Document:

EXHIBIT 10.115

CREDIT LYONNAIS
UAC CHAMPS SUR MARNE
US MOYENS DE PAIEMENTS
15-17 RUE ALFRED NOBEL
PARC DESCARTES
77420 CHAMPS SUR MARNE

                                                 GROUPE INTER PARFUMS
                                                 MONSIEUR LECLERCQ
                                                 4 ROND POINT DES CHAMPS ELYSEES
                                                 75008 PARIS

                                        PARIS, le 29 Jul 04

No de reference : 323550Y / F002700BAR

Mesdames, Messieurs,

Nous vous prions de trouver ci-joint la Confirmation en deux exemplaires de
l'operation d'echange de conditions d'interet dont la reference est indiquee
ci-dessus.

Nous vous remercions par avance de bien vouloir nous en retourner un exemplaire
signe a l'adresse mentionnee ci-dessus.

Nous sommes heureux d'avoir effectue cette transaction avec vous et vous prions
d'agreer, Mesdames, Messieurs, l'expression de nos salutations distinguees.

CREDIT LYONNAIS

NOTA BENE :

Vous avez effectue une operation de SWAP AMORTISSABLE.

Suite a cette Confirmation, vous recevrez, pendant toute la duree de vie de
votre SWAP, a chaque renouvellement de taux, une confirmation intitulee AVIS DE
FIXING ET DE LIQUIDATION.

Ce document vous indiquera le taux retenu pour la periode et le montant du
reglement a l'issue de cette periode.

<PAGE>

--------------------------------------------------------------------------------

                          CONFIRMATION D'UNE OPERATION

                        D'ECHANGE DE CONDITIONS D'INTERET
--------------------------------------------------------------------------------

                               PARIS, le 29 Jul 04

A:                    :       GROUPE INTER PARFUMS, PARIS

Attn:                 :       MONSIEUR LECLERCQ

De:                   :       CREDIT LYONNAIS, PARIS

                      :       -  BACK OFFICE PRODUITS DERIVES

No de reference       :       323550Y / F002700BAR

Nous vous confirmons ci-apres les termes de l'operation d'echange de conditions
d' interet entre GROUPE INTER PARFUMS, PARIS ( "Contrepartie" ) et CREDIT
LYONNAIS, PARIS ( "CREDIT LYONNAIS" ), effectuee dans le cadre de la convention
( "la Convention" ) etablie sous l'egide de l'Association Francaise de Banques (
AFB ).

Les declarations faites lors de la conclusion de la convention cadre sont
renouvelees par chacune des Parties a la date de l'operation d'echange de
conditions d'interet.

Date de conclusion de        :         22 Jul 04
l'operation d'echange

Date de Commencement         :         30 Sep 04

Date d'Echeance Final        :         30 Jun 09, ajustee suivant la convention
                                       du jour ouvre suivant sauf mois suivant

1 - PAYEUR DES MONTANTS VARIABLES
---------------------------------

CREDIT LYONNAIS, PARIS

Montant du Notionnel                                 EUR 15,200,000.00

Notionnel amortissable
--------------------------------------------------------------------------------
Debut de          Fin de       Devise          Montant du          Montant des
Periode           Periode                       Notionnel        amortissements
--------------------------------------------------------------------------------
30 Sep 04        30 Dec 04       EUR          15,200,000.00         800,000.00
30 Dec 04        30 Mar 05       EUR          14,400,000.00         800,000.00
30 Mar 05        30 Jun 05       EUR          13,600,000.00         800,000.00
30 Jun 05        30 Sep 05       EUR          12,800,000.00         800,000.00
30 Sep 05        30 Dec 05       EUR          12,000,000.00         800,000.00
30 Dec 05        30 Mar 06       EUR          11,200,000.00         800,000.00
30 Mar 06        30 Jun 06       EUR          10,400,000.00         800,000.00
30 Jun 06        29 Sep 06       EUR           9,600,000.00         800,000.00
29 Sep 06        29 Dec 06       EUR           8,800,000.00         800,000.00
29 Dec 06        30 Mar 07       EUR           8,000,000.00         800,000.00
30 Mar 07        29 Jun 07       EUR           7,200,000.00         800,000.00
29 Jun 07        28 Sep 07       EUR           6,400,000.00         800,000.00
28 Sep 07        31 Dec 07       EUR           5,600,000.00         800,000.00
31 Dec 07        31 Mar 08       EUR           4,800,000.00         800,000.00
31 Mar 08        30 Jun 08       EUR           4,000,000.00         800,000.00
30 Jun 08        30 Sep 08       EUR           3,200,000.00         800,000.00
30 Sep 08        30 Dec 08       EUR           2,400,000.00         800,000.00
30 Dec 08        30 Mar 09       EUR           1,600,000.00         800,000.00
30 Mar 09        30 Jun 09       EUR             800,000.00         800,000.00

