment, order or decree of any governmental entity, binding on Purchaser or
any of its properties or assets.

                  (c) The Shares. The Shares, when issued and delivered in
accordance with the terms hereof, will be duly authorized, validly issued, fully
paid and non-assessable.

                  5. Purchaser's Representations and Warranties. Purchaser
represents and warrants that it is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization and has full
power and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby in accordance with the terms hereof. The
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by Purchaser. This
Agreement constitutes a valid and binding agreement of Purchaser, enforceable
against Purchaser in accordance with its terms, except to the extent limited by
(i) bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or
similar laws now or hereafter in effect relating to creditors' rights generally
and (ii) general principles of equity.

                  6. Miscellaneous.

                  (a) Notices. All notices and other communications made in
connection with this Agreement shall be in writing, delivered to the parties at
their respective addresses set forth below or such other address as any party
may specify in writing to the other.

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                  (i)      if to the Company, to:

                           Jafra Cosmetics International, S.A. de C.V.
                           Blvd. Adolfo Lopez Mateos 515
                           Col. Tlacopac
                           Mexico, D.F. 01040
                           Attn: General Counsel

                  (ii)     if to Purchaser, to:

                           Distribuidora Comercial Jafra, S.A. de C.V.
                           Blvd. Adolfo Lopez Mateos 515
                           Col. Tlacopac
                           Mexico, D.F. 01040
                           Attn: General Counsel

                  (b)      Binding Effect; Benefits, Etc. This Agreement shall
be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and assigns.

                  (c)      Amendment. This Agreement may be amended, modified or
supplemented only by a written instrument executed by Purchaser and the Company.

                  (d)      Assignability. Neither this Agreement nor any right,
remedy, obligation or liability arising hereunder or by reason hereof shall be
assignable by the Company or Purchaser without the prior written consent of the
other party.

                  (e)      Governing Law. This Agreement shall be governed by
and construed in accordance with the internal laws of the United Mexican States.

                  (f)      Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original and all
of which together shall constitute one and the same instrument.

                  (g)      Entire Agreement. This Agreement constitutes the
entire agreement and supersedes all prior agreements and understandings, both
written and oral, between the parties with respect to the subject matter hereof.

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                  IN WITNESS WHEREOF, the Company and Purchaser have duly
executed this Agreement by their authorized representatives as of the date first
above written.

                                       JAFRA COSMETICS INTERNATIONAL,
                                       S.A. de C.V.

                                       By: /s/ Eugenio Lopez Barrios
                                           -------------------------------------
                                           Name:  Eugenio Lopez Barrios
                                           Title: Attorney-in-fact

                                       DISTRIBUIDORA COMERCIAL JAFRA,
                                       S.A. de C.V.

                                       By: /s/ Elia Zulema Velazquez Valencia
                                           -------------------------------------
                                           Name:  Elia Zulema Velazquez Valencia
                                           Title: Attorney-in-fact<PAGE>

                                                                   EXHIBIT 10.27

                           PURCHASE AND SALE AGREEMENT

PURCHASE AND SALE AGREEMENT dated as of May 20, 2003, entered into by and
between Distribuidora Venus, S.A. de C.V. (the "Seller"), represented herein by
Eugenio Lopez Barrios, Attorney-in-fact, and Elia Zulema Velazquez Valencia,
Attorney-in-fact, and Distribuidora Comercial Jafra, S.A. de C.V., represented
herein by Jose Ernesto Becerril Miro, Attorney-in-fact (the "Purchaser"),
pursuant to the following recitals, representations, warranties and clauses.

                                    RECITALS

         A.       Seller desires to sell to Purchaser, and Purchaser desires to
purchase from Seller, all of the fixed assets Seller uses to conduct its
distribution business as such business is currently being conducted (the
"Business").

         B.       Seller has agreed to perform certain services for Purchaser in
order to enable Purchaser to operate the Business, as further provided in an
Administrative Services Agreement, dated of even date herewith.

         NOW, THEREFORE, the Purchaser and the Seller, intending to be legally
bound, agree as follows:

                         REPRESENTATIONS AND WARRANTIES

I.       The Seller represents and warrants that:

(a)      It is a corporation duly organized and validly existing pursuant to the
         laws of the United Mexican States ("Mexico").

(b)      Its representatives, Eugenio Lopez Barrios, Attorney-in-fact, and Elia
         Zulema Velazquez Valencia, Attorney-in-fact, are duly authorized to
         execute and deliver this Agreement on its behalf, which authority has
         not been revoked, limited or otherwise modified.

(c)      It is the only and legitimate owner of and has marketable title to, and
         actual and exclusive possession of, each of the assets described in
         Schedule A hereto (the "Distribution Assets"), as evidenced by the
         ownership documents attached hereto forming part of such Schedule A.
         Each of the Distribution Assets is free and clear of any lien, security
         interest, mortgage, covenant, pledge, adverse claim, title defect,
         assessment, lease, levy, charge or other encumbrance of any kind, or
         any conditional sale contract, title retention contract or other
         contract to give effect any of the preceding.

