INTER PARFUMS INC - 10-K Annual Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

REPORT ON FORM 10-K

(Mark one)

/X/ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended 31 December 2003
or

/ / Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from
to
.

Commission File Number 0-16469

Inter Parfums, Inc.

(Exact name of Registrant as specified in its charter)

Delaware                                                                         13-3275609

(State or other jurisdiction of
(I.R.S. Employer

incorporation or organization)                                         Identification No.)

551 Fifth Avenue, New York, New York 10176

(Address of Principal Executive Offices)
(Zip Code)

212. 983.2640

(Registrant's Telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.001 par value per share.

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the
registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days: Yes /X/ No / /

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of Regulation SK is not
contained herein and will not be contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10K or any other amendment to this Form
10K. / /

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes ___ No X

State the aggregate market value of the voting and non-voting common equity held by non-affiliates
computed by reference to the price at which the common equity was last sold, or the average bid and asked price of
such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.
$28,956,622 of voting equity and $-0- of non-voting equity.

Indicate the number of shares outstanding of the registrant's $.001 par value common stock as of the close
of business on the latest practicable date (18 March 2004): 19,170,936.

Documents Incorporated By Reference: None.

Table of Contents

PART I

Item 1. Business

Introduction

We are Inter Parfums, Inc., a world-wide provider of prestige perfumes and mass market
perfumes, cosmetics and health and beauty aids. Organized under the laws of the State of
Delaware in May 1985 as Jean Philippe Fragrances, Inc., we changed our name to Inter Parfums,
Inc. on July 14, 1999, to better reflect our image as a provider of prestige perfumes. We have
also retained the brand name, Jean Philippe Fragrances, for our mass market products.

Our worldwide headquarters and the office of our two (2), wholly-owned, New York
limited liability companies, Jean Philippe Fragrances, LLC and Inter Parfums USA, LLC, are
located at 551 Fifth Avenue, New York, New York 10176, and our telephone number is
212.983.2640. Our consolidated wholly-owned subsidiary, Inter Parfums Holdings, S.A., its
majority-owned subsidiary, Inter Parfums, S.A., and its two (2) wholly-owned subsidiaries, Inter
Parfums Grand Public, S.A., and Inter Parfums Trademark, S.A., maintain executive offices at 4,
Rond Point des Champs Elysees, 75008 Paris, France. Our telephone number in Paris is
331.5377.0000.

Our common stock is listed on The Nasdaq Stock Market (National Market System) and
its trading symbol is "IPAR" and we are considered a "controlled company" under the applicable
rules of The Nasdaq Stock Market. The common shares of our subsidiary, Inter Parfums, S.A.,
are traded on the Paris Stock Exchange.

We maintain our internet website at www.interparfumsinc.com which is linked to the
SEC Edgar database. You can obtain through our website, free of charge, our annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to
those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange as soon as
reasonably practicable after we have electronically filed with or furnished them to the SEC.

We operate in the fragrance and cosmetic industry, specializing in prestige perfumes,
mass market perfumes, cosmetics and health and beauty aids:

* Prestige products - For each prestige brand, owned or licensed by us, we develop an
original concept for the perfume or cosmetic line consistent with world market trends.

* Mass market products - We design, market and distribute inexpensive fragrances and
personal care products including alternative designer fragrances, mass market cosmetics
and health and beauty aids.

We have also previously disclosed that our Paris-based subsidiary, Inter Parfums, S.A., has
signed a letter of intent to acquire a 64% interest in Nickel S.A. for approximately $6 million in
cash. Closing of the transaction, which is subject to certain due diligence procedures and signing
of a definitive agreement, is expected to take place in April 2004. This proposed transaction would
mark our official entree into prestige skin care products.

Production and Supply

The stages of the development and production process for all fragrances are as follows:

* Simultaneous discussions with perfume designers and creators (includes analysis of
esthetic and olfactory trends, target clientele and market communication approach);

* Concept choice;

* Produce mock-ups for final acceptance of bottles and packaging;

* Receive bids from component suppliers (glass makers, plastic processors, printers, etc.)
and packaging companies;

* Choose our suppliers;

* Schedule production and packaging;

* Issue component purchase orders;

* Follow quality control procedures for incoming components; and

* Follow packaging and inventory control procedures.

Suppliers who assist us with product development include:

* Independent perfumery design companies (Federico Restrepo, Fabien Baron, Aesthete,
Ateliers Dinand);

* Perfumers (IFF, Firmenich, Creations Aromatiques, Robertet, Quest, Givaudan,Wessel
Fragrances) which create a fragrance consistent with our expectations and, that of the
fragrance designers and creators;

* Contract manufacturers of components such as glassware (Saint Gobain, Saverglass,
Pochet, Nouvelles Verreries de Momignie), caps (MT Packaging, Codiplas, Risdon,
Newburgh) or boxes (Printor Packaging, Draeger, Dannex Manufacturing);

* Production specialists who carry out packaging (MF Production, Brand, CCI, IKI
Manufacturing) or logistics (SAGA for storage, order preparation and shipment).

For our prestige product lines, 80% of component and production needs are purchased
from approximately 20 suppliers out of a total of over 120 active suppliers. The suppliers'
accounts for our French operations are primarily settled in Euros, and for our United States
operations, suppliers' accounts are primarily settled in U.S. dollars.

Marketing and Distribution

Prestige Products

For our international distribution of prestige products, we contract with independent
distribution companies specializing in luxury goods. In each country, we designate anywhere
from one to three distributors with the status of "exclusive representative" for one or more of our
name brands. We also distribute our prestige products through a variety of duty-free operators,
such as airports and airlines and select vacation destinations.

Approximately 27% of our prestige fragrance net sales are denominated in U.S. dollars. In
an effort to reduce our exposure to foreign currency exchange fluctuations, we engage in a
program of cautious hedging of foreign currencies to minimize the risk arising from operations.
Our sales are not subject to material seasonal fluctuations.

Distribution in France of our prestige products is carried out by a sales team who oversee
some 1,200 points of sale including, retail perfumers (chain stores) such as

* Sephora

* Marionnaud

* Nocibe

* Galeries Lafayette

or specialized independent points of sale. Approximately 80% of prestige product sales in France
are made to approximately 200 customers out of a total of over 1,200 active accounts.

Our distributors vary in size depending on the number of competing brands they represent.
This extensive and diverse network provides us with a significant presence in over 120 countries
around the world. Approximately 50 distributors out of a total of over 250 active accounts
represent 80% of international prestige fragrance sales. No one customer represents more than
10% of sales.

Mass Market Products

In the United States, mass merchandisers and supermarket chains, are the target customers
for our mass market products. Our current customer list includes

* Walmart

* Walgreens'

* Target

* Albertson's

* Family Dollar

* Dollar General

* Dollar Tree Distributors

* Consolidated Stores (Big Lot Stores)

* 99 Cent Only

In addition, our mass market products are sold to wholesale distributors, such as Variety
Wholesalers, specialty store chains, and to multiple locations of accessory, jewelry and clothing
outlets, such as Charming Shoppes.

These products are sold through a highly efficient and dedicated in-house sales team and
reach approximately 15,000 retail outlets throughout the United States. Our 140,000 square foot
distribution center has provided us with the opportunity and resources to meet our customers'
delivery requirements. The entrepreneurial spirit of our management enables us, and challenges
us, to seek out and master new technologies to better serve our customers.

International distribution of our mass market product lines operate through the use of
exclusive and nonexclusive distribution agreements in such major territories such as

* Brazil

* Mexico

* Argentina

* Chile

* Columbia

* Canada

* Hong Kong

* Australia

The Market

The fragrance and cosmetic market can be broken down into two (2) types of retail
distribution:

* Selective distribution - perfumeries and specialty sections of department stores, who sell
brand name products with a luxury image, and

* Mass distribution - Mass merchandisers, discount stores and supermarkets, who sell low
to moderately-priced mass market products for a broad customer base with limited
purchasing power.

Selective Distribution

The following information is based on information from the Federation des Industries de
la Parfumerie.

During 2003, the French perfume industry, which accounts for about approximately 30%
of the world market, reported a 1.6% growth rate, as compared to a 4.5% growth rate in 2002 and
a 7% growth rate in 2001.

Net sales in 2003 for the French domestic market increased by 2.8% as compared to 2002,
while the French export market increased by 0.5%.

* The European Union: Sales increased overall by 4% in this the largest market for French
exports. Sales were strongest in the United Kingdom (7% increase) and Spain (8%
increase).

* Europe (excluding the European Union countries): Net sales decreased by 5%, with
substantial decreases in Poland (-10%) and Russia (-6%).

* Asia: Net sales decreased by 6%. Asia is the second largest market for French cosmetics
and perfumes. However, there were sharp decreases in South Korea (-23%), Hong Kong (-11%) and Singapore (-4%) due to the SARS epidemic.

* North America: Although net sales decreased in the United States (-5%) and Canada (-4%), in constant dollars, net sales increased by 10%.

* South America: Net sales to South America (-0.5%) were stable after two declining years
as the result of the financial crises in Argentina and Brazil.

While our market share, based on our internal data, is less than 1% in France, in other
countries such as the United Kingdom, United States, Italy, Portugal, Saudi Arabia and South
Korea, we estimate that our market share is between 1% and 4% of French perfumery imports.

Mass Distribution

Our mass market products, which consist of low to moderately-priced fragrances,
cosmetics and health and beauty aids are designed for a broad customer base with limited
purchasing power. We sell our products both in the United States and abroad. Mass
merchandisers, discount stores and supermarkets continued to perform very well during the
slowdown of the economy. Our Aziza line of cosmetics has achieved widespread acceptance with
distribution in over 15,000 doors in the US and growing. Our line of health and beauty aids,
which consist of shampoos, conditioners and lotions, under our Intimate brand, is currently
distributed in over 10,000 US doors. We expect sales to continue to grow as our high volume,
discount store customers open more stores, and we continue to develop new products for them.

Competition

The market for fragrances and beauty related products is highly competitive and sensitive
to changing mass market preferences and demands. The prestige fragrance industry is highly concentrated around certain major players with resources far greater than ours. We compete with
an original strategy-- regular and methodical development of quality fragrances for a growing
portfolio of internationally renowned brand names.

Our closest competitors in the prestige market typically do not have mass market products
departments. However, they may develop, market and sell prestige cosmetics. The market for
prestige cosmetics is dominated by large companies, with resources far greater than ours, such as
L'Oreal, Shiseido and Clarins. During late 2003, we entered the prestige color cosmetic market
with the launch of our Diane von Furstenberg Beauty cosmetic line. Also as previously discussed,
we have signed a letter of intent to acquire a controlling interest in Nickel SA, a men's prestige
skin care products company. We intend to compete on the basis of our products brand recognition
and quality.

At the present time, we are aware of approximately four established companies which
market alternative designer fragrances similar to ours. This market is characterized by
competition primarily based upon price. We feel the quality of our fragrance products,
competitive pricing, and our ability to quickly and efficiently develop and distribute new
products, will enable us to continue to effectively compete with these companies.

The market for mass market color cosmetics is highly competitive, with several major
cosmetic companies marketing similar products. Many of these companies, such as L'Oreal and
Revlon, have substantial financial resources and national marketing campaigns. However, we
believe that brand recognition of the Aziza name, together with the quality and competitive
pricing of our products, enables us to compete with these companies in the mass market.

The market for health and beauty aids is also highly competitive, and is dominated by
large multi-national companies such as Unilever and Proctor and Gamble. We compete primarily
with a low price point coupled with the recognition of our brand name, Intimate.

Fragrance and Cosmetic Products

Prestige Perfumes

Since 1992, primarily through our 76% owned subsidiary in Paris, Inter Parfums, S.A., we
have sought to build a portfolio of luxury brand names through licensing agreements or through
direct acquisition of brand names. Under license agreements we obtain the right to use the brand
name, create new fragrances and packaging, determine positioning and distribution, and market
and sell the licensed products, in exchange for the payment of royalties. Our rights under license
agreements are also generally subject to certain minimum sales requirements and advertising
expenditures.

The creation and marketing of each product line are intimately linked with the brand's
name, its past and present positioning, customer base and, more generally, the prevailing market
atmosphere. Accordingly, we generally study the market for each proposed product line for
almost a full year before we introduce any new product into the market. This study is intended to
define the general position of the line and more particularly its fragrance, bottle, packaging and
appeal to the buyer. In our opinion, the unity of these four elements of the marketing mix makes
for a successful product.

Overall spending on marketing and point of sale support aggregated approximately $29
million in 2003 with approximately $ 8.5 million in point of sale support, which is included in
cost of sales and $ 20.5 million in other marketing costs, included in selling expenses. Generally,
distributors of our product lines contribute a similar amount for additional marketing support.
The cost of launching a new product (molds and tools, start-up costs and communication costs,
media, etc.) generally varies from $0.2 million to $2.0 million.

The smooth and consistent operation of our prestige perfume operations requires a
thorough knowledge of the market, detailed analysis of the image and potential of each brand
name, a "good dose" of creativity, as well as a highly professional approach to international
distribution channels. Our prestige fragrances have an average life expectancy of five to ten years,
and retail at prices of $30 to $80.

Our brand name portfolio, which has been steadily increasing since 1988, is now made up
essentially of eight brand names, each of which has a variety of product lines. Burberry is our
leading prestige brand name, as net sales of Burberry products accounted for 55.6%, 40.6% and
40.8% of net sales for the years ended December 31, 2003, 2002 and 2001, respectively.

The following is a description of our major, prestige fragrance brands, and for 2004, we
have scheduled four (4) new fragrance launches for our prestige brands.

Burberry

(Burberry London, Burberry Week end, Burberry Touch, Burberry Brit )

Burberry is our leading prestige brand name and we are operating under the terms of an
exclusive worldwide license agreement entered into in 1993. In February 2000, we extended the
license agreement until December 31, 2006, and in 2001 we expanded the license to include baby
fragrance and toiletry products.

In May 2003 we launched a Burberry Touch brand extension, Burberry Tender Touch,
which is a new woman's line designed with a spirited pink color inspired by pink fashion
collections. This new line extension enjoyed a successful debut without adversely affecting sales
of existing Burberry fragrance lines.

During the third quarter of 2003, we experienced a
substantial increase in sales due in great part to the initial launches of the Burberry Brit women's line into a number of major
markets including the United Kingdom, the United States, Spain, France and Italy. Launches of
Burberry Brit then continued throughout the balance of 2003 in the rest of Europe.

Year 2004 will be marked by the continued rollout of the Burberry Brit women's line in
Asia, South America and the Middle East, and the launch of Burberry Brit for men in select
markets in the Autumn of 2004.

S.T. Dupont

(S.T. Dupont Paris, S.T. Dupont Essence Pure, L'Eau de S.T. Dupont)

In June 1997 we signed an exclusive license agreement with S.T. Dupont for the creation,
manufacture and worldwide distribution of S.T. Dupont perfumes. Two lines launched in
September 1998 made a promising start with a strong sell through based on a strong international
luxury image. A line of bath products introduced during the first half of 1999 further enhanced
the image of the brand.

In March 2000 we launched a new S.T. Dupont Signature line of two new highly selective
perfumes. The Signature line did not meet our overall expectations and it was discontinued in
2002. In late 2002, we launched S.T. Dupont Essence Pure, a new line for men and women under
our S.T. Dupont license, and for the Spring of 2004, a new fragrance, L'Eau de S.T. Dupont, will
make its debut.

Paul Smith

(Paul Smith,Paul Smith Extrême,Paul Smith London)

We signed an exclusive license agreement with Paul Smith in December 1998 for the
creation, manufacture and worldwide distribution of Paul Smith perfumes and cosmetics, our first
designer fragrance.

Paul Smith is an internationally renowned British designer who creates fashion with a
clear identity. Paul Smith has a modern style which combines elegance, inventiveness and a sense
of humor. These images, in conjunction with a growing audience, provided the justification for
the creation of a perfume and possibly a cosmetics line. We launched our first line of Paul Smith
perfumes in certain international markets beginning in July 2000.

In October 2002, we commenced the initial launch of our Paul Smith Extrême line, and
sales of Paul Smith fragrances have been strong in the United Kingdom and Japan. We are
creating a new Paul Smith fragrance line, Paul Smith London, for men and women, which we
have scheduled to launch in the Summer of 2004.

Christian Lacroix

(Eau Florale, Bazar, Bazar Summer Fragrance)

In March 1999, we entered into an exclusive license agreement with the Christian Lacroix
Company, a division of LVMH Moet Hennessy Louis Vuitton S.A. ("LVMH"), for the worldwide
development, manufacture and distribution of perfumes. For us, this association with a prestigious
fashion label is another key area for growth which we expect will further strengthen our position
in the prestige fragrance market. Our first Christian Lacroix line, Eau de Parfum, was launched in
1999 and in 2001, we launched a lighter eau de toilette fragrance, Eau Florale.

During 2002, we developed and launched two completely new lines for Christian Lacroix:
Bazar pour femme and Bazar pour homme. The Bazar pour femme comes in an eau de parfum
spray as well as an Eau Deodorante Natural Spray, Perfumed Body Lotion and Perfumed bath and
shower gel. The Bazar pour homme comes in an eau de toilette spray a Deodorant Stick, All Over
Shampoo, After-Shave balm and After-Shave.

During 2003, we launched a limited edition, seasonal fragrance, Bazar Summer Fragrance,
which had a strong showing in France. For 2004, we have scheduled the launch of a new men and
women's line, which is to debut in the Autumn of 2004 or Spring 2005.

Celine

(Celine, Oriental Summer)

In May 2000 we entered into an exclusive worldwide license agreement for the
development, manufacturing and distribution of fragrance lines under the Celine brand name with
Celine, a division of LVMH Moet Hennessy Louis Vuitton S.A. We launched two new fragrance
lines the fourth quarter of 2001. We also introduced a Celine bath line in the third quarter of 2002.

Celine, a French luxury fashion and accessory company, and part of LVMH, is known
throughout the world for its luxury and quality products, as well as the unique designs of Michael
Kors. This agreement is an important part of Celine's strategy to develop dynamic brand
recognition and to offer a varied range of luxury items to an international clientele. Association with this prestigious fashion label is an important step in the development and
expansion of our prestige business. This relationship is expected to add strength to all of our
prestige brands and contribute to our continued growth.

During 2003, we launched a limited edition, seasonal fragrance, Oriental Summer, and we
anticipate that we will bring a new Celine line to the market in the Autumn of 2004 or Spring 2005.

Molyneux

(Quartz, Quartz Pour Homme, Modern Quartz)

The Molyneux brand name, which we purchased in March 1994, was originally created at
the turn of the century by the fashion designer Edouard Molyneux, and ranks among the
institutional brand names of French perfumery. Molyneux enjoys a very prominent market
position in South America, especially through the "Quartz" line for women, which was launched
in 1978. The Molyneux name is also well established in duty-free outlets, France and other
Western European countries.

Prestige Color Cosmetics

Diane von Furstenberg

In May 2002 we entered into an exclusive worldwide license agreement with Diane
von
Furstenberg Studio, L.P. for the development, manufacturing and distribution of fragrance,
cosmetics, skin care and related beauty products, to be sold under the Diane von Furstenberg, DVF, Diane
von Furstenberg The Color Authority and Tatiana brand names. Our rights under
such license agreement are subject to certain minimum sales requirements, advertising
expenditures and royalty payments.