                                       2
<PAGE>

--------------------------------------------------------------------------------

Taux Variable                           :  EUR-EURIBOR-TELERATE
                                           PAGE 248

Periodicite                             :  Trimestrielle

Base de Calcul des Montants Variables   :  Exact / 360

Ajustement de Periodes de Calcul        :  Ajuste

Date ( s ) de Determination             :  2 Jour ( s ) Ouvre ( s ) precedant le
du Taux Variable                           premier jour ouvre de chaque Periode
                                           d'Application

Montant Variable                        :  Un montant egal au produit du montant
                                           notionnel, du taux variable et de la
                                           base de calcul des montants variables

Periode ( s ) d'Application             :  Trimestrielles, tous les 30
des Montants Variables                     Septembre, 30 Decembre, 30 mars et 30
                                           juin, commencant le 30 septembre 04
                                           et finissant a la Date d'Echeance
                                           Finale

Date de Paiement des Montants Variables :  Le dernier Jour Ouvre de chaque
                                           Periode d'Application des Montants
                                           Variables

Capitalisation                          :  non

Centre ( s ) financier ( s ) retenu ( s ) pour la determination des jours ouvres
relatifs aux :

Dates de determination du taux variable :  Jour ( s ) ouvre ( s ) Target

Dates de Paiement                       :  Jour ( s ) ouvre ( s ) Target

Convention de Jours Ouvres :

Pour la determination du taux variable  :  ajustee suivant la convention du jour
                                           ouvre precedent

Pour la determination des Paiements     :  ajustee suivant la convention du jour
suivant                                    ouvre suivant sauf mois

2 - PAYEUR DES MONTANTS VARIABLES
---------------------------------

GROUPE INTER PARFUMS, PARIS

Montant du Notionnel                    :  EUR 15,200,000.00

Notionnel amortissable                               :
--------------------------------------------------------------------------------
Debut de          Fin de       Devise          Montant du          Montant des
Periode           Periode                       Notionnel        amortissements
--------------------------------------------------------------------------------
30 Sep 04        30 Dec 04       EUR          15,200,000.00         800,000.00
30 Dec 04        30 Mar 05       EUR          14,400,000.00         800,000.00
30 Mar 05        30 Jun 05       EUR          13,600,000.00         800,000.00
30 Jun 05        30 Sep 05       EUR          12,800,000.00         800,000.00
30 Sep 05        30 Dec 05       EUR          12,000,000.00         800,000.00
30 Dec 05        30 Mar 06       EUR          11,200,000.00         800,000.00
30 Mar 06        30 Jun 06       EUR          10,400,000.00         800,000.00
30 Jun 06        29 Sep 06       EUR           9,600,000.00         800,000.00
29 Sep 06        29 Dec 06       EUR           8,800,000.00         800,000.00
29 Dec 06        30 Mar 07       EUR           8,000,000.00         800,000.00
30 Mar 07        29 Jun 07       EUR           7,200,000.00         800,000.00
29 Jun 07        28 Sep 07       EUR           6,400,000.00         800,000.00

                                       3
<PAGE>

28 Sep 07        31 Dec 07       EUR           5,600,000.00         800,000.00
31 Dec 07        31 Mar 08       EUR           4,800,000.00         800,000.00
31 Mar 08        30 Jun 08       EUR           4,000,000.00         800,000.00
30 Jun 08        30 Sep 08       EUR           3,200,000.00         800,000.00
30 Sep 08        30 Dec 08       EUR           2,400,000.00         800,000.00
30 Dec 08        30 Mar 09       EUR           1,600,000.00         800,000.00
30 Mar 09        30 Jun 09       EUR             800,000.00         800,000.00