(d)      Each of the Distribution Assets is in a physical condition and state of
         repair as to enable the Purchaser to use them in the ordinary course of
         business without

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         disruption and is in good working order and is in proper form to be
         used for the purpose thereof and the Seller is not aware of any
         potential problem, malfunction or any other damage that may adversely
         affect the use of any of the Distribution Assets by the Purchaser. The
         Distribution Assets constitute all of the fixed assets used to conduct
         the Business.

(e)      Each of the Distribution Assets has all the permits, licenses or
         authorizations issued, granted or given or otherwise made available by
         or under the authority of any governmental authority, which are
         necessary or convenient for the use thereof by the Purchaser and the
         consummation of the transactions contemplated herein will not have any
         effect on each such permit, license or authorizations, which will
         continue to be in full force and effect after the consummation of the
         transactions contemplated herein.

(f)      There are no claims, actions, suits, arbitrations, inquiries,
         proceedings or investigations by or before any governmental authority
         or arbitrator by or against the Seller or any of its affiliates
         affecting any of the Distribution Asserts (or, to the knowledge of the
         Seller, threatened).

(g)      It has all the necessary power and authority (corporate and other) to
         enter into this Agreement and to perform and comply with its
         obligations hereunder and requires no corporate or other approval
         (governmental or other) to enter into this Agreement and to perform its
         obligations hereunder.

(h)      The execution and delivery of this Agreement and the performance of its
         obligations hereunder does not and will not contravene or result in any
         breach of (i) its estatutos sociales, (ii) any applicable Mexican law,
         regulation, rule or any other legal provision or any judgment, order,
         arbitral award or resolution of any kind, (iii) any contractual
         provision or agreement of any nature whatsoever to which the Seller or
         any of its properties is subject, or (iv) any authorization, concession
         or any other governmental approval or resolution of any nature binding
         upon it or any of its properties.

(i)      This Agreement constitutes a legal, valid and binding obligation of the
         Seller, enforceable against it in accordance with its terms.

II.      The Purchaser represents and warrants that:

(a)      It is a corporation duly organized and validly existing pursuant to the
         laws of Mexico.

(b)      Its representative, Jose Ernesto Becerril Miro, Attorney-in-fact, is
         duly authorized to execute and deliver this Agreement, which authority
         has not been revoked, limited or otherwise modified.

(c)      It has inspected each of the Distribution Assets and is fully aware of
         the conditions thereof and hereby accepts each such Distribution Asset
         as is.

(d)      It has all the necessary power and authority (corporate and other) to
         enter into this Agreement and comply with its obligations hereunder and
         requires no corporate or

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         other approval (governmental or other), other than those it has already
         obtained, to enter into this Agreement and to perform its obligations
         hereunder.

(e)      The execution and delivery of this Agreement and the performance of its
         obligations hereunder does not and will not contravene or result in any
         breach of (i) its estatutos sociales, (ii) any applicable Mexican law,
         regulation, rule or any other legal provision or any judgment, order,
         arbitral award or resolution of any kind, (iii) any contractual
         provision or agreement of any nature whatsoever to which the Purchaser
         or any of its properties is subject , or (iv) any authorization,
         concession or any other governmental resolution of any nature binding
         upon it or any of its properties.

(f)      This Agreement constitutes a legal, valid and binding obligation of the
         Purchaser, enforceable against it in accordance with its terms.

         By virtue of the representations and warranties set forth above, the
parties to this agreement agree to the following:

                                     CLAUSES

ONE.              Sale.

         Subject to the terms and conditions set forth herein, Seller hereby
sells to Purchaser and Purchaser purchases, free of any lien, encumbrance,
ownership limitation or charge of any nature whatsoever, each of the
Distribution Assets.

TWO.              Price.

         The Purchaser and Seller hereby agree that the aggregate purchase price
to be paid by Purchaser for the Distribution Assets shall be the amount of
U.S.$2,000,000.00 (the "Purchase Price") plus the Mexican value added tax that
is required to be paid under Mexican law.

THREE.            Payment.

         The Purchase Price is paid to the Seller on the date hereof and the
execution hereof by the Seller constitutes acknowledgment of receipt of the full
Purchase Price by the Seller.

FOUR.             Transfer of Title and Related Provisions.

         Beneficial ownership, possession and risk in respect of the
Distribution Assets passes to the Purchaser as of and with effect as of the date
hereof. As of the date hereof, the Purchaser has received the Distribution
Assets as is, to its full satisfaction and, except as provided in Clause Five
hereof, reserves no right or claim against the Seller in connection therewith.

         The parties shall cooperate in good faith in all respects regarding
this Agreement and shall execute and deliver all necessary documents and perform
all necessary actions in order to formalize the transactions contemplated
hereunder.

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FIVE.             Warranty of Title.

         The Seller guarantees title to Purchaser (respondera del saneamiento
para el caso de eviccion) and agrees to indemnify, defend and hold harmless
Purchaser, its successors and assigns in the event of eviction (eviccion) of the
Property in terms of Article 2283, Section III of the Federal Civil Code.

SIX.              Indemnification.