Designer and entrepreneur, Diane von Furstenberg has been on the American fashion
scene since the mid 1970's when she launched her first fashion coup, the wrap dress. Some five
million were sold globally, attesting to the designer's ability to innovate. Throughout her career,
she embarked on many other ventures, including home fashion products, fragrances and
cosmetics, retail shops, and book publishing. Today, Diane von Furstenberg has reestablished her
name in the fashion arena. Her collection is distributed worldwide through the finest specialty and
department stores.

During September 2003, United States distribution of Diane von Furstenberg Beauty, our
first ever line of prestige cosmetics, began at New York's Henri Bendel, and then expanded to
include select Saks Fifth Avenue, Nordstrom and Fred Segal stores. Our distribution in the United
States will be initially limited to 35 of the finest specialty stores in the country.

Diane's fashions have a loyal worldwide following, and our plans call for rolling out
Diane von Furstenberg Beauty in many of the markets where her fashions are sold. We also plan
on expanding the brand to encompass bath and body products, skin care treatments, as well as
adding new fragrance and cosmetic products.

Table of Prestige Brands

The following is a summary of the prestige brand names owned or licensed by us:

		Page
PART I
Item 1.	Business	1
Item 2.	Properties	17
Item 3.	Legal Proceedings	18
Item 4.	Submissions of Matters to a Vote of Security Holders	18
PART II
Item 5.	Market for Registrant's Common Equity and Related Stockholder Matters	19
Item 6.	Selected Financial Data	21
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operation	22
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 8.	Financial Statements and Supplementary Data	32
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	33
Item 9A.	Controls and Procedures	33
PART III
Item 10.	Directors and Executive Officers of the Registrant	35
Item 11.	Executive Compensation	40
Item 12.	Security Ownership of Certain Beneficial Owners and Management	44
Item 13.	Certain Relationships and Related Transactions	47
Item 14.	Principal Accounting Fees and Services	49
PART IV
Item 15.	Exhibits, Financial Statement Schedules, and Reports on Form 8-K	52
FINANCIAL STATEMENTS		F-1
SIGNATURES
CERTIFICATIONS

Proposed Acquisition of Controlling Interest in Nickel SA

The letter of intent contemplates a provision for a follow-on cash infusion by Inter
Parfums, S.A. of approximately $3.7 million, which would bring Inter Parfums, S.A.'s ownership
to 74%. In addition, minority shareholders will have the right to sell their remaining interest in
Nickel to Inter Parfums, S.A. from January 2007 through June 2007. The purchase price will be
based upon a formula applied to Nickel's sales for the year ending December 31, 2006, pro rated
for the minority holders' equity in Nickel.

Established in 1996 by Philippe Dumont, Nickel has developed two innovative concepts
in the world of cosmetics: spas exclusively for male customers and skin care product lines for
men. The Nickel range of some fifteen skin care products for the face and body is sold through
prestige department and specialty stores primarily in France (500 outlets), the balance of Western
Europe (900 outlets) and in the United States (300 outlets), as well as through its men's spas in
Paris, New York and, most recently, San Francisco. For the twelve months ending March 2004,
Nickel forecasts sales of nearly $6.1 million, a 50% increase over the previous year.

Mr. Dumont is to continue as President of Nickel, directing new product development and
Nickel's multi-year spa expansion program. The other major metropolitan markets now under
consideration or in the planning stage include: London, Berlin, Barcelona, Milan, Los Angeles and
Miami.

This proposed transaction would mark our official entree into prestige skin care products. In
addition, this proposed transaction also adds a skilled team of cosmetics professionals to guide us into
the skin care business, which we intend to leverage by drawing upon our current portfolio of prestige
brands.

Mass Market Products

Mass Market Fragrances

We produce and market a complete line of alternative designer fragrances and personal
care products which sell at a substantial discount from their high profile, high retail cost, brand
name counterparts. Our alternative designer fragrances, which are produced in the United States,
are similar in scent to highly advertised designer fragrances that are marketed at a high retail
price. These products are intended to have an upscale image without a high retail price, and
typically sell at a price below $3.00 at the mass market retail level, substantially discounted from
the high cost of designer fragrances which typically range from $30.00 to $200.00 at prestige
retail locations.

Our alternative designer fragrances encompass a complete array of fragrances, body
sprays, deodorants and perfumed creams. Product line extensions into additional personal care
products are ongoing and development of new and innovative product lines is a continuous
process.

New designer fragrances are constantly being launched in the marketplace. Substantial
expenditure of advertising dollars, selective distribution and a high retail price create a perfect
candidate for an alternative designer fragrance. We react to demand by creating a similar scent
which, when combined with an innovative packaging design, is ready for sale to mass market
merchandisers, chain drug stores, wholesalers and international trading companies. To this end,
our strategy is to be among the first to release these new introductions into the market.

In May 2002 we, through our wholly-owned subsidiary, Jean Philippe Fragrances, LLC,
acquired certain mass market fragrance brands, intellectual property, trademarks and inventory
from Tristar Corporation, a Debtor-in-Possession in a Chapter 11 proceeding in U.S. Bankruptcy
Court, paying $3.2 million for the intellectual property and $3.7 million for inventory.

Tristar had been one of our most significant competitors over the years, and we believe
this acquisition has benefited our mass market business. We now have greater market share, and
the additional brands have opened new retail accounts for us, although we have experienced some
consolidation of sales from our other mass market fragrance brands.

Under the terms of a license agreement signed in 1990 with Jordache Enterprises, we have
capitalized on the strength and awareness of the Jordache trademark. Our rights under this license
agreement, which terminate on 30 June 2005 unless further renewed, are subject to certain
minimum sales requirements and the payment of royalties. Discussions are in process for
renewals beyond the current expiration date. We anticipate that future renewals will be on terms
similar to those that are currently in effect. We have directed our marketing efforts on the
younger, trendy mass market consumer who is the core of the Jordache franchise. New packaging,
which utilizes the latest in graphic technology, is both innovative and attractive. We expect to
continue this trend with additional line extensions under the Jordache brand name.

In June 2000 we signed an exclusive worldwide agreement with FUBU The Collection to
produce and sell men's and women's fragrances. During 2002, we launched our FUBU Plush line
for men and women. Unfortunately they did not receive widespread public acceptance and we
have discontinued them.

Mass Market Cosmetics

We purchased the trademark, Aziza from Unilever N.V. in 1995. The recognition of the
Aziza trade name provided us with the opportunity to introduce a new cosmetic line with an
existing loyal customer base.

We market the Aziza line of low priced eyeshadow kits, mascara, and pencils to the young
teen market. This product line, with its low suggested retail prices, is being distributed to mass
market retailers and discount chains, including the 99 Cent and Dollar Store markets.

Line extensions to Aziza include foundation, lipstick, nail polish and related accessories.
Aziza is presently distributed in approximately 15,000 mass market outlets throughout the United
States.

Mass Market Health and Beauty Aids

During 2001, we introduced a new line of mass market health and beauty aids under our
Intimate brand, consisting of shampoo, conditioner, hand lotion and baby oil. We distribute this
line to the same mass market retailers and discount chains as our Aziza cosmetic line. Intimate
health and beauty aids are presently distributed in approximately 10,000 mass market outlets
throughout the United States.

During 2003 we launched a new line of FUBU brand hair products which are being
exclusively sold at Target stores. As we have only recently begun marketing this line, we are not
sure of the degree of public acceptance such line will receive.

Inventory

We purchase raw materials and component parts from suppliers based on internal
estimates of anticipated need for finished goods, which enables us to meet production
requirements for finished goods. We generally deliver product to customers within 72 hours of
the receipt of their orders.

Product Liability

We maintain product liability coverage in an amount of $3,000,000. Based upon our
experience, we believe this coverage is adequate and covers substantially all of the exposure we
may have with respect to our products. We have never been the subject of any material product
liability claims.

Government Regulation

A fragrance is defined as a "cosmetic" under the Federal Food, Drug and Cosmetics Act.
A fragrance must comply with the labeling requirements of this FDC Act as well as the Fair
Packaging and Labeling Act and its regulations. Some of our color cosmetic products may
contain menthol and are also classified as a "drug". Under U.S. law, a product may be classified
as both a cosmetic and a drug. Additional regulatory requirements for products which are "drugs"
include additional labeling requirements, registration of the manufacturer and the semi-annual
update of a drug list.

Our fragrances are subject to the approval of the Bureau of Alcohol, Tobacco and
Firearms as a result of the use of specially denatured alcohol. So far we have not experienced any
difficulties in obtaining the required approvals.

Trademarks

Under various license agreements we have the right to use certain registered trademarks
throughout the world. These registered trademarks include:

* Burberry

* S.T. Dupont

* Paul Smith

* Christian Lacroix

* Celine

* Diane von Furstenberg, DVF, Diane von Furstenberg The Color Authority, and
Tatiana

* Jordache

In addition, we are the registered trademark owner of many trademarks, including:

* Intimate

* Aziza

* Regal Collections, Royal Selections, Euro Collections and Apple

* Parfums Molyneux, Captain, Quartz and Lord

Employees

As of March 1, 2004 we had 117 full-time employees world-wide. Of these, 49 are
engaged in sales activities and 68 in administrative and marketing activities.

As of March 1, 2004 we had 72 full-time employees in Paris. Of these, 33 are engaged in
sales activities and 39 in administrative and marketing activities.

As of March 1, 2004 we had 45 full-time United States employees. Of these, 16 were
engaged in sales activities and 29 in administrative and marketing activities.

We believe that our relationship with our employees is good.

Forward Looking Information and Risk Factors

Statements in this document which are not historical in nature are forward-looking
statements. Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results to be materially different from projected results.
Given these risks, uncertainties and other factors, persons are cautioned not to place undue
reliance on the forward-looking statements.

The following is a discussion of some of the material risk factors relating to our business:

We Are Dependent Upon Burberry for a Significant Portion of Our Sales, and the Loss of or
Failure to Renew this License Will Have a Material Adverse Effect on Us.

Burberry is our leading prestige brand name, as net sales of Burberry products accounted
for 55.6%, 40.6% and 40.8% of consolidated net sales for the years ended December 31, 2003,
2002 and 2001, respectively. We are operating under the terms of an exclusive worldwide license
agreement entered into in 1993. In February 2000 we extended the license agreement until
December 31, 2006, and in 2001 we expanded the license to include baby fragrance and toiletry
products.

We have had several discussions with Burberry relating to
a long term extension of this license. We believe it is important to have this
long term relationship with Burberry at this time, because product development
and marketing strategies, including planning for product launches can, and often
do, extend over several years. Although we believe that this license will be
extended, it has not been extended at this time, and Burberry may not agree to
an extension as quickly as we would like, or they may not agree to extend the
license. Further, we believe that the terms of this license will change if an
extension is granted, and certain terms will not be on terms as favorable as the
current terms. Just as the loss of this license would have a material adverse
effect on us, a renewal on less favorable terms may also negatively impact us.

The Success of Our Products Is Dependent on Public Taste.

Although we believe we have the ability and experience to recognize valuable fragrances
and cosmetic products and gauge trends in the cosmetic and fragrance market, our revenues are
substantially dependent on the success of our products, which depends upon, among other matters,
pronounced and rapidly changing public tastes, factors which are difficult to predict and over which
we have little, if any, control. In addition, we have to develop successful marketing, promotional
and sales programs in order to sell our fragrances and cosmetics. If we are not able to develop
successful marketing, promotional and sales programs, then such failure will have a material
adverse effect on our business, financial condition and operating results.

We are dependent upon Messrs. Jean Madar and Philippe Benacin, and the loss of their
services could harm our business.

Jean Madar, our Chief Executive Officer, and Philippe Benacin, our President, are
responsible for day-to-day operations as well as major decisions. Termination of their relationships
with us, whether through death, incapacity or otherwise, could have a material adverse effect on
our operations, and we cannot assure you that qualified replacements can be found. We maintain
key man insurance on the lives of both Mr. Madar ($1 million) and Mr. Benacin ($2.8 million),
however, we cannot assure you that we would be able to retain suitable replacements for either Mr.
Madar or Mr. Benacin.

We are subject to extreme competition in both the prestige and mass markets.

The market for fragrances and beauty related products is highly competitive and sensitive
to changing market preferences and demands. Many of these companies have substantial financial
resources and national marketing campaigns.

The prestige fragrance and cosmetic industry is highly concentrated around certain major
players with resources far greater than ours. We compete with an original strategy-- regular and
methodical development of quality products for a growing portfolio of internationally renowned
brand names.

Mass market fragrances are characterized by competition primarily based upon price. We
feel the quality of our fragrance products, competitive pricing, and our ability to quickly and
efficiently develop and distribute new products, will enable us to continue to effectively compete
with these companies.

The market for name brand and mass market color cosmetics, as well as health and beauty
aids, is highly competitive, with several major cosmetic companies marketing similar products.
However, we believe that brand recognition of the Aziza and Intimate brand names, together with
the quality and competitive pricing of our products, enables us to compete with these companies
in the mass market.

We cannot assure you that sufficient demand for our existing fragrances, cosmetics and
health and beauty aids will continue or that we will develop future products that will withstand
competition.

Our reliance on third party manufacturers could have a material adverse effect on us.

We rely on outside sources to manufacture our fragrances and cosmetics. The failure of
such third party manufacturers to deliver either components or finished goods on a timely basis
could have a material adverse effect on our business. Although we believe there are alternate
manufactures available to supply our requirements, we cannot assure you that current or
alternative sources will be able to supply all of our demands on a timely basis. We do not intend
to develop our own manufacturing capacity. As these are third parties over which we have little
or no control, the failure of such third parties to provide components or finished goods on a timely
basis could have a material adverse effect on our business, financial condition and operating
results.

The international character of our business renders us subject to fluctuation in foreign
currency exchange rates and international trade tariffs, barriers and other restrictions.

Approximately 27% of our Paris subsidiary's net sales are sold in US dollars. In an effort
to reduce our exposure to foreign currency exchange fluctuations, we engage in a program of
cautious hedging of foreign currencies to minimize the risk arising from operations. Despite such
actions, fluctuations in foreign currency exchange rates for the U.S. dollar, particularly with respect
to the Euro, could have a material adverse effect on our operating results. Possible import, export,
tariff and other trade barriers, which could be imposed by the United States, France, Canada or other
countries might also have a material adverse effect on our business.

Our business is subject to governmental regulation, which could impact our operations.

Fragrances and other cosmetics must comply with the labeling requirements of the Federal
Food, Drug and Cosmetics Act as well as the Fair Packaging and Labeling Act and their
regulations. Some of our color cosmetic products may also be classified as a "drug". Additional
regulatory requirements for products which are "drugs" include additional labeling requirements,
registration of the manufacturer and the semi-annual update of a drug list.

However, we cannot assure you that, should we develop or market fragrances and cosmetics
with different ingredients, or should existing regulations be revised, we would not in the future
experience difficulty in obtaining such approvals.

We may become subject to possible liability for improper comparative advertising or "Trade
Dress."

Brand name manufacturers and sellers of brand name products may make claims of
improper comparative advertising or trade dress (packaging) with respect to the likelihood of
confusion between some of our mass market fragrances, cosmetics and health and beauty aids, and
those of brand name manufacturers and sellers. They may seek damages for loss of business or
injunctive relief to seek to have the use of the improper comparative advertising or trade dress
halted. However, we believe that our displays and packaging constitute fair competitive advertising
and are not likely to cause confusion between our products and others. Further, we have not
experienced to any material degree, any of such problems to date.

Item 2. Properties

Our corporate headquarters and United States operations are located in approximately
9,000 square feet of office space at 551 Fifth Avenue, New York, New York. These premises are
leased for a term ending February 28, 2013. Our monthly rental is approximately $27,000, which
is subject to escalations.

Our Paris based subsidiary maintains offices located at 4 Rond Point Des Champs Elysees,
Paris, France, in approximately 6,000 square feet of leased office space pursuant to three leases.
The first lease is for approximately 4,000 square feet. The second lease is for approximately
2,000 square feet. Both of these leases expire in July 2005, unless terminated earlier by either
party on six months written notice at three year specified intervals. The annual rentals are
127,000 Euros for the first lease and 71,000 Euros for the second lease. Rent is subject to
escalations each July 1. The third lease is for the fifth floor (approximately 1700 square feet for a
term ending June 2007, at an annual rent of approximately 52,000 Euros, which is subject to
escalations.

In addition, we have a lease for approximately 2500 square feet of additional office space
at 18 avenue Franklin Roosevelt, Paris, France, for a term ending April 2009, at an annual rental
of approximately 90,000 Euros per year, which is subject to escalations. We have the right to
terminate earlier at three year specified intervals.

We also occupy a 140,000 square foot distribution center at 60 Stults Road in Dayton,
New Jersey. We are leasing these premises through October 31, 2010 with monthly rental
payments of approximately $57,000, which is subject to escalations.

Our French subsidiary has an agreement with Sagatrans, S.A. for warehousing and
distribution services through July 2005 with an option to extend until July 2008. Fees are
calculated based upon a percentage of sales, which are customary in the industry.

We believe our office and warehouse facilities are satisfactory for our present needs and
those for the foreseeable future.

Item 3. Legal Proceedings

Brosseau Lawsuit

As previously reported, our French subsidiary, Inter Parfums, S.A., is a party to litigation
with Jean Charles Brosseau, S.A. ("Brosseau"), the licensor of the Ombre Rose trademark. In
October 1999, Inter Parfums, S.A. received notice of a judgment in favor of Brosseau, which
awarded damages of approximately $600,000 and which directed Inter Parfums, S.A. to turn over
its license to Brosseau within six months.

Inter Parfums, S.A. appealed the judgment as it vigorously and categorically denied the
claims of Brosseau. However, in June 2000, as a result of certain developments, Inter Parfums,
S.A. and its special litigation counsel considered it likely that the judgment would be sustained
and therefore took a charge against earnings for $600,000, the full amount of the judgment.

In February 2001, the Court of Appeal confirmed the Brosseau claim with respect to
turning over the license. In addition, the Court named an expert to proceed with additional
investigations and required Inter Parfums, S.A. to pay $142,000 as an advance for damages
claimed by Brosseau.

In February 2004, the Court of Appeal ordered Inter Parfums, S.A. to pay total damages of
$390,000 of which $142,000 has already been advanced. Brosseau has two months to appeal this
decision and, therefore Inter Parfums, S.A. will maintain its current reserves until such time as all
rights to appeal have expired. We do not believe that such litigation will have any further
material adverse effect on our financial condition or operations.

Item 4. Submissions Of Matters To A Vote Of Security Holders

Not applicable.

PART II

Item 5. Market For Registrant's Common Equity And Related Stockholder Matters

The Market for Our Common Stock

Our company's common stock, $.001 par value per share, is traded on The Nasdaq Stock
Market (National Market System) under the symbol "IPAR". The following table sets forth in
dollars, the range of high and low closing prices for the past two fiscal years for our common
stock.

Brand Name	Licensed Or Owned	Date Acquired	Term, Including Option Periods	Purchase Price (in millions)
Burberry	Licensed	July 93	13 years	$0.0
S.T. Dupont	Licensed	July 97	11 years	1.0
Paul Smith	Licensed	Dec. 98	12 years	0.0
Celine	Licensed	May 00	11 years from January 2001, with an additional 5-year option term	0.0
Molyneux	Owned	Mar. 94	N/A	4.2
Christian Lacroix	Licensed	Mar. 99	11 years	0.0
Diane von Furstenberg	Licensed	May 02	8 year 7 month term with three additional 2-year option terms.	0.0

Fiscal 2003	High Closing Price	Low Closing Price
Fourth Quarter	$ 26.92	$ 10.00
Third Quarter	$ 11.55	$ 7.62
Second Quarter	$ 8.59	$ 6.78
First Quarter	$ 8.24	$ 5.80

As of 1 March 2004 the number of record holders, which include brokers and broker's
nominees, etc., of the company's common stock was 62. We believe there are in excess of 580
beneficial owners of the company's common stock.