--------------------------------------------------------------------------------

Taux Variable                           :  EUR-EURIBOR-TELERATE
                                           12 MOIS FIN DE PERIODE PAGE 248
                                           SUJET A UNE CLAUSE SPECIFIQUE

Periodicite                             :  12 mois

Base de Calcul des Montants Variables   :  Exact / 360

Ajustement de Periodes de Calcul        :  Ajuste

Date ( s ) de Determination                2 Jour ( s ) Ouvre ( s ) precedant le
du Taux Variable                        :  premier jour ouvre de chaque Periode
                                           d'application

Montant Variable                        :  Un montant egal su produit du montant
                                           notionnel, du taux variable et de la
                                           base de calcul des montants variables

Periode ( s ) d'Application             :  Trimestrielles, tous les 30
des Montants Variables                     Septembre, 30 Decembre, 30 mars et 30
                                           juin, commencant le 30 septembre 04
                                           et finissant a la Date d'Echeance
                                           Finale

Date de Paiement des Montants Variables :  Le dernier Jour Ouvre de chaque
                                           Periode d'Application des Montants
                                           Variables

Capitalisation                          :  non

SI EUR-EURIBOR 12 MOIS FIN DE PERIODE < 2.10%        ALORS 3.25%

SI 2.10% < EURO-EURIBOR 12 MOIS FIN DE PERIODE <= 3.85% ALORS EURO-EURIBOR 12
MOIS FIN DE PERIODE

SI EUR-EURIBOR 12 MOIS FIN DE PERIODE >  3.85%       ALORS 3.85%

Centre ( s ) financier ( s ) retenu ( s ) pour la determination des Jours Ouvres
relatifs aux :

Dates de determination du           :      Jour ( s ) ouvre ( s ) Target
Taux Variable

Dates de Paiement                   :      Jour ( s ) ouvre ( s ) Target

Convention de Jours Ouvres :

Pour la determination du            :      Ajustee suivant la convention du jour
                                           ouvre precedent Taux Variable

Pour la determination du            :      Ajustee suivant la convention du jour
                                           ouvre suivant sauf mois suivant
                                           Paiements

Seule les differentiels seront      :      oui
echanges

Agent                               :      CREDIT LYONNAIS, PARIS, a defaut
                                           l'agent designe dans la Convention
                                           Cadre

3 - INSTRUCTIONS DE PAIEMENTS
-----------------------------

Paiement a GROUPE INTER PARFUMS, PARIS :

Compte pour paiement en EUR

                                       4
<PAGE>

Paiement par credit de votre compte

Ref                                     :  00572 00060BH

CREDIT LYONNAIS

Paiement a CREDIT LYONNAIS, PARIS

Compte pour paiement en EUR
Paiement para debit de votre compte

Ref                                     :  00572 00060BH

CREDIT LYONNAIS

4 - NOTIFICATIONS
-----------------

Notifications a adresser a CREDIT LYONNAIS
------------------------------------------

CREDIT LYONNAIS
UAC CHAMPS SUR MARNE
US MOYENS DE PAIEMENTS
15-17 RUE ALFRED NOBEL
PARC DESCARTES
77420 CHAMPS SUR MARNE
TEL : 01 60 95 94 21
FAX : 01 60 95 94 37

Notification a adresser a Contrepartie :
----------------------------------------

GROUPE INTER PARFUMS
MONSIEUR LECLERCQ
4 ROND POINT DES CHAMPS ELYSEES
75009 PARIS

Telex :
Tel : 0153770000
Fax : 0140740842

5 - COURTIER      :                 DIRECT
-------------

Declarations

Toute operation de marche sur instrument financier a terme comporte des risques,
du fait notamment, des variations de taux d'interet, des taux de change, des
cours des actions, ou des indices boursiers.

Au regard de ces risques, chaque partie declare et atteste qu'elle dispose des
connaissances et de l'experience en matiere d'investissement necessaires pour
evaluer les caracteristiques et les risques encourus au titre de cette
operation.

Chaque partie declare et atteste avoir identifie ses besoins a l'egard de la
presente operation par rapport a son activite et sa situation financiere et
avoir procede a sa propre analyse des aspects financiers, juridiques, fiscaux,
comptables et reglementaires de l'operation et ne s'en etre pas remise pour cela
a l'autre partie.