         (a) From and after the date hereof, the Seller shall indemnify and hold
harmless the Purchaser and its officers, directors, employees, agents,
consultants, representatives and successors from and against any and all
damages, losses, costs and expenses incurred thereby arising out of or resulting
from: (i) any breach of any representation or warranty of the Seller contained
in this Agreement; (ii) any failure by the Seller to perform any of its
covenants or agreements contained in this Agreement; (iii) any failure to pay
when due any tax payable by the Seller in connection with the Distribution
Assets, and (iv) any circumstance or condition involving the use, operation or
ownership by the Seller or any of its affiliates of the Distribution Assets and
occurring or existing prior to the date hereof.

         (b) From and after the date hereof, the Purchaser, will indemnify, hold
harmless and defend, the Seller and its officers, directors, employees, agents,
consultants, representatives and successors from and against any and all
damages, losses, costs and expenses incurred thereby arising out of or resulting
from: (i) any breach of any representation or warranty of the Purchaser
contained in this Agreement; (ii) any failure by the Purchaser to perform any of
its covenants or agreements contained in this Agreement, and (iii) any failure
to pay when due any tax payable by the Purchaser in connection with the
Distribution Assets.

         (c) Indemnification claims hereunder shall be made when reasonable and
properly documented losses, damages, costs and expenses (including without
limitation, attorney's fees and expenses) or liabilities are incurred. Any
indemnities payable under this Agreement shall be limited to the amount of
direct or indirect damages sustained by the indemnified party, net of any
insurance proceeds, favorable tax effects or other recovery actually received by
such Indemnified party but increased by any taxes arising out of any indemnity
payment.

         (d) Any claims for damages hereunder may only be made within a period
of one (1) year beginning as of the execution of this Agreement and are limited
to the payment of an amount not exceeding the Purchase Price.

SEVEN.            Expenses.

         Each party hereto shall bear its own costs and expenses in connection
with the execution and delivery of this Agreement and the transactions
contemplated herein, including without limitation legal, accounting and other
professional fees.

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EIGHT.            Taxes.

         Each party will be responsible for the payment of the taxes that it is
required to pay in accordance with applicable law.

NINE.             Notices.

         All notices or other communications required or permitted to be given
hereunder shall be in writing and shall be delivered by hand or sent by telecopy
or sent, postage prepaid, by registered or certified mail, return receipt
requested, or reputable courier service and shall be deemed given when so
delivered by hand or telecopied, or if mailed, seven days after mailing (one
Business Day in the case of overnight courier service), as follows:

(i) if to Purchaser:

Distribuidora Comercial Jafra, S.A. de C.V.
Blvd.. Adolfo Lopez Mateos 515
Col. Tlacopac
Mexico, D.F. 01040
Attention: General Counsel

(ii) if to Seller:

Distribuidora Venus, S.A. de C.V.
Blvd.. Adolfo Lopez Mateos 515
Col. Tlacopac
Mexico, D.F. 01040
Attention: General Counsel

TEN.              Confidentiality.

         The Purchaser agrees that any information, studies, production systems
or any other information related to the Distribution Assets, including, by way
of illustration and not by way of limitation, trade, business and technical
matters, confidential or private information, business plans and technological
secrets of Seller and its affiliates or customers, shall be regarded as
privileged and confidential information and, therefore, the Purchaser shall
refrain and cause all persons related to it to refrain, from disclosing,
disseminating or revealing said information to any person different from
employees, officers, agents, consultants or other agents of the Purchaser.

ELEVEN.  Interpretation; Headings; Schedules.

         The headings contained in this Agreement or in any Schedule hereof are
for reference purposes only and shall not affect in any manner the meaning or
interpretation thereof. All Schedules attached hereto or referred to herein are
hereby incorporated by reference and are part of this Agreement as if set forth
herein.

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TWELVE.           Entire Agreement.

         This Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter hereof.

THIRTEEN.         Governing law; Submission to Jurisdiction.

         (a) The parties agree that this Agreement shall be governed by and
construed in accordance with the laws of the United Mexican States.

         (b) In connection with any dispute or controversy regarding the
interpretation or application of this Agreement, each of the parties submit to
the jurisdiction of the competent courts of Mexico City, Federal District,
United Mexican States.

FOURTEEN.         Languages.

         This contract is executed in both English and Spanish versions. In case
of conflict between both versions, the Spanish version shall govern.

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         IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be
duly executed and delivered as of the date first above written.

THE SELLER                                 THE PURCHASER

DISTRIBUIDORA VENUS, S.A. de C.V.          DISTRIBUIDORA COMERCIAL
                                            JAFRA, S.A. de C.V.

By: /s/ Eugenio Lopez Barrios                /s/ Jose Ernesto Becerril Miro
    ----------------------------------       ---------------------------------
Name:  Eugenio Lopez Barrios                 Name:  Jose Ernesto Becerril Miro
Title: Attorney-in-fact                      Title: Attorney-in-fact

By: /s/ Elia Zulema Velazquez Valencia
    ----------------------------------
Name:  Elia Zulema Velazquez Valencia
Title: Attorney-in-fact

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