Dividends

Commencing in March 2002, our Board of Directors authorized our first cash dividend of
$.06 per share per annum, payable $.015 per share quarterly. The first cash dividend of $.015 per
share was paid on 15 April 2002 to shareholders of record on 31 March 2002. In March 2003, our
board of directors increased the cash dividend to $.08 per share per annum, payable $.02 per share
on a quarterly basis.

In March 2004, our board of directors increased the cash dividend to $.12 per share per
annum, payable $.03 per share on a quarterly basis. The first cash dividend of $.03 per share is to
be paid on 15 April 2004 to shareholders of record on 31 March 2004.

Our Certificate of Incorporation provides for the requirement of unanimous approval of
the members of our board of directors for the declaration or payment of dividends, if the
aggregate amount of dividends to be paid by us and our subsidiaries in any fiscal year is more
than thirty percent (30%) of our annual net income for the last completed fiscal year, as indicated
by our consolidated financial statements.

Sales of Unregistered Securities

For the period consisting of the last quarter of the fiscal year ended December 31, 2003,
through the date of this report, we issued the following unregistered equity securities.

In October 2003, each of the Chief Executive Officer and the President exercised 42,000
and 94,300 outstanding stock options, respectively, of the Company's common stock. The
exercise prices of $107,352 for the Chief Executive Officer and $241,031 for the President were
paid by each of them tendering to the Company 8,158 and 18,316 shares, respectively, of the
Company's common stock, previously owned by them, valued at $13.16 per share, the fair market
value on the date of exercise. All shares issued pursuant to these option exercises were issued
from our treasury stock. In addition, the Chief Executive Officer tendered an additional 9,307
shares for payment of withholding taxes resulting from his option exercise. As a result of this
transaction, we expect to receive a tax benefit of approximately $460,000, which has been
reflected as an increase to additional paid-in capital in our financial statements.

Each of the Chief Executive Officer and the President agreed to hold their shares for
investment and not with a view towards distribution. The above transactions were exempt from
the registration requirements of Section 5 of the Securities Act under Sections 4(2) and 4(6) of the
Securities Act.

The following sets forth certain information as to all options granted to purchase our
common stock during the last quarter of the last fiscal year and through the date of this report,
which were not registered under the Securities Act. In each of the transactions, we granted
options to affiliates (executive officers and directors) and employees. The transactions were
exempt from the registration requirements of Section 5 of the Securities Act under Sections 4(2)
and 4(6) of the Securities Act. Each option holder agreed that, if the option is exercised, the
option holder would purchase his common stock for investment and not for resale to the public.
Also, we provide all option holders with all reports we file with the SEC and press releases issued
by us.

On December 31, 2003, we granted options to purchase an aggregate of 186,200 shares
for a five year period at the exercise price of $23.05 per share, the fair market value at the time of
grant, to 39 employees, 1 consultant and former executive officer and 4 current executive officers
under our 1999 Stock Option Plan. In addition, 1 non-executive officer employee was granted an
additional option to purchase 2,000 shares for a five year period at the exercise price of $14.835
per share on 14 November 2003, as part of her hiring compensation package.

On 5 January 2004, we granted an option to purchase 2,000 shares for a five year period at the exercise price of
$22.765 per share, the fair market value at the time of grant, to 1
non-executive officer employee under our 1999 Stock Option Plan.

On 2 February 2004, we granted options to purchase an aggregate of 10,000 shares for a
five year period at the exercise price of $23.06 per share, the fair market value at the time of
grant, to 7 directors under our 2000 Non-Employee Director Stock Option Plan.

On 13 February 2004, we granted options to purchase an aggregate of 20,000 shares for a
five year period at the exercise price of $25.24 per share, the fair market value at the time of
grant, to 1 consultant and 1 executive officer under our 1999 Stock Option Plan.

Repurchases of Our Common Stock

Except as disclosed above in connection with the tender of shares by the CEO and
President for the exercise price of certain stock options, we did not repurchase any of our
Common Stock during the fourth quarter of fiscal year ended December 31, 2003.

Item 6. Selected Financial Data

The following selected financial data have been derived from our financial statements, and
should be read in conjunction with those financial statements, including the related footnotes.

Years Ended December 31

(In Thousands Except Share and Per Share Data)

Fiscal 2002	High Closing Price	Low Closing Price
Fourth Quarter	$ 8.25	$ 5.18
Third Quarter	$ 7.98	$ 5.75
Second Quarter	$ 8.99	$ 6.94
First Quarter	$ 10.25	$ 6.60

______________

¹Includes nonrecurring charges aggregating $0.6 million and a gain of $0.6 million, all after taxes and minority interest. The charges
represent an accrual for exposure relating to pending litigation of $0.2 million and a potential tax assessment of $0.4 million. The gain represents a
realized gain on the sale of marketable securities.

² Adjusted for 3:2 stock splits (50% stock dividends) paid in June 2000 and September 2001.

As at December 31

(In Thousands)

	2003	2002	2001	2000	1999
Income Statement Data:
Net Sales	$185,589	$130,352	$112,233	$101,582	$87,140
Cost of Sales	93,024	69,760	57,887	51,873	45,325
Selling, General and Administrative	66,572	43,072	39,624	37,509	31,965
Income Before Taxes and Minority Interest	26,632	17,581	15,456	13,539	9,868
Net Income	13,837	9,405	8,119	6,589¹	4,828
Net Income per Share²: Basic Diluted	$ .73 $ .69	$ .50 $ .47	$ .46 $ .41	$ .37 $ .34	$ .28 $ .26
Average Common Shares Outstanding²: Basic Diluted	19,032,460 20,116,433	18,776,988 19,948,305	17,834,945 19,935,534	17,590,106 19,500,648	17,081,828 18,232,839

Item 7. Management's Discussion And Analysis Of Financial Condition And Results Of Operation

Overview

We operate in a single segment in the fragrance and cosmetic industry, and manufacture,
market and distribute a wide array of fragrances, cosmetics and health and beauty aids. We
specialize in prestige perfumes and cosmetics and mass market perfumes, cosmetics and health
and beauty aids. Most of our prestige products are produced and marketed by our 76% owned
subsidiary in Paris, Inter Parfums, S.A., which is also a publicly traded company; 24% of Inter
Parfums, S.A. shares trade on the Paris Bourse.

* Prestige products - For each prestige brand, owned or licensed by us, we develop an
original concept for the perfume or cosmetic line consistent with world market trends.

* Mass market products - We design, market and distribute inexpensive fragrances and
personal care products, including alternative designer fragrances, mass market cosmetics
and health and beauty aids.

Our prestige product lines, which are manufactured and distributed by us primarily under
license agreements with brand owners, represented approximately 76% of net sales during 2003.
Since 1992 we have built a portfolio of brands under licenses which include Burberry, S.T.
Dupont, Paul Smith, Christian Lacroix, Celine, and Diane von Furstenberg, which
are distributed in over 120 countries around the world. In terms of sales,
Burberry is our most significant license, and sales of Burberry products
represented 55.6%, 40.6% and 40.8% of net sales for the years ended December 31,
2003, 2002 and 2001, respectively. Our current Burberry license takes us through
December 31, 2006. We believe it is important to have a long term relationship
with Burberry at this time, because product development and marketing
strategies, including planning for product launches can, and often do, extend
over several years. Accordingly, a new license agreement is under serious
discussion with Burberry. We are hopeful for a positive outcome by the summer of
2004.

We have two licenses with affiliates of our strategic partner, LV Capital, USA Inc. ("LV
Capital"), a wholly-owned subsidiary of LVMH Moet Hennessy Louis Vuitton S.A. LV Capital
owns approximately 18% of our outstanding common shares. In May 2000 we entered into an
exclusive worldwide license for prestige fragrances for the Celine brand, and in March 1999 we
entered into an exclusive worldwide license for Christian Lacroix fragrances. Both licenses are
subject to certain minimum sales requirements, advertising expenditures and royalty payments as
are customary in our industry. We believe that our association with LV Capital has enhanced our
creditability in the cosmetic industry, which should lead us to additional opportunities in our
industry that might not have been otherwise available to us.

Our mass market product lines, which represent 24% of sales, are comprised of alternative
designer fragrances, cosmetics, health and beauty aids and personal care products. These lines
are sold under trademarks owned by us or pursuant to license agreements we have for the
trademarks Jordache, Tatiana and FUBU.

We grow our business in two distinct ways. First, we grow by adding new brands to our
portfolio, either through new licenses or out-right acquisitions of brands. Second, we grow
through the creation of product line extensions for the existing brands in our portfolio. Every two
to three years, we create a new family of fragrances for each brand in our portfolio.

Our business is not very capital intensive, and it is important to note that we do not own
any manufacturing facilities. Rather, we act as a general contractor and source our needed
components from our suppliers. These components are received at one of our distribution centers
and then, based upon production needs, the components are sent to one of several outside fillers
which manufacture the finished good for us and ship it back to the distribution center.

Discussion of Critical Accounting Policies

We make estimates and assumptions in the preparation of our financial statements in
conformity with accounting principles generally accepted in the United States of America. Actual
results could differ significantly from those estimates under different assumptions and conditions.
We believe the following discussion addresses our most critical accounting policies, which are
those that are most important to the portrayal of our financial condition and results of operations.
These accounting policies generally require our management's most difficult and subjective
judgments, often as a result of the need to make estimates about the effect of matters that are
inherently uncertain. The following is a brief discussion of the more critical accounting policies
that we employ.

Revenue Recognition

We sell our products to department stores, perfumeries, mass market retailers,
supermarkets and domestic and international wholesalers and distributors. Sales of such products
by our domestic subsidiaries are denominated in U.S. dollars and sales of such products by our
foreign subsidiaries are primarily denominated in either Euros or U.S. dollars. Accounts
receivable reflect the granting of credit to these customers. We generally grant credit based upon
our analysis of the customer's financial position as well as previously established buying patterns.
Generally, we do not bill customers for shipping and handling costs and, accordingly, we classify
such costs as selling and administrative expenses. We recognize revenues when merchandise is
shipped and the risk of loss passes to the customer. Net sales are comprised of gross revenues less
returns, and trade discounts and allowances.

Sales Returns

Generally, we do not permit customers to return their unsold products. However, on a
case-by-case basis we occasionally allow customer returns. We regularly review and revise, as
deemed necessary, our estimate of reserves for future sales returns based primarily upon historic
trends and relevant current data. We record estimated reserves for sales returns as a reduction of
sales, cost of sales and accounts receivable. Returned products are recorded as inventories and are
valued based upon estimated realizable value. The physical condition and marketability of
returned products are the major factors we consider in estimating realizable value. Actual returns,
as well as estimated realizable values of returned products, may differ significantly, either
favorably or unfavorably, from our estimates, if factors such as economic conditions, inventory
levels or competitive conditions differ from expectations.

Promotional Allowances

We have various performance-based arrangements with retailers to reimburse them for all
or a portion of their promotional activities related to our products. These arrangements primarily
allow customers to take deductions against amounts owed to us for product purchases. Estimated
accruals for promotions and co-operative advertising programs are recorded in the period in
which the related revenue is recognized. We review and revise the estimated accruals for the
projected costs for these promotions. Actual costs incurred may differ significantly, either
favorably or unfavorably, from estimates if factors such as the level and success of the retailers'
programs or other conditions differ from our expectations.

Inventories

Inventories are stated at the lower of cost or market value. Cost is principally determined
by the first-in, first-out method. We record adjustments to the cost of inventories based upon our
sales forecast and the physical condition of the inventories. These adjustments are estimates,
which could vary significantly, either favorably or unfavorably, from actual requirements if future
economic conditions or competitive conditions differ from our expectations.

Equipment and Other Long-Lived Assets

Equipment, which includes tools and molds, is recorded at cost and is depreciated on a
straight-line basis over the estimated useful lives of such assets. Changes in circumstances such as
technological advances, changes to our business model or changes in our capital spending
strategy can result in the actual useful lives differing from our estimates. In those cases where we
determine that the useful life of equipment should be shortened, we would depreciate the net book
value in excess of the salvage value, over its revised remaining useful life, thereby increasing
depreciation expense. Factors such as changes in the planned use of equipment, or market
acceptance of products, could result in shortened useful lives.

Long-lived assets, including trademarks and licenses, are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of any such asset
may not be recoverable. If the sum of the undiscounted cash flows (excluding interest) is less than
the carrying value, then we recognize an impairment loss, measured as the amount by which the
carrying value exceeds the fair value of the asset. The estimate of undiscounted cash flow is based
upon, among other things, certain assumptions about expected future operating performance. Our
estimates of undiscounted cash flow may differ from actual cash flow due to, among other things,
economic conditions, changes to our business model or changes in consumer acceptance of our
products. In those cases where we determine that the useful life of other long-lived assets should
be shortened, we would depreciate the net book value in excess of the salvage value (after testing
for impairment as described above), over the revised remaining useful life of such asset thereby
increasing amortization expense.

Results of Operations

	2003	2002	2001	2000	1999
Balance Sheet Data:
Working Capital	$115,970	$83,828	$68,204	$57,688	$53,390
Total Assets	194,001	129,370	102,539	94,571	87,223
Long-Term Debt	-0-	-0-	1,366	1,417	1,531
Shareholders' Equity	104,916	80,916	65,091	55,061	52,361

Net sales for the year ended December 31, 2003 increased 42% to $185.6 million. For the
year ended December 31, 2002, net sales were up 16%. At comparable foreign currency exchange
rates, net sales rose 31% and 12% in 2003 and 2002, respectively. The increases in net sales are
attributable to increases in both our prestige and mass market product lines.

Prestige product sales, which were up approximately 12% in 2002, surged 61% in 2003.
Prestige fragrance sales in general were slow for the first six months of 2002 as the economy and
luxury goods manufacturers felt the effects of September 11, 2001. However, we began to see a
significant turnaround in July 2002, which continued for the remainder of that year and
throughout 2003.

Prestige product sales growth in 2002 was spurred by increased global distribution of our
Celine brand, which has a strong following throughout Western Europe and Japan. We also
launched a new Christian Lacroix fragrance line, Bazar, for men and women, as well as two
fragrance line extensions, Essence Pure by S.T. Dupont and Paul Smith Extreme.

Our 2003 calendar of new product launches was the most ambitious in our history.
Besides the continued geographic rollout of Essence Pure by S.T. Dupont and Paul Smith
Extreme, new brands and brand extensions made their debuts throughout the year. In the spring of
2003 we launched a summer seasonal fragrances for both our Celine and Christian Lacroix
fragrance lines. In addition, in late September 2003, we launched a fragrance and cosmetic line
under the Diane von Furstenberg label.

Most importantly, the global rollout of Burberry Brit for
women, which began in the third quarter of 2003, is now expanding to Asia, South
America and the Middle East. We anticipate that Burberry Brit for women will be
the best selling fragrance in our history. We are also looking forward to the
launch in the fall of the Burberry Brit for men line in selected markets.

In September 2003, we launched our first prestige cosmetics line, Diane von Furstenberg
Beauty, at about 33 of the finest retail doors in the US as well as in the designer's boutiques in
New York and Miami. Initial sales have been satisfactory and efforts are being made to increase
consumer awareness. Many promotional events are being planned, including personal
appearances, free makeovers and gift with purchase programs. Diane von Furstenberg products
will be available on Sephora.com in April 2004 and at several Sephora retail locations this
summer.

The year 2004, will not be without its share of brand extensions. In July, we will unveil
new fragrance families for both S.T. Dupont and Paul Smith. Les Eaux De S.T. Dupont will be
available in versions for both men and women, as will Paul Smith London. In October, we will
introduce a new Christian Lacroix fragrance for men and women, and we have a limited edition
warm weather, seasonal fragrance for our Celine brand.

With respect to our mass market product lines, net sales were up 4% in 2003 after rising
27% in 2002. Through June 2003 we continued to see growth in our fragrances lines as a result of
our May 2002 acquisition of certain fragrance brands from Tristar Corporation, a Debtor-in-Possession, ("Tristar"). Tristar was one of our most significant competitors in mass-market
fragrances and the brands acquired are being sold in the same distribution channels as that of our
other mass-market fragrance lines. As we have passed the one-year anniversary of this
acquisition, we are consolidating certain fragrance lines to reduce duplication and improve overall
efficiency, which resulted in decline in mass market fragrance sales in 2003. However, new
product line extensions and an expanding distribution network continue to benefit sales volume in
our Intimate health and beauty aids and our Aziza cosmetics lines.

Our new product development program for all of our product groups is well under way,
and we expect to roll out new products throughout 2004. In addition, we are actively pursuing
other new business opportunities. However, we cannot assure you that any new license or
acquisitions will be consummated.

In December 2003, we announced the signing of a letter of intent by our Paris-based
subsidiary, Inter Parfums, S.A., to acquire a 64% interest in Nickel S.A. for approximately $6
million in cash. Closing of the transaction, which is subject to certain due diligence procedures
and signing of a definitive agreement, is expected to take place in April 2004. The letter of intent
contemplates a provision for a follow-on cash infusion of approximately $3.7 million, which
would bring our ownership to 74%. In addition, minority shareholders will have the right to sell
their remaining interest in Nickel to us from January 2007 through June 2007. The purchase price
is to be based upon a formula applied to Nickel's sales for the year ending December 31, 2006,
pro rated for the minority holders' equity in Nickel.

Net sales	Years ended December 31,
(in millions)	2003	% Change	2002	% Change	2001

Prestige product sales	$ 142.1	61%	$ 88.4	12%	$ 79.1
Mass market product sales	43.5	4%	42.0	27%	33.1

Total net sales	$ 185.6	42%	$ 130.4	16%	$ 112.2

Gross profit margins were 50% in 2003, 46% in 2002 and 48% in 2001. In 2001, gross
profit margins were aided by the strong dollar in relation to the Euro and were therefore ahead of
our historic target rates of 45% to 46%. This results from the fact that certain European sales are
denominated in U.S. dollars. In 2002, the weak U.S. dollar began to reverse that trend. In addition,
sales of product in our prestige fragrance lines generate a significantly higher gross profit margin
than sales of our mass market product lines. In 2002, mass market net sales were up 27% as
compared to prestige product sales which were up 12%. In 2003, although the U.S. dollar
continued to weaken against the Euro, its effect on 2003 gross margins was mitigated by the 61%
net sales growth rate achieved in our prestige product lines as compared to 4% for our mass
market lines. If the dollar remains at current levels, and product mix continues the pattern of
2003, then we expect the gross margin for 2004 to remain at approximately 50%.

Gross margins	Years ended December 31,
(in millions)	2003	2002	2001

Net sales	$ 185.6	$ 130.4	$ 112.2
Cost of sales	93.0	69.8	57.9

Gross margin	$ 92.6	$ 60.6	$ 54.3

Gross margin as a % of net sales	50%	46%	48%

Higher growth rates in our prestige product lines, as compared to our mass market product
lines, results in higher selling, general and administrative expenses as a percentage of sales. This
is because promotion and advertising are prerequisites for sales of designer prestige products. We
develop a complete marketing and promotional plan to support our growing portfolio of prestige
brands and to build upon each brand's awareness. Promotion and advertising included in selling,
general and administrative expenses was approximately 14% of prestige product sales in each of
the years in the three years period ended December 31, 2003. Our mass market product lines do
not require extensive advertising and therefore, more of our selling, general and administrative
expenses are fixed rather than variable. In addition, recent increases in certain fixed costs,
including insurance, rent and wages, contributed to the increase in selling, general and
administrative expenses in 2003.