CREDIT LYONNAIS intervient comme partie a la presente operation, et non comme
conseil. Il ne saurait etre tenu responsable des consequences financieres de
l'intervention de l'autre partie sur les instruments financiers.

Chaque partie declare et atteste conclure cette operation en son nom propre et
non en qualite de mandataire.

Comme le prevoit la reglementation ( cf article 3.3.9 du RGMF ). CREDIT

                                       5
<PAGE>

LYONNAIS vous propose de vous transmettre une valorisation de cette operation
selon une periodicite au moins annuelle. Pour cela n'hesitez pas a contacter
votre interlocuteur habituel afin de definir avec lui la forme de cette
transmission.

                                       6
<PAGE>

LES PARTIES DECLARENT QUE LA PRESENTE CONFIRMATION PEUT ETRE EMISE PAR
L'INTERMEDIAIRE D'UN SYSTEME INFORMATIQUE ET PEUT ETRE SIGNEE PAR LES PARTIES
PAR NUMERISATION DE LA SIGNATURE D'UNE PERSONNE DUMENT HABILITEE AU SEIN DE
CELLES-CI ( CI-APRES LA "SIGNATURE NUMERISEE" ).

DANS LE CADRE DE LA PRESENTE CONFIRMATION, REGIE PAR LA CONVENTION-CADRE, LA
SIGNATURE NUMERISEE FAIT FOI A L'EGARD DES PARTIES DE L'IDENTITE DE LA PERSONNE
HABILITEE PAR CHACUNE DES PARTIES A SIGNER ET DE LEUR CONSENTEMENT AUX DROITS ET
OBLIGATIONS PREVUS DANS LA CONFIRMATION.

LES PARTIES DECLARENT ET ACCEPTENT QUE LA SIGNATURE NUMERISEE EQUIVAUT A UNE
SIGNATURE MANUSCRITE ET RENONCENT EXPRESSEMENT A ENGAGER UNE QUELCONQUE
PROCEDURE FONDEE SUR L'ABSENCE D'UNE SIGNATURE MANUSCRITE.

VEUILLEZ NOUS RETOURNER DANS LES MEILLEURS DELAIS LE DOUBLE DE CET AVIS DE
CONFIRMATION SIGNE PAR VOS REPRESENTANTS HABILITES.

Sinceres salutations,

CREDIT LYONNAIS, PARIS                  GROUPE INTER PARFUMS

( ILLISIBLE )

           Stephane BOITEUX
           Credit Lyonnais
   Direction des Marches de Capitaux
     Back Office Produits Derives

                                       7EXHIBIT 10.115.1

CREDIT LYONNAIS
UAC CHAMPS SUR MARNE
US PAYMENT METHODS
15-17 RUE ALFRED NOBEL
PARC DESCARTES
77420 CHAMPS SUR MARNE

                                                     INTER PARFUMS GROUP
                                                     MR. LECLERCQ 4
                                                     ROND POINT DES
                                                     CHAMPS ELYSEES
                                                     75008 PARIS

                                        PARIS, on Jul. 29, 2004

Reference No. 323550Y/F002700BAR

Ladies and Gentlemen:

Pray find herewith the Confirmation, in duplicate, of the terms of the interest
rate swap with reference number indicated above.

We thank you in advance for agreeing to return a signed copy to us at the
address mentioned above.

We have enjoyed doing business with you and request that you receive our kindest
regards, we remain sincerely yours,

CREDIT LYONNAIS

NOTA BENE:

You have performed a REPAYABLE SWAP transaction.

Following this Confirmation, you will receive, throughout the lifetime of your
SWAP, a confirmation entitled NOTICE OF FIXING (OF RATE) AND LIQUIDATION with
each rate renewal.

This document shall indicate the rate retained for the period and the payment
amount due at the end of this period.

<PAGE>

--------------------------------------------------------------------------------
                 CONFIRMATION OF TERMS OF THE INTEREST RATE SWAP
--------------------------------------------------------------------------------

                                PARIS, on Jul. 29, 2004

TO:                    INTER PARFUMS GROUP, PARIS

Attn:                  MR. LECLERCQ

From:                  CREDIT LYONNAIS, PARIS

                       - BACK OFFICE DERIVATIVE PRODUCTS

Reference No.:         323550Y/F002700BAR

Hereafter are confirmed the terms of the interest rate swap operation between
INTER PARFUMS GROUP, PARIS ("Counterparty") and CREDIT LYONNAIS, PARIS ("CREDIT
LYONNAIS"), carried out within the framework of the Agreement ("the Agreement")
established under the auspices of the French Association of Banks (l'Association
Francaise de Banques - AFB).