Interest expense aggregated $0.3 million, $0.4 million and $0.3 million for the years
ended December 31, 2003, 2002 and 2001, respectively. We use the credit lines available to us, as
needed, to finance our working capital needs.

Foreign currency gains or (losses) aggregated $0.3 million, ($0.1) million and $0.1million
for the years ended December 31, 2003, 2002 and 2001, respectively. We enter into foreign
currency forward exchange contracts to manage exposure related to certain foreign currency
commitments.

Our effective income tax rate was 35%, 36% and 37% for the years ended December 31,
2003, 2002 and 2001, respectively. Our 76% owned subsidiary, Inter Parfums, S.A., is a
Controlled Foreign Corporation operating out of France. Tax rates in France declined slightly in
2003 and 2002 giving rise to our lower overall tax rate.

Net income increased 47% to $13.8 million in 2003 after increasing 16% to $9.4 million
in 2002. Diluted earnings per share increased 47% to $0.69 in 2003 after increasing 15% to $0.47
in 2002. Weighted average shares outstanding aggregated 19.0 million, 18.8 million and 17.8
million for the years ended December 31, 2003, 2002 and 2001, respectively. On a diluted basis,
average shares outstanding were 20.1 million for the year ended December 31, 2003 and 19.9
million, for both years ended December 31, 2002 and 2001.

Liquidity and Financed Resources

Profitable operating results continue to strengthen our financial position. At December 31,
2003, working capital aggregated $116 million and we had a working capital ratio of 2.7 to 1.
Cash and cash equivalents aggregated $59 million and we had no long-term debt.

Cash provided by operating activities aggregated $19.3 million, $12.7 million and $7.0
million for the years ended December 31, 2003, 2002 and 2001, respectively. At December 31,
2002, in terms of cash flows, accounts receivable and inventories were up 17% and 4%,
respectively, from December 31, 2001. The 17% increase in accounts receivable was not unusual
considering that net sales for the three months and year ended December 31, 2002 were up 36%
and 16%, respectively. The increase in inventories is primarily attributable to the Tristar
inventory purchased in connection with the intellectual property acquisition in May 2002. At
December 31, 2003, in terms of cash flows, accounts receivable and inventories were up 34% and
49%, respectively, from December 31, 2002. The 34% increase in accounts receivable and the
49% increase in inventories are not unusual considering that net sales for the three months and
year ended December 31, 2003 were up 33% and 42%, respectively. In addition, in 2003 a
significant inventory build up during the fourth quarter of 2003 was made to meet our sales
commitments in early 2004 including the continued rollout of our Burberry Brit for women line.
This buildup was financed primarily through normal credit terms with our vendors, and therefore
did not have any significant impact on our cash flows from operations.

Cash flows used in investing activities, which are primarily capital expenditures,
aggregated $2.5 million, $4.4 million and $2.5 million for the years ended December 31, 2003,
2002 and 2001, respectively. As previously mentioned, our business is not capital intensive and
we do not own any manufacturing facilities. We typically spend between $1.0 and $2.0 million
per year on tools and molds, depending on our new product development calendar. The balance of
capital expenditures is for office fixtures, computer equipment and industrial equipment needed at
our distribution centers. Cash flows used in investing activities in 2002 included $3.2 million for
the May 2002 acquisition of certain fragrance brands from Tristar.

In March 2004, our board of directors increased the cash dividend to $.12 per share,
approximately $2.3 million per annum, payable $.03 per share on a quarterly basis. Our first cash
dividend of $.03 per share is to be paid on April 15, 2004 to shareholders of record on March 31,
2004. Dividends paid, including dividends paid to minority shareholders by our French subsidiary
aggregated $1.8 million, $1.1 million and $0.2 million in 2003, 2002 and 2001, respectively. This
increased cash dividend in 2004 represents a small part of our cash position and is not expected to
have any significant impact on our financial position.

Our short-term financing requirements are expected to be met by available cash at
December 31, 2003, cash generated by operations and short-term credit lines provided by
domestic and foreign banks. The principal credit facilities for 2003 consist of a $12.0 million
unsecured revolving line of credit provided by a domestic commercial bank and approximately
$30.0 million in credit lines provided by a consortium of international financial institutions.
Actual borrowings under these facilities have been minimal as we typically use our working
capital to finance all of our cash needs.

In December 2003, we signed of a letter of intent to acquire a 64% interest in Nickel S.A.
for approximately $6 million in cash. Closing of the transaction, which is subject to certain due
diligence procedures and signing of a definitive agreement, is expected to take place in April
2004. The letter of intent contemplates a provision for a follow-on cash infusion of
approximately $3.7 million, which would bring our ownership to 74%. We anticipate funding this
acquisition with cash on hand and do not expect it to have any further significant effect on our
financial position.

Inter Parfums, S.A. appealed the judgment as it vigorously and categorically denied the
claims of Brosseau. In June 2000, as a result of certain developments, Inter Parfums, S.A. and its
special litigation counsel considered it likely that the judgment would be sustained and therefore
took a charge against earnings for $600,000, the full amount of the judgment. In February 2001,
the Court of Appeal confirmed the Brosseau claim with respect to turning over the license. In
addition, the Court named an expert to proceed with additional investigations and required Inter
Parfums, S.A. to pay $142,000 as an advance for damages claimed by Brosseau.

In February 2004, the Court of Appeal ordered Inter Parfums, S.A. to pay total damages of
$390,000 of which $142,000 has already been advanced. Brosseau has two months to appeal this
decision and, therefore Inter Parfums, S.A. will maintain its current reserves until such time as all
rights to appeal have expired. We do not believe that such litigation will have any further material
adverse effect on our financial condition or operations.

We believe that funds generated from operations, supplemented by our present cash
position and available credit facilities, will provide us with sufficient resources to meet all present
and reasonably foreseeable future operating needs.

In January 1999, certain member countries of the European Union established permanent
fixed rates between their existing currencies and the European Union's common currency, the
Euro. The transition period for the introduction of the Euro was completed on January 1, 2002.
The introduction of the Euro and the phasing out of other currencies have not had any material
impact on our consolidated financial statements.

Inflation rates in the U.S. and foreign countries in which we operate did not have a
significant impact on operating results for the year ended December 31, 2003.

Contractual Obligations

The following table sets for a schedule of our contractual obligations over the periods
indicated in the table, as well as our total contractual obligations ($ in thousands).

Selling, general & administrative
(in millions)	Years ended December 31,
	2003	2002	2001

Selling, general & administrative	$ 66.6	$ 43.1	$ 39.6


Selling, general & administrative as a % of net sales	36%	33%	35%

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

General

We address certain financial exposures through a controlled program of risk management
that primarily consists of the use of derivative financial instruments. We primarily enter into
foreign currency forward exchange contracts in order to reduce the effects of fluctuating foreign
currency exchange rates. We do not engage in the trading of foreign currency forward exchange
contracts or interest rate swaps.

Foreign Exchange Risk Management

We periodically enter into foreign currency forward exchange contracts to hedge exposure
related to receivables denominated in a foreign currency and to manage risks related to future
sales expected to be denominated in a foreign currency. We enter into these exchange contracts
for periods consistent with our identified exposures. The purpose of the hedging activities is to
minimize the effect of foreign exchange rate movements on the receivables and cash flows of
Inter Parfums, S.A., our French subsidiary, whose functional currency is the Euro. All foreign
currency contracts are denominated in currencies of major industrial countries and are with large
financial institutions, which are rated as strong investment grade.

All derivative instruments are required to be reflected as either assets or liabilities in the
balance sheet measured at fair value. Generally, increases or decreases in fair value of derivative
instruments will be recognized as gains or losses in earnings in the period of change. If the
derivative is designated and qualifies as a cash flow hedge, then the changes in fair value of the
derivative instrument will be recorded in other comprehensive income.

Before entering into a derivative transaction for hedging purposes, we determine that the
change in the value of the derivative will effectively offset the change in the fair value of the
hedged item from a movement in foreign currency rates. Then, we measure the effectiveness of
each hedge throughout the hedged period. Any hedge ineffectiveness is recognized in the income
statement.

We believe that our risk of loss as the result of nonperformance by any of such financial
institutions is remote and in any event would not be material. The contracts have varying
maturities with none exceeding one year. Costs associated with entering into such contracts have
not been material to our financial results. At December 31, 2003, we had foreign currency
contracts at Inter Parfums, S.A. in the form of forward exchange contracts in the amount of
approximately U.S. $18.0 million and GB Pounds 13.1 million.

Item 8. Financial Statements and Supplementary Data

The required financial statements commence on page F-1.

Supplementary Data

Contractual Obligations	Payments due by period
	Total	Less than 1 year	Years2-3	Years 4-5	More than 5 years
Long-Term Debt	$ 0	$ 0	$ 0	$ 0	$ 0
Capital Lease Obligations	$ 0	$ 0	$ 0	$ 0	$ 0
Operating Leases	$ 11,633	$ 3,209	$ 3,530	$ 2,271	$ 2,623
Purchase Obligations	$ 0	$ 0	$ 0	$ 0	$ 0
Other Long-Term Liabilities Reflected on the Registrant's Balance Sheet under GAAP	$ 0	$ 0	$ 0	$ 0	$ 0
Minimum Royalty Obligations	$ 29,581	$ 5,447	$ 11,369	$ 5,910	$ 6,855
Total	$ 41,214	$ 8,656	$ 14,899	$ 8,181	$ 9,478

Quarterly Data (Unaudited) For the Year Ended 31 December 2003 (In Thousands Except Share and Per Share Data)
	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Full Year
Net Sales	$37,564	$41,392	$57,401	$49,232	$185,589
Cost of Sales	19,615	20,826	29,105	23,478	93,024
Net Income	2,503	2,937	4,684	3,713	13,837
Net Income per Share: Basic Diluted	$ .13 $ .13	$ .15 $ .15	$ .25 $ .23	$ .19 $ .18	$ .73 $ .69
Average Common Shares Outstanding: Basic Diluted	18,816,503 19,907,660	18,999,219 19,905,644	19,024,081 20,182,148	19,128,715 20,470,279	19,032,460 20,116,433

Item 9. Changes In and Disagreements With Accountants on Accounting and

Financial Disclosure

Eisner LLP was previously the principal accountants for the Company. On January 7,
2004, that firm was dismissed as our principal accountants and KPMG LLP was engaged as
principal accountants. The decision to change accountants was approved by our audit committee.

In connection with the audits of each of the two fiscal years ended December 31, 2001 and
December 31, 2002, and the interim period through January 7, 2004, the date of dismissal, there
were no disagreements with Eisner LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedures, which disagreements if not
resolved to their satisfaction would have caused them to make reference in connection with their
opinion to the subject matter of the disagreement.

The audit reports of Eisner LLP on the consolidated financial statements of Inter Parfums,
Inc. and subsidiaries as of and for the years ended December 31, 2001 and 2002, did not contain
any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope, or accounting principles. Eisner LLP did make reference in their reports
to other auditors who audited the financial statements of our consolidated foreign subsidiaries.

During the two fiscal years ended December 31, 2002, and the interim period through
January 7, 2004, the date of engagement, we did not consult with or engage KPMG LLP
regarding the application of generally accepted accounting principles to a specific transaction or
the type of audit opinion that might be rendered on our consolidated financial statements. KPMG
SA, an affiliate of KPMG LLP, has been engaged as the audit firm for our French subsidiaries for
each of the three fiscal years ended December 31, 2001, 2002 and 2003.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the
effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act
of 1934 Rule 13a-14(c)) as of the end of the period covered by this annual report on Form 10-K
(the "Evaluation Date"). Based on their review and evaluation, our Chief Executive Officer and
Chief Financial Officer have concluded that, as of the Evaluation Date, our disclosure controls
and procedures were adequate and effective to ensure that material information relating to our
company and its consolidated subsidiaries would be made known to them by others within those
entities, so that such material information is recorded, processed and reported in a timely manner,
particularly during the period in which this annual report on Form 10-K was being prepared, and
that no changes were required at this time.

Changes in Internal Controls

There were no significant changes in our internal controls or in other factors that could
significantly affect our internal controls after the Evaluation Date, or any significant deficiencies
or material weaknesses in such internal controls requiring corrective actions. As a result, no
corrective actions were taken.

PART III

Item 10. Executive Officers And Directors Of Registrant

As of the date of this report, our executive officers and directors were as follows:

Quarterly Data (Unaudited) For the Year Ended 31 December 2002 (In Thousands Except Share and Per Share Data)
	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Full Year
Net Sales	$ 28,418	$ 27,443	$ 37,374	$ 37,117	$130,352
Cost of Sales	14,712	14,635	20,914	19,499	69,760
Net Income	2,010	1,926	2,691	2,778	9,405
Net Income per Share: Basic Diluted	$ .11 $ .10	$ .10 $ .10	$ .14 $ .14	$ .15 $ .14	$.50 $.47
Average Common Shares Outstanding: Basic Diluted	18,750,327 19,961,367	18,760,558 20,022,039	18,780,558 19,877,170	18,816,503 19,935,392	18,776,988 19,948,305

Our directors will serve until the next annual meeting of stockholders and thereafter until
their successors shall have been elected and qualified. LV Capital USA, Inc. and Messrs. Jean
Madar and Philippe Benacin have entered into a Shareholders' Agreement relating to certain
corporate governance issues, including granting two seats on the Board of directors to designees
of LV Capital USA, Inc. LV Capital USA, Inc. and Messrs. Jean Madar and Philippe Benacin
have each agreed to vote for each others nominees for directors. As Messrs. Madar and Benacin
and LV Capital USA, Inc. beneficially own more than 50% of the outstanding shares of the Inter
Parfums' common stock, Inter Parfums is considered a "controlled company" under the
applicable rules of The Nasdaq Stock Market.

With the exception of Mr. Benacin, the officers are elected annually by the directors and
serve at the discretion of the board of directors. There are no family relationships between
executive officers or directors of our company.

Board of Directors

Our Board of Directors has the responsibility for establishing broad corporate policies and
for the overall performance of our company. Although certain directors are not involved in day-to-day operating details, members of the Board are kept informed of our business by various
reports and documents made available to them. The Board of Directors held seventeen (17)
meetings (or executed consents in lieu thereof), including meetings of committees of the Board in
Fiscal 2003, and all of the directors attended at least 75% of the meetings of the Board and
committee meetings of which they were a member, except Serge Rosinoer.

We have adopted a Code of Business Conduct, which is filed with the Securities and
Exchange Commission as Exhibit 14 to this report, and we agree to provide to any person without
charge, upon request, a copy of our Code of Business Conduct. Any person who requests a copy
of our Code of Business Conduct should provide their name and address in writing to: Inter
Parfums, Inc., 551 Fifth Avenue, New York, NY 10176, Att.: Shareholder Relations.

During Fiscal 2003, the Board of Directors had the following standing committees:

* Audit Committee - The Audit Committee has the sole authority and is directly
responsible for, the appointment, compensation and oversight of the work of the independent
accountants employed by the Company which prepare or issue an audit report for the Company.
During Fiscal 2003, the Audit Committee consisted of Messrs. Heilbronn, Levy and Cailliau. As
the result of a change in independence requirements for members of the Audit Committee, in
December 2003 Mr. Robert Bensoussan-Torres replaced Mr. Cailliau as a member of the Audit
Committee.

The Audit Committee does not have a member who is an "Audit Committee Financial
Expert" as such term is defined under the applicable rules and regulations. However, as the result
of the background, education and experience of the members of the Audit Committee, the Board
of Directors believes that such committee members are fully qualified to fulfill their obligations
as members of the Audit Committee.

* Executive Compensation and Stock Option Committee - The Executive
Compensation Committee oversees the compensation of the Company's executives and
administers the Company's stock option plans. Until March 2003 when they were combined, the
Company had two separate committees, the Executive Compensation Committee and the Stock
Option Committee. In January and February 2003, the Stock Option Committee consisted of
Messrs. Heilbronn, Levy and Cailliau, and the Executive Compensation Committee consisted of
Messrs. Heilbronn, Levy and Piette. In March 2003, Mr. Piette replaced Mr. Cailliau as a member
of the Stock Option Committee.

Our Board of Directors does not maintain a standing nominating committee or a
committee performing similar functions. In view of the existing shareholders' agreement relating
to certain corporate governance issues, including the election of directors, among LV Capital
USA, Inc. and Messrs. Jean Madar and Philippe Benacin who beneficially own more than 50% of
the outstanding shares of the Inter Parfums' common stock, our Board of Directors does not
believe it necessary for the company to have such a committee. Also as a "controlled company"
under the applicable rules of The Nasdaq Stock Market, we are exempt from the nominating
committee requirements. Our Board of Directors as a group agreed to nominate the same
members of the board who had served last year.

The following sets forth biographical information as to the business experience of each
executive officer and director of our company for at least the past five years.

Jean Madar

Jean Madar, age 43, a Director, has been the Chairman of the Board of Directors since the
Company's inception, and is a co-founder of the Company with Mr. Benacin. From inception until
December 1993 he was the President of the Company; in January 1994 he became Director General of Inter Parfums, S.A., the Company's subsidiary; and in January 1997 he became Chief
Executive Officer of the Company. Mr. Madar was previously the managing director of Inter
Parfums, S.A., from September 1983 until June 1985. At such subsidiary, he had the
responsibility of overseeing the marketing operations of its foreign distribution, including market
research analysis and actual marketing campaigns. Mr. Madar graduated from The French Higher
School of Economic and Commercial Sciences (ESSEC) in 1983.

Philippe Benacin

Mr. Benacin, age 45, a Director, has been the Vice Chairman of the Board since
September 1991, and is a co-founder of the Company with Mr. Madar. He was elected the
Executive Vice President in September 1991, Senior Vice President in April 1993, and President
of the Company in January 1994. In addition, he has been the President of Inter Parfums, S.A. for
more than the past five years. Mr. Benacin graduated from The French Higher School of
Economic and Commercial Sciences (ESSEC) in 1983.

Russell Greenberg

Mr. Greenberg, age 47, the Chief Financial Officer, was Vice-President, Finance when he
joined the Company in June 1992; became Executive Vice President in April 1993; and was
appointed to the Board of Directors in February 1995. He is a certified public accountant licensed
in the State of New York, and is a member of the American Institute of Certified Public
Accountants and the New York State Society of Certified Public Accountants. After graduating
from The Ohio State University in 1980, he was employed in public accounting until he joined
the Company in June 1992.

Philippe Santi

Philippe Santi, age 42 and a Director since December 1999, has been the Director of
Finance and the Chief Financial Officer of Inter Parfums, S.A. since February 1995. Mr. Santi is a
Certified Accountant and Statutory Auditor in France.

Francois Heilbronn

Mr. Heilbronn, age 43, a Director since 1988, an independent director, and a member of
the audit, stock option and executive compensation committees, is a graduate of Harvard Business
School with a Master of Business Administration degree and is currently the managing partner of
the consulting firm of M.M. Friedrich, Heilbronn & Fiszer. He was formerly employed by The
Boston Consulting Group, Inc. from 1988 through 1992 as a manager. Mr. Heilbronn graduated
from Institut D' Etudes Politiques De Paris in June 1983. From 1984 to 1986, he worked as a
financial analyst for Lazard Freres & Co.

Joseph A. Caccamo

Mr. Caccamo, age 48, a Director since 1992, is an attorney with the law firm of Becker &
Poliakoff, P.A., our general counsel. A member of both the New York and Florida bars, Mr.
Caccamo has been a practicing attorney since 1981, concentrating in the areas of corporate and
securities law, and in September 1991 he became counsel to us. From August 1992 through
September 1997, he was a director of and general counsel to, Hydron Technologies, Inc., a
publicly traded company primarily engaged in the development of cosmetic and personal care
products.

Jean Levy

Jean Levy, age 71, a Director since August 1996, an independent director and a member
of the audit and executive compensation and stock option committees, worked for twenty-seven
years at L'Oreal, and was the President and Chief Executive Officer of Cosmair, the exclusive
United States licensee of L'Oreal, from 1983 through June 1987. In addition, he is the former
President and Chief Executive Officer of Sanofi Beaute (France). For the more than the past five
years, Mr. Levy has been an independent advisor as well as a consultant for economic
development to local governments in France. A graduate of l'Institut d'Etudes Politiques de Paris,
he also attended Yale Graduate School and was a recipient of a Fulbright Scholarship. He was
also a Professor at l'Institut d'Etudes Politiques de Paris. Mr. Levy is also a director of Rallye,
S.A. He was formerly a director of Zannier Group and Escada Beaute Worldwide. In addition,
Mr. Levy is also a director (Chairman of the Board until he resigned in October 2001) of
Financière d'Or, and its subsidiary, Histoire d'Or which is in the retail jewelry business. Mr. Levy
is also a consultant to Ernst & Young, Paris and a board member of Price Minister, an internet
based retainer located in Paris.

Robert Bensoussan-Torres

Robert Bensoussan-Torres, age 46, has been a Director since March 1997, and also is an
independent director and a member of the audit committee. In November 2001, he became the
Chief Executive Officer of Jimmy Choo Ltd., a luxury shoe and ready to wear accessory
company. From 1999 to December 2000, he was the Managing Director of Gianfranco Ferre
fashion group, based in Milano, Italy. Mr. Bensoussan-Torres is a Director of Towers Consulting
Europe, Ltd. Towers Consulting Europe, Ltd. is a consulting company based in London, which
specializes in strategic advise in connection with mergers and acquisitions in the luxury goods
business. Mr. Bensoussan-Torres was the Chief Executive Officer of Christian Lacroix, Paris, a
subsidiary of LVMH Group, from February 1993 until May 1998. Christian Lacroix is a French
Haute Couture House and has activities in the field of apparel, accessories and fragrances. From
December 1990 through January 1993 he was based in Munich, Germany, as the International
Sales Director of The Escada Group.

Daniel Piette

Mr. Piette, age 58, and a director since December 1999, is also a member of the executive
compensation and stock option committee of the Board of Directors. The Board considers Mr.
Piette to be independent of management, notwithstanding his affiliation with LV Capital USA
Inc. Mr. Piette is the President of L Capital Management, a private equity fund sponsored by
LVMH Moet Hennessy Louis Vuitton S.A. ("LVMH"), the world's largest luxury goods
conglomerate. For the past 12 years, he has been a Group Executive Vice President of LVMH.
Mr. Piette is also a non-executive director of D.S. Smith Holdings PLC (London) as well as a
member of the Board of Overseers of ESSEC (Paris) and Columbia Business School (New York).

Jean Cailliau

Mr. Cailliau, age 41, and a director since December 1999. The Board considers Mr.
Cailliau to be independent of management, notwithstanding his affiliation with LV Capital USA
Inc. Through June 2001, Mr. Cailliau was the Deputy General Manager of LV Capital SA, the
investment arm of LVMH. He is the CEO of LV Capital USA Inc., its United States vehicle. In
January 2001 he became a Director of L Capital Management, a private equity fund sponsored by
LVMH. For the past 10 years, Mr. Cailliau has held executive positions at LVMH. He is also a
Director of various European companies. Mr. Cailliau is an Engineer in Agronomics and has an
MBA (1988) from Insead.

Serge Rosinoer

Mr. Rosinoer, age 72, was appointed to the Board of Directors in December 2000, as an
independent director. Mr. Rosinoer has devoted most of his career to the personal care, cosmetics
and fragrance industry. In 1978, Mr. Rosinoer joined the Clarins Group as Vice President and
Chief Operating Officer where he was largely responsible for its rapid international expansion.
As COO, then CEO since 1978, Mr. Rosinoer oversaw the transformation of Clarins into a major
force in cosmetics, skin care and fragrance, with annual sales of approximately 600 million Euro
and more than 4,000 employees. He retired from active duty in June of 2000, but continues to
serve on the board of directors of Clarins. Earlier in his career he was President of Parfums
Corday. He also held senior level executive positions at Max Factor, where he had full
supervision of that cosmetics company's European production and sales. Mr. Rosinoer has served
several terms as President of the French Prestige Cosmetics Association and currently serves as
Conseiller du Commerce Exterieur de la France.

Wayne C. Hamerling

Mr. Hamerling, age 47, is an Executive Vice President in charge of mass market sales of
fragrances, cosmetics and health and beauty aids in the United States. Mr. Hamerling, who
attended Rutgers University, has over twenty (20) years experience in the fragrance and cosmetic
business.

Eric de Labouchere

Eric de Labouchere, age 49, is the Director of Operations of Inter Parfums, S.A. He has
been employed by Inter Parfums, S.A. since October 1986 in product development, purchasing
and marketing.

Frederic Garcia-Pelayo

Frederic Garcia-Pelayo, age 45, has been the Director of Export Sales of Inter Parfums,
S.A. since September 1994. Prior to September 1994, Mr. Garcia-Pelayo was the Export Manager
for Benetton Perfumes for seven (7) years.

Section 16(a) Beneficial Ownership Reporting Compliance

Based solely upon a review of Forms 3, 4 and 5 and any amendments to such forms
furnished to us, and written representations from various reporting persons furnished to us, except
as set forth below, we are not aware of any reporting person who has failed to file the reports
required to be filed under Section 16(a) of the Securities Exchange Act of 1934 on a timely basis.

Mr. Russell Greenberg filed one Form 4 one day late in July 2003 as the result of technical
difficulties in filing the form (the report was received by the Commission on the appropriate day,
but after business hours), which disclosed one sale.

Mr. Jean Levy, who resides in Paris, filed one Form 4 four days late in January 2004,
which disclosed two sales.

Item 11. Executive Compensation

The following table sets forth a summary of all compensation awarded to, earned by or
paid to, our Chief Executive Officer and each of the four most highly compensated executive
officers of our company whose compensation exceeded $100,000 per annum for services rendered
in all capacities to our company and its subsidiaries during fiscal years ended 31 December 2003,
31 December 2002 and 31 December 2001. All amounts paid in euro have been converted to U.S.
dollars at the average rate of exchange in each year.

Name	Position
Jean Madar	Chairman of the Board, Chief Executive Officer of Inter Parfums, Inc. and Director General of Inter Parfums, S.A.
Philippe Benacin	Vice Chairman of the Board, President of Inter Parfums, Inc. and President of Inter Parfums, S.A.
Russell Greenberg	Director, Executive Vice President and Chief Financial Officer
Philippe Santi	Director and Director of Finance, Inter Parfums, S.A.
Francois Heilbronn	Director
Joseph A. Caccamo	Director
Jean Levy	Director
Robert Bensoussan-Torres	Director
Daniel Piette	Director
Jean Cailliau	Director
Serge Rosinoer	Director
Wayne Hamerling	Executive Vice President
Eric de Labouchere	Director of Operations, Inter Parfums, S.A.
Frederic Garcia-Pelayo	Director of Export Sales, Inter Parfums, S.A.

The following table sets forth certain information relating to stock option grants during
Fiscal 2003 to our Chief Executive Officer and each of the four most highly compensated
executive officers of the company whose compensation exceeded $100,000 per annum for
services rendered in all capacities to our company and its subsidiaries during Fiscal 2003:

OPTION/SA GRANTS IN LAST FISCAL YEAR

SUMMARY COMPENSATION TABLE
	Annual Compensation Long Term Awards
Name and Principal Position	Year	Salary ($)	Bonus ($)	Other Annual Compensation ($)	Securities Underlying Options (#)	All Other Compensation
Jean Madar, Chairman of the Board, Chief Executive Officer of Inter Parfums, Inc. and Director General of Inter Parfums, S.A.	2003 2002 2001	330,000 330,000 330,000	191,000 200,000 150,000	906,117¹ 703,032² 6,709,215³	50,000 50,000 50,000	-0- - -0- - -0-
Philippe Benacin, President of Inter Parfums, Inc. and President of Inter Parfums, S.A.	2003 2002 2001	160,433 128,250 117,872	100,837 78,850 67,804	1,227,436⁴ 1,075,075⁵ 6,712,215⁶	50,000 50,000 50,000	-0- - -0- - -0-
Russell Greenberg, Executive Vice President and Chief Financial Officer	2003 2002 2001	295,000 275,000 260,000	23,000 58,000 18,000	116,217⁷ 135,268⁸ 70,315⁹	18,000 18,000 18,000	-0- - -0- - -0-
Bruce Elbilia, Executive Vice President ¹⁰	2003 2002 2001	198,333 198,000 198,000	-0- - -0- - -0-	231,227¹¹ 33,472¹² 40,365¹³	18,000 18,000 18,000	-0- - -0- - -0-
Wayne C. Hamerling, Executive Vice President	2003 2002 2001	228,120 196,120 186,120	25,000 15,000 15,000	86,571¹⁴ 256,389¹⁵ 75,517¹⁶	18,000 18,000 18,000	-0- - -0- - -0-
[Footnotes to Table] ¹Consists of $678,648 realized upon the exercise of options, and $227,469 realized on the exercise of options of Inter Parfums, S.A. ² Consists of $703,032 realized upon exercise of options. ³ Consists of lodging expenses of $48,000 and $6,661,215 realized upon exercise of options. ⁴ Consists of lodging expenses of $35,000, $15,000 for automobile expenses, $999,967 realized upon the exercise of options, and $227,469 realized on the exercise of options of Inter Parfums, S.A. ⁵ Consists of lodging expenses of $35,000, $15,000 for automobile expenses and $1,025,075 realized upon exercise of options. ⁶ Consists of lodging expenses of $38,000, $15,000 for automobile expenses and $6,661,215 realized upon exercise of options. ⁷ Consists of $2,214 for automobile expenses and $87,600 realized upon exercise of options, and $26,403 realized on the exercise of options of Inter Parfums, S.A.. ⁸Consists of $2,214 for automobile expenses and $133,054 realized upon the exercise of options. ⁹Consists of $2,214 for automobile expenses and $68,161 realized upon exercise of options. ¹⁰Mr. Elbilia left the employ of the company on November 1, 2003 ¹¹Consists of selling commissions of $18,904, severance pay of $59,500 and $152,823 realized upon the exercise of options. ¹²Consists of selling commissions. ¹³Consists of selling commissions. ¹⁴Consists of selling commissions of $82,071 and cash compensation of $4,500 equal to the value of personal use of a company leased automobile. ¹⁵ Consists of selling commissions of $75,950; non cash compensation of $4,500 equal to the value of personal use of a company leased automobile; and $175,949 realized upon the exercise of options. ¹⁶ Consists of selling commissions of $61,063; non cash compensation of $4,500 equal to the value of personal use of a company leased automobile; and $9,954 realized upon the exercise of options.

The following table sets forth certain information relating to option exercises effected
during Fiscal 2003, and the value of options held as of December 31, 2003 by each of our Chief
Executive Officer and the four most highly compensated executive officers of our company
whose compensation exceeded $100,000 per annum for services rendered in all capacities to our
company and its subsidiaries during Fiscal 2003:

Individualized Grants				Potential Realized Value at Assumed Annual Rates of Stock Price Appreciation for Option Term

Name	Number of Securities Underlying Options Granted (#)	% of Total Options/SARs Granted to Employees in Fiscal Year	Exercise or Base Price ($/Sh)	Expiration Date	Five (5%) Percent ($)	Ten (10%) Percent ($)
Jean Madar	50,000	26.3	23.05	30 Dec 08	318,415	703,613
Philippe Benacin	50,000	26.3	23.05	30 Dec 08	318,415	703,613
Russell Greenberg	18,000	9.5	23.05	30 Dec 08	114,629	253,301
Bruce Elbilia	18,000	9.5	23.05	30 Dec 08	114,629	253,301
Wayne Hamerling	18,000	9.5	23.05	30 Dec 08	114,629	253,301

¹ Total value of unexercised options is based upon the fair market value of the common stock as reported by the
Nasdaq Stock Market of $23.05 on 31 December 2003.

² Value realized in dollars is based upon the difference between the fair market value of the common stock on the
date of exercise, and the exercise price of the option, or the fair market value of the net amount of shares
received upon exercise of options.

³In April 2003, the Chief Executive Officer exercised 67,500 outstanding stock options of the Company's
common stock. The aggregate exercise price of $232,475 was paid by him tendering to the Company 33,692
shares of the Company's common stock, previously owned by him, valued at $6.90 per share, the fair market
value on the date of exercise. All shares issued pursuant to the option exercises were issued from treasury stock
of the Company. In addition, the Chief Executive Officer tendered an additional 9,298 shares for payment of
withholding taxes resulting from the option exercises. As a result of this transaction, we expect to receive a tax
benefit of approximately $80,000, which has been reflected as an increase to additional paid-in capital in our
financial statements.

In October 2003, each of the Chief Executive Officer and the President exercised 42,000 and 94,300 outstanding
stock options, respectively, of the Company's common stock. The exercise prices of $107,352 for the Chief
Executive Officer and $241,031 for the President were paid by each of them tendering to the Company 8,158
and 18,316 shares, respectively, of the Company's common stock, previously owned by them, valued at $13.16
per share, the fair market value on the date of exercise. All shares issued pursuant to these option exercises were
issued from our treasury stock. In addition, the Chief Executive Officer tendered an additional 9,307 shares for
payment of withholding taxes resulting from his option exercise. As a result of this transaction, we expect to
receive a tax benefit of approximately $460,000, which has been reflected as an increase to additional paid-in
capital in our financial statements.

Employment Agreements

As part of our acquisition in 1991 of the controlling interest in Inter Parfums, S.A., now a
subsidiary, we entered into an employment agreement with Philippe Benacin. The agreement
provides that Mr. Benacin will be employed as Vice Chairman of the Board and President and
Chief Executive Officer of Inter Parfums Holdings and its subsidiary, Inter Parfums. The initial
term expired on September 2, 1992, and has subsequently been automatically renewed for
additional annual periods. The agreement provides for automatic annual renewal terms, unless
either party terminates the agreement upon 120 days notice. Mr. Benacin presently receives an
annual salary of 135,000 Euros, which is approximately US$170,000, together with annual
lodging expenses of approximately $35,000 and automobile expenses of approximately $15,000,
which are subject to increase in the discretion of the Board of Directors. The agreement also
provides for indemnification and a covenant not to compete for one year after termination of
employment.

Compensation of Directors

All nonemployee directors receive $1,000 for each board meeting at which they
participate. Mr. Caccamo's board fees are paid to his law firm. In addition, all members of the
Audit Committee receive an additional $2,000 on January 1 of each year in which they serve on
the Audit Committee.

In March 1997 our Board of Directors adopted our 1997 Nonemployee Stock Option Plan.
This plan was approved by our stockholders at the annual meeting of shareholders held in July
1997. The purpose of this plan is to assist us in attracting and retaining key directors who are
responsible for continuing the growth and success of our company.

Our 1997 Nonemployee Stock Option Plan provides for the grant of nonqualified stock
options to nonemployee directors to purchase an aggregate of 25,000 shares of common stock.
Options to purchase 1,000 shares are granted on each February 1st to all nonemployee directors
for as long as each is a nonemployee director on such date except for Joseph A. Caccamo, who is
granted options to purchase 4,000 shares. Options to purchase 2,000 shares are granted to each
nonemployee director upon his initial election or appointment to our board.

In December 2000 our Board of Directors adopted our 2000 Nonemployee Stock Option
Plan, as substantially all of the shares reserved under our 1997 Nonemployee Stock Option Plan
had been allocated to outstanding options. This plan was approved by our stockholders at the
annual meeting of shareholders held in July 2001. The purpose of this plan is to assist us in
attracting and retaining key directors who are responsible for continuing the growth and success
of our company.

Our 2000 Nonemployee Stock Option Plan provides for the grant of nonqualified stock
options to nonemployee directors to purchase an aggregate of 30,000 shares of common stock.
Options to purchase 1,000 shares are granted on each February 1st to all nonemployee directors
for as long as each is a nonemployee director on such date except for Joseph A. Caccamo, who is
granted options to purchase 4,000 shares. Options to purchase 2,000 shares are granted to each
nonemployee director upon his initial election or appointment to our board.

On 2 February 2004, options to purchase 1,000 shares were granted to each of Francois
Heilbronn, Jean Levy, Robert Bensoussan-Torres, Daniel Piette, Jean Cailliau and Serge Rosinoer
and an option to purchase 4,000 shares was granted to Joseph A. Caccamo at the exercise price of
$23.06 per share under the 2000 plan. The options held by Mr. Caccamo are held as nominee for
his present law firm.

Item 12. Security Ownership Of Certain Beneficial Owners And
Management

The following table sets forth information, as of March 18, 2004 with respect to the
beneficial ownership of our common stock by (a) each person we know to be the beneficial owner
of more than five percent of our outstanding common stock, (b) our executive officers and
directors and (c) all of our directors and officers as a group. As of March 18, 2004, we had
19,170,936 shares of common stock outstanding.

AGGREGATE OPTION EXERCISES FOR FISCAL 2003 AND YEAR END OPTION VALUES
			Number of Unexercised Options at December 31, 2003(#)	Value¹ of Unexercised In-the-Money Options at December 31, 2003($)
Name	Shares Acquired on Exercise	Value ($) Realized²	Exercisable/ Unexercisable	Exercisable/ Unexercisable
Jean Madar³	109,500	678,748	726,750/-0-	13,023,616/-0-
Philippe Benacin³	94,300	999,967	674,450/-0-	11,975,814/-0-
Russell Greenberg	10,000	87,600	103,750/-0-	1,479,964/-0-
Bruce Elbilia	18,000	152,823	54,000/-0-	528,750/-0-
Wayne C. Hamerling	0	0	103,750/-0-	1,479,964/-0-

The following table sets forth certain information as of the end of our last fiscal year
regarding all equity compensation plans that provide for the award of equity securities or the
grant of options, warrants or rights to purchase our equity securities.