Declarations made at the time when the framework of the agreement is final are
renewed by each Party on the date of the interest rate swap operation.

Date interest rate swap
 operation is finalized:                   Jul. 22, 2004

Start date:                                Sep. 30, 2004

Date of Final Payment:                     Jun. 30, 2009, adjusted accordingly
                                           to the following business day, unless
                                           it is the next month

1 - PAYER OF VARIABLE AMOUNTS
-----------------------------

CREDIT LYONNAIS, PARIS

Notional Amount:                           15,200,000.00 Euros

Notional Repayment
--------------------------------------------------------------------------------
Beginning of          End of        Currency        Notional         Repayment
Period                Period                         Amount            Amount
--------------------------------------------------------------------------------
Sep. 30, 2004      Dec. 30, 2004       EUR        15,200,000.00      800,000.00
Dec. 30, 2004      Mar. 30, 2005       EUR        14,400,000.00      800,000.00
Mar. 30, 2005      Jun. 30, 2005       EUR        13,600,000.00      800,000.00
Jun. 30, 2005      Sep. 30, 2005       EUR        12,800,000.00      800,000.00
Sep. 30, 2005      Dec. 30, 2005       EUR        12,000,000.00      800,000.00
Dec. 30, 2005      Mar. 30, 2006       EUR        11,200,000.00      800,000.00
Mar. 30, 2006      Jun. 30, 2006       EUR        10,400,000.00      800,000.00
Jun. 30, 2006      Sep. 29, 2006       EUR         9,600,000.00      800,000.00
Sep. 29, 2006      Dec. 29, 2006       EUR         8,800,000.00      800,000.00
Dec. 29, 2006      Mar. 30, 2007       EUR         8,000,000.00      800,000.00
Mar. 30, 2007      Jun. 29, 2007       EUR         7,200,000.00      800,000.00
Jun. 29, 2007      Sep. 28, 2007       EUR         6,400,000.00      800,000.00
Sep. 28, 2007      Dec. 31, 2007       EUR         5,600,000.00      800,000.00
Dec. 31, 2007      Mar. 31, 2008       EUR         4,800,000.00      800,000.00
Mar. 31, 2008      Jun. 30, 2008       EUR         4,000,000.00      800,000.00
Jun. 30, 2008      Sep. 30, 2008       EUR         3,200,000.00      800,000.00
Sep. 30, 2008      Dec. 30, 2008       EUR         2,400,000.00      800,000.00
Dec. 30, 2008      Mar. 30, 2009       EUR         1,600,000.00      800,000.00
Mar. 30, 2009      Jun. 30, 2009       EUR           800,000.00      800,000.00

                                       2
<PAGE>

--------------------------------------------------------------------------------
Variable Rate            :                 EUR-EURIBOR-TELERATE
                                           PAGE 248

Frequency                :                 Quarterly

Basis of Variable Amount Calculations      Exact/360

Calculation Period Adjustment              Adjusted

Date(s) Variable Rate is Calculated        2 Business days before the first
                                           business day of each period of
                                           application

Variable Amount:                           An amount equal to the product of the
                                           notional amount, of the variable rate
                                           and of the basis of calculation of
                                           the variable amounts

Period(s) of Application for               Quarterly, every September 30,
Variable Amounts                           December 30, March 30 and June 30,
                                           beginning on September 30, 2004 and
                                           ending on the final repayment date

Variable Amount Payment Date               The last business day of each period
                                           of application of the variable
                                           amounts

Capitalization:                            None

Financial Center(s) retained for the determination of business days regarding:

Dates variable rate is determined Target Business Day(s):

Payment Dates:                             Target Business Day(s):

Business Day Convention:

For the determination of the               Adjusted according to the
variable rate                              aforementioned business day
                                           convention

For the determination of payments          Adjusted according to the
                                           aforementioned business day
                                           convention, unless it is the next
                                           month