Equity Compensation Plan Information

Name and Address of Beneficial Owner	Amount of Beneficial Ownership¹	Approximate Percent of Class
Jean Madar c/o Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008 Paris, France	6,360,574²	32.0%
Philippe Benacin c/o Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008 Paris, France	6,226,980³	31.4%
Russell Greenberg c/o Inter Parfums, Inc. 551 Fifth Avenue New York, NY 10176	103,750⁴	Less than 1%
Francois Heilbronn 60 Avenue de Breteuil 75007 Paris, France	21,375⁵	Less than 1%
Joseph A. Caccamo, Esq. Becker & Poliakoff, P.A. 3111 Stirling Road Ft. Lauderdale, FL 33312	18,000⁶	Less than 1%
Jean Levy Chez Axcess Groupe 8 rue de Berri 75008 Paris, France	6,750⁷	Less than 1%
Robert Bensoussan-Torres 7 Beaufort Gardens, Flat 3 London, England SW3 1PT	9,000⁸	Less than 1%
Wayne C. Hamerling c/o Inter Parfums, Inc. 551 Fifth Avenue New York, NY 10176	103,750⁹	Less than 1%
Daniel Piette L Capital Management 22, avenue Montaigne 75008, Paris, France	4,500¹⁰	Less than 1%
Jean Cailliau LV Capital 22, avenue Montaigne 75008, Paris, France	4,500¹¹	Less than 1%
Philippe Santi Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008, Paris France	17,500¹²	Less than 1%
Serge Rosinoer 14 rue LeSueur 75116 Paris, France	7,700¹³	Less than 1%
Eric de Labouchere Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008, Paris France	-0-	NA
Frederic Garcia-Pelayo Inter Parfums, S.A. 4, Rond Point Des Champs Elysees 75008, Paris France	-0-	NA
LV Capital USA, Inc. 19 East 57^th Street New York, NY 10022	3,463,550	18.1%
Dimensional Fund Advisors, Inc. 1299 Ocean Avenue, 11th Fl. Santa Monica, CA 90401	412,388¹⁴	2.2%
All Directors and Officers As a Group (14 Persons)	16,347,929¹⁵	78.4%
[Footnotes to Table] ¹ All shares of common stock are directly held with sole voting power and sole power to dispose, unless otherwise stated. Jean Madar, the Chairman of the Board and Chief Executive Officer of Inter Parfums, Inc. (the "Company"), Philippe Benacin, the Vice Chairman of the Board and President of the Company, and LV Capital USA, Inc., an indirect subsidiary of LVMH Moet Hennessy Louis Vuitton, S.A., have entered into a Shareholders' Agreement dated 22 November 1999 relating to certain corporate governance issues, including the agreement to vote for Jean Madar, Philippe Benacin and six (6) nominees of Messrs. Madar and Benacin, and two (2) designees of LV Capital USA, Inc., as directors of the Company. As Messrs. Madar and Benacin and LV Capital USA, Inc. beneficially own more than 50% of the outstanding shares of the Inter Parfums' common stock, Inter Parfums is considered a "controlled company" under the applicable rules of The Nasdaq Stock Market. ² Consists of 5,633,824 shares held directly and options to purchase 726,750 shares. ³ Consists of 5,552,530 shares held directly and options to purchase 674,450 shares. ⁴Consists of shares of common stock underlying options. ⁵ Consists of 14,625 shares held directly and options to purchase 6,750 shares. ⁶ Consists of shares of common stock underlying options., which are held as nominee for his employer. Beneficial ownership of such shares is disclaimed. ⁷ Consists of shares of common stock underlying options. ⁸ Consists of 2,250 shares held directly and options to purchase 6,750 shares. ⁹ Consists of shares of common stock underlying options. ¹⁰ Consists of shares of common stock underlying options. Beneficial ownership of shares of common stock held by LV Capital USA, Inc. is disclaimed. ¹¹ Consists of shares of common stock underlying options. Beneficial ownership of shares of common stock held by LV Capital USA, Inc. is disclaimed. ¹² Consists of shares of common stock underlying options. ¹³ Consists of 1,700 shares held directly and options to purchase 6,000 shares. ¹⁴ Information is derived from a Schedule 13G amendment filed on 6 February 2004 of Dimensional Fund Advisor Inc., ("Dimensional"), an investment advisor. Dimensional furnishes investment advice to four investment companies (the "Funds"). Dimensional possesses voting and/or investment power over our common stock that is owned by the Funds, and may be deemed to be the beneficial owner of such shares. However, all such shares are owned by the Funds, and Dimensional disclaims beneficial ownership of shares. ¹⁵ Consists of 11,204,929 shares held directly, and options to purchase 1,679,450 shares. It also includes 3,463,550 shares held by LV Capital USA, Inc., an affiliate of LVMH Moet Hennessy Louis Vuitton, S.A.

Item 13. Certain Relationships And Related Transactions

Transactions with French Subsidiaries

In connection with the acquisitions by our subsidiary, Inter Parfums, S.A., of the world-wide rights under the Burberry license agreement and the Paul Smith license agreement, we
guaranteed the obligations of Inter Parfums, S.A. under the Burberry and Paul Smith license
agreements.

Option Exercise Paid With Tender of Shares

In April 2003, the Chief Executive Officer exercised 67,500 outstanding stock options of
the Company's common stock. The aggregate exercise price of $232,475 was paid by him
tendering to the Company 33,692 shares of the Company's common stock, previously owned by
him, valued at $6.90 per share, the fair market value on the date of exercise. All shares issued
pursuant to the option exercises were issued from treasury stock of the Company. In addition, the
Chief Executive Officer tendered an additional 9,298 shares for payment of withholding taxes
resulting from the option exercises. As a result of this transaction, we expect to receive a tax
benefit of approximately $80,000, which has been reflected as an increase to additional paid-in
capital in our financial statements.

Remuneration of Counsel

Joseph A. Caccamo, a director, is a senior attorney at the law firm of Becker & Poliakoff,
P.A., our general counsel. In Fiscal 2003, we paid Becker & Poliakoff, P.A. an aggregate of
$119,962 for legal fees and reimbursement of disbursements incurred on our behalf.

On 2 February 2004 in accordance with the terms of our 2000 Nonemployee Stock Option
Plan, Mr. Caccamo was granted an option with a term of five years to purchase 4,000 shares at
$23.06 per share, the fair market value at the time of grant. He holds this option as nominee for
his firm.

Sale of Goods to Related Party

The wife of the Chief Executive Officer is to own and operate a Diane von Furstenberg
retail store in Paris, with Diane von Furstenberg as a partner. Inter Parfums USA, LLC is the
fragrance and cosmetic licensee of Diane von Furstenberg, and Inter Parfums Inc. is the guarantor
of such license. The retail outlet is expected to open in July 2004 and will be purchasing DVF
fragrances and cosmetics from Inter Parfums USA, LLC. All sales will be recorded as arms length
transactions.

Transactions with LVMH Moet Hennessy Louis Vuitton S.A.

Acquisition of Common Stock and Shareholders' Agreement

In November 1999, LV Capital, USA Inc. ("LV Capital"), a wholly-owned subsidiary of
LVMH Moet Hennessy Louis Vuitton S.A., purchased shares of our common stock from
management and employees. As of the date of this report, it beneficially owns approximately
18% of our outstanding common stock. Further, in return for LV Capital becoming our strategic
partner, LV Capital was granted the right to buy additional shares in order to maintain its
percentage ownership upon issuance of shares to third parties, subject to certain exceptions, and
was granted demand registrations rights for all of its shares. In addition, LV Capital has agreed to
a standstill agreement, which limits the amount of shares of common stock that LV Capital can
hold to twenty-five percent (25%) of our outstanding shares.

Celine

In May 2000 we entered into an exclusive worldwide license agreement with Celine, S.A.,
a division of LVMH Moet Hennessy Louis Vuitton S.A., for the development, manufacturing and
distribution of prestige fragrance lines under the Celine brand name. The term of the License
Agreement is for eleven (11) years, beginning as of 1 January 2001, with an optional five (5) year
renewal term, which is subject to certain minimum sales requirements, advertising expenditures
and royalty payments as are customary in our industry.

Christian Lacroix

In March 1999, we entered into an exclusive license agreement with the Christian Lacroix
Company, a division of LVMH Moet Hennessy Louis Vuitton S.A., for the worldwide
development, manufacture and distribution of perfumes. The license agreement has an 11 year
term, and is subject to certain minimum sales requirements, advertising expenditures and royalty
payments as are customary in our industry.

Item 14. Principal Accounting Fees and Services

General

As previously disclosed, Eisner LLP was previously the principal accountants for the
Company. On January 7, 2004, that firm was dismissed as our principal accountants and KPMG
LLP was engaged as principal accountants. The decision to change accountants was approved by
our audit committee. KPMG SA, an affiliate of KPMG LLP, has been engaged as the audit firm
for our French subsidiaries for each of the two fiscal years ended December 31, 2001 and
December 31, 2002.

During Fiscal 2002 Eisner LLP served as the Company's independent certified public
accountants, and KPMG S.A., served as the auditor of Inter Parfums Holdings, S.A. (a wholly-owned French corporation) and subsidiaries. In connection with its audit of our consolidated
financial statements, Eisner LLP did not audit the financial statements of Inter Parfums Holdings,
S.A. and subsidiaries, our consolidated foreign subsidiaries, but relied solely on the audit
conducted by KPMG S.A. of Inter Parfums Holdings, S.A. and subsidiaries.

Fees

The following sets forth and the fees billed to us by each of Eisner LLP and KPMG S.A.,
as well as discusses the services provided for the past two fiscal years.

Audit Fees

The fees billed by Eisner LLP and KPMG LLP for audit services and review of the
financial statements contained in our Quarterly Reports on Form 10-Q were $15,000 by Eisner
LLP and $286,000 by KPMG LLP for Fiscal 2003 and $90,000 by Eisner LLP and $135,000 by
KPMG S.A. for Fiscal 2002.

Audit-Related Fees

The fees billed by KPMG S.A. for services that would be classified as audit-related were
$61,000 for Fiscal 2003 and none for Fiscal 2002. The services performed for audit related fees
for Fiscal 2003 were accounting and reporting consultations relating to Inter Parfums, S.A.
dealing its it own shares, as is permissible under French law; treatment of a potential trademark
acquisition; international financial reporting standards conversion; fraud risks; attestation services
for warehouse services; and compliance with French securities laws.

Tax Fees

Eisner LLP billed us $17,000 for tax preparation and tax consulting services during Fiscal
2003 and $16,000 for Fiscal 2002.

All Other Fees

Eisner LLP billed us $5,500 in Fiscal 2003 relating to various tax matters and $10,600 in
Fiscal 2002 for various matters relating to a corporate filing in the state of Texas and advise and
consultation with respect to stock options and cash dividends.

For Fiscal 2003, KPMG S.A. billed us $13,000 to provide tax consultation and advice
with respect to repatriation of earnings of our company's French subsidiaries to us in the United
States. KPMG S.A. did not bill us for any other services during Fiscal 2002.

Audit Committee Pre Approval Policies and Procedures

The Audit Committee has the sole authority for the
appointment, compensation and oversight of the work of our independent
accountants, who prepare or issue an audit report for us. For the past several
years, the Audit Committee had determined that it was beneficial to have two (2)
independent accounting firms perform our audits: Eisner LLP, which acted as our
principal auditor and for the United States operations, and KPMG Audit conducted the audit of
Inter Parfums Holdings, S.A and its subsidiaries. However, as the result of the continued growth
of our French operations, the Audit Committee determined that KPMG LLP would replace Eisner
LLP and act as our principal auditor. On January 7, 2004 Eisner LLP was dismissed as our
principal accountants and KPMG LLP was engaged as principal accountants to conduct our audit
for 2003. In addition, the Audit Committee authorized KPMG S.A. to conduct such audit of Inter
Parfums Holdings, SA and subsidiaries, as well as all work necessary, related to or helpful to
properly conclude such audit.

During the first quarter of 2003, the Audit Committee authorized us to retain Eisner LLP
to perform tax consultation and tax preparation services in the ordinary course of business for our
company for fiscal year ending December 31, 2003. In addition it authorized us to retain Eisner
LLP for tax consultation services, as may be required on a project-by-project basis that would not
be considered in the ordinary course of business up to a $5,000 fee limit per project, subject to an
aggregate fee limit of $25,000; and that the approval of the Audit Committee would be required
for any further tax services.

Also during the first quarter of 2003, the Audit Committee also authorized us to retain
KPMG S.A. to provide tax consultation and tax preparation services in the ordinary course of
business for Inter Parfums, S.A., for the fiscal year ended December 31, 2003. In addition, the
Audit Committee also authorized us to retain KPMG S.A. to provide tax consultation and advice
with respect to repatriation of earnings of our company's French subsidiaries to us in the United
States.

In addition, if other services are needed to be provided by either auditor on an expedited
basis, such that obtaining pre-approval of the Audit Committee is not practicable, then the Audit
Committee has delegated to the Chairman of the Audit Committee the authority to grant the
required pre-approvals for such services.

None of the non-audit services of either of the company's auditors had the pre-approval
requirement waived in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X.

PART IV

Item 15. Exhibits, Financial Statement Schedules, And Reports On Form 8-K

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)	Weighted-average exercise price of outstanding options, warrants and rights (b)	Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders	1,897,862	$ 5.92	333,279
Equity compensation plans not approved by security holders	- -0-	N/A	- -0-
Total	1,897,862	$ 5.92	333,279

(a)(3) Exhibits

The following documents heretofore filed with the Commission are incorporated herein by
reference to the Company's Current Report on Form 8-K (date of event - January 18, 1990), as
follows:

Exhibit No. and Description

10.13 License Agreement between the Company and Jordache dated January 18, 1990 (as no.
10.1 therein).

10.16 Letter Agreement from Jordache to the Company regarding foreign license rights dated
January 18, 1990 (as no. 10.4 therein).

The following document heretofore filed with the Commission is incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
1991:

Exhibit No. and Description

10.25 Employment Agreement between the Company and Philippe Benacin dated July 29, 1991

The following documents heretofore filed with the Commission is incorporated by
reference to the Company's Registration Statement on Form S-1 (No. 33-48811):

Exhibit No. and Description

10.26 Lease for portion of 15th Floor, 551 Fifth Avenue, New York, New York

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
1992:

Exhibit No. and Description

4.10 Amendment to 1992 Stock Option Plan

4.11 1993 Stock Option Plan

The following documents heretofore filed with the Commission are incorporated herein by
reference to the Company's Current Report on Form 8-K (date of event - July 15, 1993), as
follows:

Exhibit No. and Description

10.30 License Agreement dated July 15, 1993, among Burberrys Limited, Inter Parfums, S.A.
and Jean Philippe Fragrances, Inc. (excised form)

10.31 License Agreement dated May 7, 1993, between Jean-Charles Brosseau, S.A. and Inter
Parfums, S.A. (French, excised form)

10.32 License Agreement dated May 7, 1993, between Jean-Charles Brosseau, S.A. and Inter
Parfums, S.A. (English translation, excised form)

The following documents heretofore filed with the Commission are incorporated herein by
reference to the Company's Current Report on Form 8-K (date of event - February 28, 1994), as
follows:

Exhibit No. and Description

10.36 Cession D'Elements Partiels de Fonds de Commerce between Inter Parfums, S.A. and
Cosmetiques et Parfums de France-I.D., S.A. dated February 18, 1994 (re: Parfums Molyneux)

10.38 Agreement (Acquisition) among Jean Philippe Fragrances, Inc., Inter Parfums, S.A. and
Cosmetiques et Parfums de France, S.A. dated February 18, 1994

10.39 Noncompetition Agreement among Jean Philippe Fragrances, Inc., Inter Parfums, S.A. and
Cosmetiques et Parfums de France-I.D., S.A. dated February 18, 1994

10.43 Convention among Cosmetiques et Parfums de France-I.D., S.A., Cosmetiques et Parfums
de France, S.A., Jean Philippe Fragrances, Inc. and Inter Parfums, S.A. and Sodipe S.A. dated
February 18, 1994 (re French regulatory requirements)

The following documents heretofore filed with the Commission are incorporated herein by
reference to the Company's Form 8 Amendment no. 1 (dated March 14, 1994) to the Current
Report on Form 8-K (date of event - February 28, 1994), as follows:

Exhibit No. and Description

10.46. English translation of exhibit no. 10.36, Cession D'Elements Partiels de Fonds de
Commerce between Inter Parfums, S.A. and Cosmetiques et Parfums de France-I.D., S.A. dated
February 18, 1994 (re: Parfums Molyneux)

The following document heretofore filed with the Commission is incorporated herein by
reference to the Company's Form 8 Amendment no. 2 (dated March 21, 1994) to the Current
Report on Form 8-K (date of event - February 28, 1994), as follows:

Exhibit No. and Description

10.50. English translation of exhibit no. 10.43, Convention among Cosmetiques et Parfums de
France-I.D., S.A., Cosmetiques et Parfums de France, S.A., Jean Philippe Fragrances, Inc. and
Inter Parfums, S.A. and Sodipe S.A. dated February 18, 1994 (re French regulatory requirements)

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
1993:

Exhibit No. and Description

3.3 Articles of Incorporation of Inter Parfums Holding, S.A.

3.3.1 English Translation of Exhibit no. 3.3, Articles of Incorporation of Inter Parfums Holding,
S.A.

3.4 Articles of Incorporation of Inter Parfums, S.A.

3.4.1 English Translation of Exhibit no. 3.4, Articles of Incorporation of Inter Parfums, S.A.

4.15 1994 Nonemployee Director Stock Option Plan

10.51 Traite D'Apport Partiel D'Actif dated July 30, 1993 (Reorganization Agreement between
Inter Parfums, S.A. and Selective Industrie, S.A.)

10.51.1 English translation of Exhibit no. 10.51, Traite D'Apport Partiel D'Actif dated July 30,
1993 (Reorganization Agreement between Inter Parfums, S.A. and Selective Industrie, S.A.)

10.52 Lease for portion of 4, Rond Point Des Champs Des Elysees dated September 30, 1993

10.52.1 English translation of Exhibit no. 10.52, Lease for portion of 4, Rond Point Des Champs
Des Elysees dated September 30, 1993

10.53 Lease for portion of 4, Rond Point Des Champs Des Elysees dated March 2, 1994

10.53.1 English translation of Exhibit no. 10.53, Lease for portion of 4, Rond Point Des Champs
Des Elysees dated March 2, 1994

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
1994:

4.16 1994 Nonemployee Director Supplemental Stock Option Plan (Listed as no. 4.15 therein)

10.59 Modification of Lease Agreement dated June 17, 1994 between Metropolitan Life
Insurance Company and Jean Philippe Fragrances, Inc.

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
1995:

Exhibit No. and Description

10.61 Lease for 60 Stults Road, South Brunswick, NJ between Forsgate Industrial Complex, a
limited partnership, and Jean Philippe Fragrances, Inc. dated July 10, 1995

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
1997:

Exhibit No. and Description

10.67 Second Modification of Lease made as of the 30th day of April, 1997 between
Metropolitan Life Insurance Company as landlord and Jean Philippe Fragrances, Inc. as tenant.

10.68 Amendment I to License Agreement dated September 3, 1997 between Jordache
Enterprises, Inc. as Licensor and Jean Philippe Fragrances, Inc. as Licensee.

10.69 Exclusive Licence Agreement dated June 20, 1997 between S.T. Dupont, S.A. and Inter
Parfums (English translation, excised form)

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
1998:

Exhibit No. and Description

3.2 Amended and Restated By-laws

4.17 1997 Nonemployee Director Stock Option Plan

10.70 Licence Agreement among Paul Smith Limited, Inter Parfums, S.A. and Jean-Philippe
Fragrances, Inc. (excised form)

10.71 Licence Agreement between Christian LaCroix, a division of Group LVMH and Inter
Parfums, S.A (English translation, excised form)

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's current report on Form 8-K (date of event - November 22, 1999):

Exhibit No. and Description

4.2 Shareholder's Agreement among LV Capital USA, Inc., Jean Madar and Philippe Benacin
dated November 22, 1999.

99.1 Stock Purchase Agreement among LV Capital USA, Inc., Jean Madar and Philippe
Benacin dated November 22, 1999.

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
1999:

Exhibit No. and Description

3.1.4 Amendment to the Company's Restated Certificate of Incorporation, as amended, dated July
13, 1999 (listed therein as 3.1(d))

10.73 Burberry Confidential Treatment Agreement dated 8 February, 2000

10.74 Burberry Licence Amendment dated February, 2000 (excised form)

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's current report on Form 8-K/A no. 1 (date of event - 18 May 2000):

(a)(1)	Financial Statements annexed hereto	Page No.