2 - PAYER OF VARIABLE AMOUNTS
-----------------------------

INTER PARFUMS GROUP, PARIS

Notional Amount                                  15,200,000.00 Euros

Notional Repayment
--------------------------------------------------------------------------------
Beginning of          End of        Currency        Notional         Repayment
Period                Period                         Amount            Amount
--------------------------------------------------------------------------------
Sep. 30, 2004      Dec. 30, 2004       EUR        15,200,000.00      800,000.00
Dec. 30, 2004      Mar. 30, 2005       EUR        14,400,000.00      800,000.00
Mar. 30, 2005      Jun. 30, 2005       EUR        13,600,000.00      800,000.00
Jun. 30, 2005      Sep. 30, 2005       EUR        12,800,000.00      800,000.00
Sep. 30, 2005      Dec. 30, 2005       EUR        12,000,000.00      800,000.00
Dec. 30, 2005      Mar. 30, 2006       EUR        11,200,000.00      800,000.00
Mar. 30, 2006      Jun. 30, 2006       EUR        10,400,000.00      800,000.00
Jun. 30, 2006      Sep. 29, 2006       EUR         9,600,000.00      800,000.00
Sep. 29, 2006      Dec. 29, 2006       EUR         8,800,000.00      800,000.00
Dec. 29, 2006      Mar. 30, 2007       EUR         8,000,000.00      800,000.00
Mar. 30, 2007      Jun. 29, 2007       EUR         7,200,000.00      800,000.00
Jun. 29, 2007      Sep. 28, 2007       EUR         6,400,000.00      800,000.00

                                       3
<PAGE>

--------------------------------------------------------------------------------
Beginning of          End of        Currency        Notional         Repayment
Period                Period                         Amount            Amount
--------------------------------------------------------------------------------
Sep. 28, 2007      Dec. 31, 2007       EUR         5,600,000.00      800,000.00
Dec. 31, 2007      Mar. 31, 2008       EUR         4,800,000.00      800,000.00
Mar. 31, 2008      Jun. 30, 2008       EUR         4,000,000.00      800,000.00
Jun. 30, 2008      Sep. 30, 2008       EUR         3,200,000.00      800,000.00
Sep. 30, 2008      Dec. 30, 2008       EUR         2,400,000.00      800,000.00
Dec. 30, 2008      Mar. 30, 2009       EUR         1,600,000.00      800,000.00
Mar. 30, 2009      Jun. 30, 2009       EUR           800,000.00      800,000.00
--------------------------------------------------------------------------------

Variable Rate            :                  EUR-EURIBOR-TELERATE
                                            12 MONTHS AT THE END OF PERIOD PAGE
                                            248 SUBJECT TO A SPECIFIC CLAUSE

Frequency                :                  12 months

Basis of Variable Amount Calculations       Exact/360

Calculation Period Adjustment               Adjusted

Date(s) Variable Rate is Calculated         2 Business days before the first
                                            business day of each period of
                                            application

Variable Amount:                            An amount equal to the product of
                                            the notional amount, of the variable
                                            rate and of the basis of calculation
                                            of the variable amounts

Period                                      (s) of Application for Variable
                                            Amounts Quarterly, every September
                                            30, December 30, March 30 and June
                                            30, beginning on September 30, 2004
                                            and ending on the final repayment
                                            date

Variable Amount Payment Date                The last business day of each period
                                            of application of the variable
                                            amounts

Capitalization:                             None

IF EUR-EURIBOR 12 MONTHS AT THE END OF PERIOD < 2.10%       THEN 3.25%

IF 2.10% < EUR-EURIBOR 12 MONTHS AT THE END OF PERIOD <= 3.85% THEN EURO-EURIBOR
12 MONTHS AT THE END OF PERIOD

IF EUR-EURIBOR 12 MONTHS AT THE END OF PERIOD > 3.85%       THEN 3.85%

Financial Center(s) retained for the determination of business days regarding:

Dates variable rate is determined:          Target Business Day(s):

Payment Dates:                              Target Business Day(s):

Business Day Convention:

For the determination of the variable rate: Adjusted according to the
                                            aforementioned business day
                                            convention

For the determination of payments:          Adjusted according to the
                                            aforementioned business day
                                            convention, unless it is the next
                                            month

Only the differentials will be exchanged:   Yes

Agent:                                      CREDIT LYONNAIS, PARIS, in the event
                                            they are not able, then the agent
                                            indicated in the framework of the
                                            Agreement

3 - PAYMENT INSTRUCTIONS
------------------------

Payment to INTER PARFUMS GROUP, PARIS:

Account for payment in EUR

                                       4
<PAGE>

Payment by credit from your account

Ref:                                00572 00060BH

CREDIT LYONNAIS

Payment to CREDIT LYONNAIS, PARIS

Account for payment in EUR
Payment by debit from your account

Ref:                                00572 00060BH

CREDIT LYONNAIS

4 - NOTIFICATIONS
-----------------

Notifications should be sent to CREDIT LYONNAIS' address
--------------------------------------------------------

CREDIT LYONNAIS
UAC CHAMPS SUR MARNE
US PAYMENT METHODS
15-17 RUE ALFRED NOBEL
PARC DESCARTES
77420 CHAMPS SUR MARNE
TEL: 01 60 95 94 21
FAX: 01 60 95 94 37

Notifications should be sent to the Counterparty's address:
-----------------------------------------------------------

INTER PARFUMS GROUP
MR. LECLERCQ
4 ROND POINT DES CHAMPS ELYSEES
75009 PARIS

Telex:
Tel: 0153770000
Fax: 0140740842

5 - BROKER                 :        DIRECT
----------

Statements

Any market operation involving term financial instruments carries risks, notably
variations of interest rates, exchange rates, stock exchanges, or stock exchange
price indexes.

Regarding these risks, each party declares and attests that each of them
possesses the knowledge and experience in the matter of investments necessary to
evaluate the characteristics of the risks incurred by entering into this
transaction.

Each party declares and attests to have identified their needs regarding the
present transaction as it relates to their activity and their financial
situation and to have conducted their own analysis of all financial, legal,
fiscal, accounting, and regulatory aspects of the transaction and that they will
not require a discount from the other party for any of these items.

CREDIT LYONNAIS intervenes as a party to the present transaction, and not as
counsel. It shall in no way be held responsible for any financial consequences
caused by the intervention of the other party regarding the financial
instruments.

Each party declares and attests that they are finalizing this transaction on
their own behalf and not as legal representatives.

As set forth in the regulations (cf. article 3.3.9 of the RGMF). CREDIT
LYONNAIS hereby proposes that an evaluation of this transaction be sent to you
at least once every year. As regards this evaluation, please do not hesitate to
contact your usual intermediary in order to set up how this transmission will be
made.

                                       5
<PAGE>

THE PARTIES HEREBY DECLARE THAT THE PRESENT CONFIRMATION MAY BE SENT
ELECTRONICALLY, THROUGH AN INFORMATION PROCESSING SYSTEM AND MAY BE SIGNED BY
THE PARTIES THROUGH THE DIGITALIZATION OF A SIGNATURE BELONGING TO A DULY
AUTHORIZED PERSON (HEREINAFTER "DIGITIZED SIGNATURE")

WITHIN THE FRAMEWORK OF THE PRESENT CONFIRMATION, (GOVERNED BY THE FRAMEWORK OF
THE AGREEMENT) A DIGITIZED SIGNATURE SHALL BE ACCEPTED BETWEEN THE PARTIES AS
IDENTIFICATION OF THE PERSON AUTHORIZED BY EACH PARTY TO SIGN AND TO WHOM, WITH
THEIR CONSENT, IS GRANTED THE RIGHTS AND OBLIGATIONS SET FORTH IN THE
CONFIRMATION.

THE PARTIES HEREBY DECLARE AND ACCEPT THAT A DIGITIZED SIGNATURE SHALL BE
CONSIDERED EQUIVALENT TO A HANDWRITTEN SIGNATURE AND HEREBY EXPRESSLY
RELINQUISHES THE RIGHT TO REFUSE TO TAKE PART IN ANY PROCEDURE BASED ON THE
ABSENCE OF A HANDWRITTEN SIGNATURE.

PLEASE RETURN TO US THE DUPLICATE COPY OF THIS CONFIRMATION, SIGNED BY YOUR
AUTHORIZED REPRESENTATIVE, AS SOON AS POSSIBLE

Sincerely,

CREDIT LYONNAIS, PARIS                           INTER PARFUMS GROUP

(ILLEGIBLE SIGNATURE)

      Stephane BOITEUX
       Credit Lyonnais
Capital Market Administration
Back Office Derivative Products

                                       6

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