	Independent Auditors' Reports	F-2

	Consolidated Balance Sheets as at December 31, 2003 and December 31, 2002	F-6

	Consolidated Statements of Income for the Years ended December 31, 2003, December 31, 2002, and December 31, 2001	F-7

	Consolidated Statements of Changes in Shareholders' Equity for the Years ended December 31, 2003, December 31, 2002 and December 31, 2001	F-8

	Consolidated Statements of Cash Flows for the Years ended December 31, 2003, December 31, 2002 and December 31, 2001	F-9

	Notes to Consolidated Financial Statements	F-10

(a)(2)	Financial Statement Schedules annexed hereto:

	Schedule II - Valuation and Qualifying Accounts and Reserves	F-25

	Schedules other than those referred to above have been omitted as the conditions requiring their filing are not present or the information has been presented elsewhere in the consolidated financial statements.

The following document heretofore filed with the Commission is incorporated by
reference to the Company's current report on Form 8-K/A no. 1 (date of event - 23 June 2000):

Exhibit No.	Description
10.76	Celine License Agreement (French, excised form).
10.76.1	Celine License Agreement (English translation, excised form).

The following document heretofore filed with the Commission is incorporated by
reference to the Company's quarterly report on Form 10-Q for the period ending 30 June 2000:

Exhibit No.	Description
10.77	Sublicense Agreement for FUBU Fragrances, dated June 22, 2000 (excised form).

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December
2000:

Exhibit No.	Description
3.1.5	Amendment to the Company's Restated Certificate of Incorporation, as amended, dated 12 July 2000 (listed therein as 3.1(e))

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December
2001:

Exhibit No.	Description
3.1.1	Restated Certificate of Incorporation dated September 3, 1987
3.1.2	Amendment to the Company's Restated Certificate of Incorporation dated July 31, 1992
3.1.3	Amendment to the Company's Restated Certificate of Incorporation dated July 9, 1993
4.19	2000 Nonemployee Director Stock Option Plan
10.78	Revolving Credit Agreement dated June 1, 2000 between HSBC Bank USA and Inter Parfums, Inc.
10.79	Bail [Lease] for 18 avenue Franklin Roosevelt, Paris France [French Original]
10.79.1	Bail [Lease] for 18 avenue Franklin Roosevelt, Paris France [English Translation]
10.80	Credit Lyonnais Letter Agreement dated 22 March 2001 - [French Original]
10.80.1	Credit Lyonnais Letter Agreement dated 22 March 2001 - [English Translation]
10.81	Barclays Bank Letter Agreement dated 4 June 1998 - [French Original]
10.81.1	Barclays Bank Letter Agreement dated 4 June 1998 - [English Translation]
10.82	Banque OBC Odier Bungener Courvoisier Letter Agreement one dated 31 July 1998 - [French Original]
10.82.2	Banque OBC Odier Bungener Courvoisier Letter Agreement one dated 31 July 1998 - [English Translation]
10.83	Banque OBC Odier Bungener Courvoisier Letter Agreement two dated 31 July 1998 - [French Original]
10.83.2	Banque OBC Odier Bungener Courvoisier Letter Agreement two dated 31 July 1998 - [English Translation]
10.84	Banque Worms Letter Agreement dated 22 December 1997 - [French Original]
10.84.1	Banque Worms Letter Agreement dated 22 December 1997 - [English Translation]
10.85	Credit Agricole ile de France Letter Agreement dated 19 June 1996 - [French Original]
10.85.1	Credit Agricole ile de France Letter Agreement dated 19 June 1996 - [English Translation]

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's current report on Form 8-K (date of event - 21 May 2002):

Exhibit No.	Description
3.2	Amended and Restated By-laws
4.20	1999 Stock Option Plan, as amended
10.86	Revolving Credit Agreement dated 21 September 2001 between HSBC Bank USA and Inter Parfums, Inc.
10.87	Burberry Licence Amendment effective 1 October 2001
21	List of Subsidiaries

_________________

* Certain disclosure schedules and other attachments are omitted, but will be furnished supplementally to the
Commission upon request.

The following documents heretofore filed with the Commission is incorporated by
reference to the Company's current report on Form 8-K (date of event - 29 May 2002):

Exhibit No.	Description
2.1	Agreement dated 21 May 2002 between Jean Philippe Fragrances, LLC and Tristar Corporation, Debtor-in-Possession*

10.88	Noncompetition and Nonsolicition Agreement dated 21 May 2002 among Jean Philippe Fragrances, LLC, Tristar Corporation, Debtor-in-Possession and Fragrance Impressions Corporation

_________________

* Filed in excised form.

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's quarterly report on Form 10-Q for the period ending 30 June 2002:

Exhibit No.	Description
10.90	Agreement dated 29th day of May, 2002, among Diane von Furstenberg Studio, L.P., Inter Parfums USA, LLC and Inter Parfums, Inc.*

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Annual Report on Form 10-K for the fiscal year ended 31 December
2002:

Exhibit No.	Description
10.91	Bail entre SCI et Inter Parfums, S.A. [Original in French]
10.91.1	Lease between SCI and Inter Parfums, S.A. [English Translation Version]
10.92	Third Modification of Lease dated June 17, 2002 between Metropolitan Life Insurance Company, and Jean Philippe Fragrances, LLC

The following documents heretofore filed with the Commission are incorporated by
reference to the Company's Quarterly Report for the quarterly period ended September 30, 2003:

Exhibit No.	Description
10.93	Revolving Credit Agreement dated as of 23 June 2002 between HSBC Bank USA and Inter Parfums, Inc.
23.1	Consent of Eisner LLP
23.2	Consent of KPMG Audit, a division of KPMG S.A.
99.1	Certification Required by Section 906 of the Sarbanes-Oxley Act

The following documents heretofore filed with the Commission is incorporated by
reference to the Company's current report on Form 8-K (date of event - 7 January 2004):

Exhibit No.	Description
10.97	Agreement dated August 8, 2003 between HSBC USA Bank and Jean Philippe Fragrances, LLC
10.98	Burberry Licence Amendment dated 23 June 2003

The following documents heretofore filed with the Commission is incorporated by
reference to the Company's current report on Form 8-K/A (date of event - 7 January 2004):

Exhibit No.	Description
16.	Letter of Eisner LLP dated January 7, 2004

The following documents are filed herewith:

Exhibit No.	Description
16.	Letter of Eisner LLP dated January 7, 2004

b) Reports on Form 8-K: During the last quarter covered by this report and through the
date of the filing of this report, we filed or furnished the following Current Reports on Form 8-K:

Date of Event: 5 November 2003 reporting items 7 and 12

Date of Event: 26 November 2003 reporting item 9

Date of Event: 7 January 2004, reporting items 4 and 7.

We also filed an amended Current Report on Form 8-K/A, Date of Event: 7 January 2004,
reporting items 4 and 7.

Exhibit No.	Description
10.99	Agreement between Inter Parfums, S.A. and Credit Lyonnais dated 28 November 2003- French original
10.99.1	Agreement between Inter Parfums, S.A. and Credit Lyonnais dated 28 November 2003-English translation
10.100	Line of Credit Agreement between The Banque OBC-Odier Bungener Courvoisier and Inter Parfums, S.A dated 29 October 2003- French original
10.100.1	Line of Credit Agreement between The Banque OBC-Odier Bungener Courvoisier and Inter Parfums, S.A dated 29 October 2003- English translation
14	Code of Business Conduct
31	Certification Required by Rule 13a-14
32	Certification Required by Section 906 of the Sarbanes-Oxley Act

INTER PARFUMS, INC. AND SUBSIDIARIES Consolidated Financial Statements and Schedule Index
	Page
Independent Auditors' Report	F-2
Independent Auditors' Report - Predecessor Auditor	F-3
Independent Auditors' Report - Predecessor Auditor	F-5
Audited Financial Statements:
Consolidated Balance Sheets as of December 31, 2003 and 2002	F-6
Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2003	F-7
Consolidated Statements of Changes in Shareholders' Equity and Comprehensive Income for each of the years in the three-year period ended December 31, 2003	F-8
Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2003	F-9
Notes to Consolidated Financial Statements	F-10
Financial Statement Schedule:
Schedule II - Valuation and Qualifying Accounts and Reserves	F-25

Independent Auditors' Report

The Board of Directors and Shareholders

Inter Parfums, Inc.:

We have audited the accompanying consolidated balance sheet of Inter Parfums, Inc. and subsidiaries (the
Company) as of December 31, 2003, and the related consolidated statements of income, changes in
shareholders' equity and comprehensive income, and cash flows for the year then ended. In connection with
our audit of the consolidated financial statements we have also audited the financial statement schedule
as of December 31, 2003 as
listed in the index on page F-1. These consolidated financial statements and financial statement schedule are
the responsibility of the Company's management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Inter Parfums, Inc. and subsidiaries as of December 31, 2003, and the results of their
operations and their cash flows for the year then ended in conformity with accounting principles generally
accepted in the United States of America. Also in our opinion, the related financial statement schedule, when
considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all
material respects, the information set forth therein.

KPMG LLP

New York, New York

March 26, 2004

Independent Auditors' Report

Board of Directors and Shareholders

Inter Parfums, Inc.

New York, New York

We have audited the accompanying consolidated balance sheet of Inter Parfums, Inc. and subsidiaries
(the Company) as of December 31, 2002, and the related consolidated statements of income, changes in
shareholders' equity and comprehensive income, and cash flows for each of the years in the two-year period
ended December 31, 2002. These consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated financial statements based on
our audits. We did not audit the financial statements of Inter Parfums Holdings, S.A. and subsidiaries,
consolidated foreign subsidiaries of the Company, which statements reflect total assets and net sales
constituting 69% and 68% for 2002 and net sales constituting 71% for 2001. Those statements were audited
by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts
for Inter Parfums Holdings, S.A. and subsidiaries, is based solely on the reports of the other auditors.

We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the reports of the other auditors provide a
reasonable basis for our opinion.

In our opinion, based on our audits and the reports of the other auditors, the financial statements enumerated
above present fairly, in all material respects, the consolidated financial position of Inter Parfums, Inc. and
subsidiaries as of December 31, 2002, and the consolidated results of their operations and their consolidated
cash flows for each of the years in the two-year period ended December 31, 2002 in conformity with
accounting principles generally accepted in the United States of America.

In connection with our audits of the consolidated financial statements enumerated above, we audited
schedule II for each of the years in the two-year period ended December 31, 2002. In our opinion, schedule II,
when considered in relation to the financial statements taken as a whole, presents fairly, in all material respects,
the information stated therein.

Eisner LLP

New York, New York

March 5, 2003

With respect to accounts for foreign subsidiaries

March 21, 2003

Independent Auditors' Report

The Board of Directors and Shareholders

Inter Parfums, Inc.:

We have audited the accompanying consolidated balance sheet of Inter Parfums Holdings, S.A. and
subsidiaries as of December 31, 2002, and the related consolidated statements of income, shareholders' equity
and comprehensive income, and cash flows for the each of the years in the two-year period ended
December 31, 2002. These consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated financial statements based on
our audits.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the consolidated financial position of Inter Parfums Holdings, S.A. and subsidiaries as of December 31, 2002,
and of the results of their operations and their cash flows for each of the years in the two-year period ended
December 31, 2002, in conformity with accounting principles generally accepted in the United States of
America.

Paris La Defense, March 21, 2003

KPMG Audit

A division of KPMG S.A.

Alain Bouchet

Partner

INTER PARFUMS, INC. AND SUBSIDIARIES Consolidated Balance Sheets December 31, 2003 and 2002 (In thousands except share and per share data)
Assets					2003		2002
Current assets:
	Cash and cash equivalents			$	58,958	$	38,290
	Accounts receivable, net of allowances of $1,989 and $1,875 in
		2003 and 2002, respectively			63,467		41,232
	Inventories (note 3)				54,255		32,198
	Receivables, other				1,631		1,211
	Other current assets				1,638		2,122
	Income tax receivable				1,110		2,014
	Deferred tax assets (note 10)				1,381		1,099
			Total current assets		182,440		118,166
Equipment and leasehold improvements, net (note 4)					4,967		4,213
Trademarks and licenses, net (notes 5, 7, and 11)					6,323		6,745
Other assets					271		246
			Total assets	$	194,001	$	129,370
Liabilities and Shareholders' Equity
Current liabilities:
	Loans payable - banks (note 6)			$	121	$	1,794
	Accounts payable				45,152		20,007
	Accrued expenses				17,403		10,733
	Income taxes payable				3,411		1,519
	Dividends payable				383		285
			Total current liabilities		66,470		34,338
Deferred tax liability (note 10)					1,417		650
Minority interest					21,198		13,466
Commitments and contingencies (notes 7 and 11)
Shareholders' equity (notes 8 and 11):
	Preferred stock, $0.001 par value. Authorized 1,000,000 shares;
		none issued
	Common stock, $0.001 par value. Authorized 30,000,000 shares;
		outstanding 19,164,186 and 18,976,207 shares, in 2003
		and 2002, respectively			19		19
	Additional paid-in capital				34,363		33,441
	Retained earnings				87,376		75,063
	Accumulated other comprehensive income				9,404		(1,394)
	Treasury stock, at cost, 7,180,579 and 7,305,609 common shares
		in 2003 and 2002, respectively			(26,246)		(26,213)
			Total shareholders' equity		104,916		80,916
			Total liabilities and shareholders' equity	$	194,001	$	129,370
See accompanying notes to consolidated financial statements.

INTER PARFUMS, INC. AND SUBSIDIARIES Consolidated Statements of Income Years ended December 31, 2003, 2002, and 2001 (In thousands except share and per share data)
				2003		2002		2001
Net sales			$	185,589	$	130,352	$	112,233
Cost of sales				93,024		69,760		57,887
		Gross margin		92,565		60,592		54,346
Selling, general, and administrative				66,572		43,072		39,624
		Income from operations		25,993		17,520		14,722
Other expenses (income):
	Interest expense			271		394		347
	(Gain) loss on foreign currency			(333)		106		(53)
	Interest income			(946)		(628)		(1,115)
	Loss on subsidiary's issuance of stock			369		67		87
				(639)		(61)		(734)
		Income before income taxes		26,632		17,581		15,456
Income taxes				9,403		6,282		5,659
		Income before minority interest		17,229		11,299		9,797
Minority interest in net income of consolidated
	subsidiary			3,392		1,894		1,678
		Net income	$	13,837	$	9,405	$	8,119
Net income per share:
	Basic		$	0.73	$	0.50	$	0.46
	Diluted			0.69		0.47		0.41
Weighted average number of shares outstanding:
	Basic			19,032,460		18,776,988		17,834,945
	Diluted			20,116,433		19,948,305		19,935,534
See accompanying notes to consolidated financial statements.

INTER PARFUMS, INC. AND SUBSIDIARIES Consolidated Statements of Changes in Shareholders' Equity and Comprehensive Income Years ended December 31, 2003, 2002, and 2001 (In thousands except share data)
													Accumulated
							Additional						other
			Common stock				paid-in		Retained		Comprehensive		comprehensive		Treasury
			Shares		Amount		capital		earnings		income		income		stock		Total
Balance - January 1, 2001			17,514,416	$	18	$	27,722	$	58,669			$	(6,574)	$	(24,774)	$	55,061
Comprehensive income:
	Net income		--		--		--		8,119	$	8,119		--		--		8,119
	Foreign currency translation adjustments		--		--		--		--		(1,474)		(1,474)		--		(1,474)
	Cumulative effect of adopting SFAS No.133 as of January 1, 2001		--		--		--		--		274		274		--		274
	Gains on derivatives reclassified into earnings		--		--		--		--		(274)		(274)		--		(274)
	Change in fair value of derivatives		--		--		--		--		5		5		--		5
		Total comprehensive income								$	6,650
Shares issued upon exercise of stock options (including income tax benefit)			1,864,925		2		4,748		--				--		5,225		9,975
Shares received as proceeds of option exercises			(616,822)		(1)		--		--				--		(6,167)		(6,168)
Purchased treasury shares			(70,250)		--		--		--				--		(427)		(427)
Balance - December 31, 2001			18,692,269		19		32,470		66,788				(8,043)		(26,143)		65,091
Comprehensive income:
	Net income		--		--		--		9,405	$	9,405		--		--		9,405
	Foreign currency translation adjustments		--		--		--		--		6,746		6,746		--		6,746
	Change in fair value of derivatives		--		--		--		--		(97)		(97)		--		(97)
		Total comprehensive income								$	16,054
Dividends			--		--		--		(1,130)				--		--		(1,130)
Shares issued upon exercise of stock options (including income tax benefit)			428,613		--		971		--				--		1,119		2,090
Shares received as proceeds of option exercises			(144,675)		--		--		--				--		(1,189)		(1,189)
Balance - December 31, 2002			18,976,207		19		33,441		75,063				(1,394)		(26,213)		80,916
Comprehensive income:
	Net income		--		--		--		13,837	$	13,837		--		--		13,837
	Foreign currency translation adjustments		--		--		--		--		10,616		10,616		--		10,616
	Change in fair value of derivatives		--		--		--		--		182		182		--		182
		Total comprehensive income								$	24,635
Dividends			--		--		--		(1,524)				--		--		(1,524)
Shares issued upon exercise of stock options (including income tax benefit)			266,750		--		922		--				--		732		1,654
Shares received as proceeds of option exercises			(78,771)		--		--		--				--		(765)		(765)
Balance - December 31, 2003			19,164,186	$	19	$	34,363	$	87,376			$	9,404	$	(26,246)	$	104,916
See accompanying notes to consolidated financial statements.

INTER PARFUMS, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows Years ended December 31, 2003, 2002, and 2001 (In thousands)
							2003		2002		2001
Cash flows from operating activities:
	Net income					$	13,837	$	9,405	$	8,119
	Adjustments to reconcile net income to net
		cash provided by operating activities:
			Depreciation and amortization				3,344		2,220		2,134
			Minority interest in net income of
				consolidated subsidiary			3,392		1,894		1,678
			Deferred tax provision				369		830		2
			Loss on subsidiary's issuance of stock				369		67		87
			Gain on sale of trademark				--		(87)		--
			Changes in:
				Accounts receivable, net			(13,837)		(5,515)		(1,535)
				Inventories			(15,881)		(1,185)		(3,282)
				Other assets			570		(543)		(78)
				Accounts payable and accrued expenses			23,882		3,363		(663)
				Income taxes payable			3,301		2,291		494
					Net cash provided by operating activities		19,346		12,740		6,956
Cash flows from investing activities:
	Purchase of equipment and leasehold improvements						(2,545)		(1,317)		(2,453)
	Trademark acquisitions						--		(3,225)		--
	Proceeds from sale of trademark						--		158		--
					Net cash used in investing activities		(2,545)		(4,384)		(2,453)
Cash flows from financing activities:
	Increase (decrease) in loans payable - banks						(1,752)		353		(1,130)
	Repayment of long-term debt						--		(1,445)		--
	Proceeds from sale of stock of subsidiary						1,105		15		112
	Purchase of treasury stock						(184)		(193)		(1,925)
	Proceeds from exercise of options						274		295		224
	Dividends paid						(1,428)		(844)		--
	Dividends paid to minority interest						(409)		(273)		(197)
					Net cash used in financing activities		(2,394)		(2,092)		(2,916)
Effect of exchange rate changes on cash							6,261		3,464		(624)
					Net increase in cash and cash equivalents		20,668		9,728		963
Cash and cash equivalents - beginning of year							38,290		28,562		27,599
Cash and cash equivalents - end of year						$	58,958	$	38,290	$	28,562
Supplemental disclosures of cash flow information:
	Cash paid for:
		Interest				$	271	$	334	$	409
		Income taxes					6,518		2,047		4,235
See accompanying notes to consolidated financial statements.

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 2003 and 2002

(In thousands except share and per share data)

(1) The Company and its Significant Accounting Policies

(a) Business of the Company

Inter Parfums, Inc. and its domestic and foreign subsidiaries (the Company) manufacture and
distribute prestige brand name fragrances and cosmetics and mass market fragrances, cosmetics, and personal
care products.

(b) Basis of Preparation

The consolidated financial statements include the accounts of the Company including
majority-owned Inter Parfums, S.A. (IPSA), a subsidiary whose stock is publicly traded in
France. All material intercompany balances and transactions have been eliminated.

The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent
assets and liabilities at the date of the financial statements, and the reported amounts of revenue
and expenses during the reporting period. Actual results could differ from those estimates.

(c) Foreign Currency Translation

For foreign subsidiaries with operations denominated in a foreign currency, assets and liabilities
are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated
at average rates of exchange prevailing during the year. Gains and losses from translation
adjustments are accumulated in a separate component of shareholders' equity. In instances where
the financial statements of foreign entities are remeasured into their functional currency (U.S.
dollars), the remeasurement adjustment is recorded in operations.

(d) Cash and Cash Equivalents

All highly liquid investments purchased with a maturity of three months or less are considered
to be cash equivalents.

(e) Financial Instruments

The carrying amount of accounts receivable, other receivables, accounts payable and accrued
expenses approximates fair value due to the short terms to maturity of these instruments. The
carrying amount of loans payable approximates fair value as the interest rates on the Company's
indebtedness approximate current market rates.

All derivative instruments are reported as either assets or liabilities on the balance sheet
measured at fair value. Generally, increases or decreases in the fair value of derivative
instruments will be recognized as gains or losses in earnings in the period of change. If the
derivative instrument is designated and qualifies as a cash flow hedge, the changes in fair value
of the derivative instrument will be recorded as a separate component of shareholders' equity.

The Company occasionally enters into foreign currency forward exchange contracts to hedge
exposure related to receivables denominated in a foreign currency and to manage risks related
to future sales expected to be denominated in a foreign currency. Before entering into a
derivative transaction for hedging purposes, it is determined that a high degree of initial
effectiveness exists between the change in value of the hedged item and the change in the value
of the derivative instrument from movement in exchange rates. High effectiveness means that
the change in the value of the derivative instrument will effectively offset the change in the fair
value of the hedged item. The effectiveness of each hedged item is measured throughout the
hedged period. Any hedge ineffectiveness as defined by SFAS No. 133 is recognized as a gain
or loss on foreign currency in the income statement. At December 31, 2003, the Company's
subsidiary had foreign currency contracts in the form of forward exchange contracts in the
amount of approximately U.S. $18.0 million and GB pounds 13.1 million, which have maturities
of less than a year.

(f) Inventories

Inventories are stated at the lower of cost (first-in, first-out) or market.

(g) Equipment and Leasehold Improvements

Equipment and leasehold improvements are stated at cost less accumulated depreciation and
amortization. Depreciation and amortization are provided using the straight-line method over the
estimated useful asset lives for equipment, which range between three and ten years and the
shorter of the lease term or estimated useful asset lives for leasehold improvements.

(h) Trademarks and Licenses

Trademarks with indefinite useful lives are stated at cost and through December 31, 2001, were
amortized by the straight-line method over 20 years. The cost of licenses acquired is being
amortized by the straight-line method over the term of the respective licenses.

In June 2001, the Financial Accounting Standards Board (FASB) issued Statement of Financial
Accounting Standards (SFAS) No. 142, Goodwill and Other Intangible Assets. SFAS No. 142
establishes new guidelines for accounting for goodwill and other intangible assets. In accordance
with SFAS No. 142, goodwill and intangible assets with an "indefinite useful life" associated
with acquisitions consummated after June 30, 2001 are not amortized until their useful lives are
determined to no longer be indefinite. The Company has adopted the remaining provisions of
SFAS No. 142 on January 1, 2002. Since adoption, existing intangible assets with an "indefinite
useful life" are no longer amortized but instead are assessed for impairment at least annually. The
Company does not believe that the adoption of SFAS No. 142 had any material effect on the
Company's financial statements. Amortization of intangible assets with indefinite useful lives
ceased on January 1, 2002 upon adoption of SFAS No. 142. Excluding amortization expense
related to intangible assets of $350 ($210 net of related tax effects) recognized in 2001, net income and basic and diluted
income per
share would have been $8,329, $0.47, and $0.42, respectively.

The Company reviews trademarks and licenses for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.

(i) Revenue Recognition

Revenue is recognized when merchandise is shipped and the risk of loss passes to the customer.
The Company, at its discretion, permits limited returns of merchandise and establishes
allowances for estimated returns based upon historic trends and relevant current data.

(j) Issuance of Common Stock by Consolidated Subsidiary

The difference between the Company's share of the proceeds received by the subsidiary and the
carrying amount of the portion of the Company's investment deemed sold is reflected as a gain
or loss in the consolidated statements of income.

(k) Stock-Based Compensation

The Company accounts for stock-based employee compensation under Accounting Principles
Board Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations
(APB 25). The Company has adopted the disclosure-only provisions of SFAS No. 123,
Accounting for Stock-Based Compensation, and SFAS No. 148, Accounting for Stock-Based
Compensation - Transition and Disclosure, which was released in December 2002 as an
amendment of SFAS No. 123.

The Company applies APB No. 25 and related interpretations in accounting for its stock option
incentive plans. The following table illustrates the effect on net income and earnings per share
if the fair value based method had been applied to all awards.

The weighted average fair values of the options granted during 2003, 2002, and 2001 are
estimated as $6.58, $2.25, and $1.94 per share, respectively, on the date of grant using the
Black-Scholes option pricing model with the following assumptions: dividend yield 0.5% in
2003, 0.8% in 2002, and 0% in 2001; volatility of 50% in 2003, 50% in 2002, and 40% in 2001;
risk-free interest rates at the date of grant, 1.88% in 2003, 1.83% in 2002, and 3.05% in 2001;
and an expected life of the option of two years.

(l) Earnings Per Share

Basic earnings per share is computed using the weighted average number of shares outstanding
during each year. Diluted earnings per share is computed using the weighted average number of
shares outstanding during each year, plus the incremental shares outstanding assuming the
exercise of dilutive stock options using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share:

	Year Ended December 31,
	2003	2002	2001

Reported net income	$ 13,837	$ 9,405	$ 8,119
Stock-based employee compensation expense included in reported net income, net of related tax effects	0	0	0
Stock-based employee compensation determined under the fair value based method, net of related tax effects	(787)	(257)	(244)

Pro forma net income	$ 13,050	$ 9,148	$ 7,875

Income per share, as reported:
Basic	$0.73	$0.50	$0.46
Diluted	$0.69	$0.47	$0.41

Pro forma net income per share:
Basic	$0.69	$0.49	$0.44
Diluted	$0.65	$0.46	$0.40

Not included in the above computations is the effect of anti-dilutive potential common shares
which consist of options to purchase 204,000, 114,000, and 9,000 shares of common stock for
2003, 2002, and 2001, respectively.

(m) Advertising and Promotion

Costs associated with advertising and promotion are expensed when incurred. Advertising and
promotion expenses were $30,000, $18,500, and $15,500 for 2003, 2002, and 2001, respectively.

The Company has various arrangements with customers pursuant to its trade terms to reimburse
them for a portion of their advertising or promotional costs, which provide advertising and
promotional benefits to the Company. The costs that the Company incurs for "cooperative"
advertising programs, end cap replacement, shelf replacement costs and slotting fees are
expensed as incurred and are netted against revenues on the Company's consolidated statement
of income.

(n) Accounts Receivable

Accounts receivable represent payments due to the Company for previously recognized net sales,
reduced by an allowance for doubtful accounts or balances, which are estimated to be
uncollectible at December 31, 2003 and 2002. Accounts receivable balances are recorded against
the allowance for doubtful accounts when they are deemed uncollectible. Recoveries of accounts
receivable previously recorded against the allowance are recorded in the consolidated statement
of income when received.

(o) Recent Accounting Pronouncements

SFAS No. 149, Amendment of Statement 133 on Derivative Instruments and Hedging Activities,
was issued by the FASB in April 2003. This statement amends and clarifies the accounting and
reporting for derivative instruments, including embedded derivatives, and for hedging activities
under SFAS No. 133. SFAS 149 amends SFAS No. 133 to reflect the decisions made as part of
the Derivatives Implementation Group (DIG) and in other FASB projects or deliberations. SFAS
No. 149 is effective for contracts entered into or modified after June 30, 2003, and for hedging
relationships designated after June 30, 2003. The Company has applied the pertinent DIG
interpretations as they were issued and they did not have a material impact on the Company's
financial statements or disclosures.

SFAS No. 150, Accounting for Certain Financial Instruments with Characteristics of both
Liabilities and Equity, was issued by the FASB in May 2003. SFAS No. 150 provides guidance
on how to classify and measure certain financial instruments with characteristics of both
liabilities and equity. This statement is effective for financial instruments entered into or
modified after May 31, 2003, and otherwise is effective at the beginning of the first interim
period beginning after June 15, 2003. None of the Company's financial instruments were
impacted by this statement.

The FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities, an
interpretation of APB No. 51, in January 2003. This interpretation addresses the consolidation
by business enterprises of variable interest entities as defined in the interpretation. The
interpretation applied immediately to variable interest entities created after January 31, 2003, and
to variable interests in variable interest entities obtained after January 31, 2003. Significant
changes to this interpretation were proposed by FASB in October 2003, including delaying the
effective date to the beginning of the first reporting period ending after December 15, 2003. The
Company does not currently own an interest in any variable interest entities, and the Company
adopted this statement which did not have a material effect on its financial statements or
disclosures.

(2) Asset Acquisitions

On May 21, 2002, the Company purchased certain mass market fragrance brands and inventories of
Tristar Corporation, a Debtor-in-Possession. The trademarks and related intellectual property were
purchased for approximately $3.2 million, and the Company acquired certain existing inventory for
approximately $3.7 million.

(3) Inventories

	Year Ended December 31,
	2003	2002	2001

Numerator:
Net income	$ 13,837	$ 9,405	$ 8,119

Denominator:
Weighted average shares	19,032,460	18,776,988	17,834,945
Effect of dilutive securities: Stock options	1,083,973	1,171,317	2,100,589

Denominator for diluted earnings per share	20,116,433	19,948,305	19,935,534

December 31,

(4) Equipment and Leasehold Improvements

	2003	2002

Raw materials and component parts	$ 19,776	$ 11,080
Finished goods	34,479	21,118

	$ 54,255	$ 32,198

Depreciation expense for the years ended December 31, 2003, and 2002, and 2001 was $2,529, $1,552,
and $1,592, respectively.

(5) Trademarks and Licenses

	December 31,
	2003	2002

Equipment	$ 15,202	$ 11,772
Leasehold improvements	500	383

	15,702	12,155
Less accumulated depreciation and amortization	10,735	7,942

	$ 4,967	$ 4,213

During 2003, 2002, and 2001, the Company recorded charges for the impairment, included in selling,
general, and administrative expense, of trademarks with indefinite useful lives aggregating $577, $501,
and $0, respectively, based on fair value as determined using discounted cash flows.

(6) Loans Payable - Banks

Loans payable - banks consist of the following:

Available credit lines of the Company's foreign subsidiaries under several bank overdraft facilities totaling
$30,000, bearing interest at 0.6% above EURIBOR (2.12% and 2.86% at December 31, 2003 and
2002, respectively). Outstanding amounts totaled $121 and $794 at December 31, 2003 and 2002,
respectively.

Borrowings under a $12,000 unsecured revolving line of credit due on demand and bearing interest at
the banks' prime rate or 1.75% above LIBOR. The outstanding amount totaled $0 and $1,000 at
December 31, 2003 and 2002, respectively.

During 2002, the Company repaid $1,366 of borrowings by a foreign subsidiary, which was the entire
balance of the loan.

(7) Commitments

(a) Leases

The Company leases its office and warehouse facilities under operating leases expiring through
2013. Rental expense amounted to $4,505 in 2003, $2,524 in 2002, and $1,263 in 2001.
Minimum future rental payments are as follows:

	December 31,
	2003	2002

Trademarks (indefinite lives)	$ 5,752	$ 6,052

Trademarks (definitive lives)	684	570
Licenses	3,493	2,908
	4,177	3,478
Less accumulated amortization	3,606	2,785
	572	693
Total trademarks and licenses	$ 6,323	$ 6,745

(b) License Agreements

The Company is obligated under a number of license agreements for the use of trademarks and
rights in connection with the manufacture and sale of its products. One such license, related to
the Company's subsidiary, which expires in December 2006, subject to renewal, corresponds to
55.6%, 40.6%, and 40.8% of net sales for the years ended December 31, 2003, 2002, and 2001,
respectively. Royalty expense, included in selling, general, and administrative expenses,
aggregated $10,385, $5,498, and $4,205 for the years ended December 31, 2003, 2002, and 2001,
respectively. In connection with certain license agreements, the Company is subject to certain
minimum annual royalties as follows:

2004	$ 3,209
2005	2,347
2006	1,183
2007	1,151
2008	1,120
Thereafter	2,623

	$ 11,633

(8) Shareholders' Equity

(a) Common Stock Split

On August 6, 2001, the Company's board of directors authorized a three-for-two stock split
effected in the form of a 50% stock dividend distributed on September 14, 2001 to shareholders
of record as of August 31, 2001. As a result of the stock split, the accompanying consolidated
financial statements reflect an increase in the number of outstanding shares of common stock and
the transfer of the par value of these additional shares from paid-in capital. All share and per
share amounts have been restated for all periods to reflect the retroactive effect of the stock split.

(b) Issuance of Common Stock of Subsidiary

During 2003, 2002, and 2001, 89,528, 16,382, and 15,037 shares, respectively, of capital stock
of IPSA were issued as a result of employees exercising stock options. At December 31, 2003
and 2002, the Company's percentage ownership of IPSA was approximately 76% and 77%,
respectively.

The difference between the Company's share of the issuance or conversion proceeds and the
carrying amount of the portion of the Company's investment sold is reflected as a gain or loss
in the consolidated statements of income. Deferred taxes have not been provided because
application of available tax savings strategies would eliminate taxes on this transaction.

(c) Stock Option Plans

The Company maintains a stock option program for key employees, executives, and directors.
The plans, all of which have been approved by shareholder vote, provide for the granting of both
nonqualified and incentive options. Options granted under the plans typically vest immediately
and are exercisable for a period of five to six years.

A summary of the Company's stock option activity, and related information follows:

2004	$ 5,447
2005	5,640
2006	5,729
2007	3,166
2008	2,744
Thereafter	6,855

	$ 29,581

The following table summarizes stock option information as of December 31, 2003:

	Year Ended December 31,
	2003		2002		2001
	Options	Weighted Average Exercise Price	Options	Weighted Average Exercise Price	Options	Weighted Average Exercise Price

Shares under option - beginning of year	1,969,162	$3.90	2,198,075	$ 3.35	3,850,425	$ 2.75
Options granted	206,700	21.58	200,950	8.02	223,075	7.81
Options exercised	(266,750)	3.20	(428,613)	3.01	(1,864,925)	2.62
Options cancelled	(11,250)	3.11	(1,250)	6.16	(10,500)	4.75

Shares under options - end of year	1,897,862	5.92	1,969,162	3.90	2,198,075	3.35

At December 31, 2003, options for 333,279 shares were available for future grant under the
plans.

In September 2001, the Chief Executive Officer and the President each exercised 899,625 of their
outstanding stock options. The aggregate purchase price of $2,335 each, was paid by each of
them tendering to the Company 233,469 shares of the Company's common stock, previously
owned by them, valued at $10 per share, the fair market value on the date of exercise. The shares
issued pursuant to the options exercised were issued from treasury stock of the Company. In
addition, the Chief Executive Officer tendered an additional 149,884 shares for payment of
withholding taxes resulting from the exercise of the options. As a result of this transaction, the
Company received tax benefits aggregating $4,800, which has been reflected as an increase to
additional paid-in capital in the accompanying financial statements.

In December 2002, the Chief Executive Officer exercised 132,000 of his outstanding stock
options and the President exercised 199,500 of his outstanding stock options. The purchase price
of $381 for the Chief Executive Officer and $614 for the President was paid by them tendering
to the Company an aggregate of 121,140 shares of the Company's common stock, previously
owned by them, valued at $8.215 per share, the fair market value on the date of exercise. The
shares issued pursuant to the options exercised were issued from treasury stock of the Company.
In addition, the Chief Executive Officer tendered an additional 23,535 shares for payment of
withholding taxes resulting from the exercise of the options. As a result of this transaction, the
Company received tax benefits aggregating $600, which has been reflected as an increase to
additional paid-in capital in the accompanying consolidated financial statements.

In April and October 2003, both the Chief Executive Officer and the President exercised an
aggregate of 109,500 and 94,300 outstanding stock options, respectively, of the Company's
common stock. The exercise prices of $340 for the Chief Executive Officer and $241 for the
President were paid by each of them tendering to the Company 41,850 and 18,316 shares,
respectively, of the Company's common stock, previously owned by them, valued at $6.90 and
$13.16 per share in April and October, respectively, the fair market value on the date of exercise.
All shares issued pursuant to these option exercises were issued from our treasury stock. In
addition, the Chief Executive Officer tendered an additional 18,605 shares for payment of
withholding taxes resulting from his option exercise. As a result of this transaction, the Company
expects to receive a tax benefit of approximately $540, which has been reflected as an increase
to additional paid-in capital in the accompanying consolidated financial statements.

(d) Treasury Stock

The board of directors of the Company has authorized a stock repurchase program whereby the
Company purchases shares of its stock to be held in treasury. As of December 31, 2003, the
Company is authorized to purchase an additional 404,350 treasury shares in the
open market. The company has repurchased 0, 0 and 70,250 treasury shares during
the years ended December 31, 2003, 2002 and 2001, respectively.

(e) Dividends

The Company declared dividends of $0.12, $0.08, and $0.06 per share per annum for 2003, 2002,
and 2001, respectively. The quarterly dividend of $383 declared in December 2003 was paid
January 15, 2004.

(9) Geographic Areas

The Company manages its business on the basis of one reportable operating segment. Information on
the Company's operations by geographical areas is as follows. The European assets are primarily
located, and operations are conducted, in France. European operations primarily represent the sales of
the prestige brand name fragrances.

Exercise Prices	Number Outstanding	Options Outstanding Weighted Average Remaining Contractual Life	Options Exercisable

$2.56 - $2.86	1,166,950	1.17 Years	1,166,950
$3.94	4,500	0.92 Years	4,500
$4.06 - $4.53	32,288	1.02 Years	32,288
$5.08 - $5.81	71,400	1.83 Years	71,400
$6.50 - $6.92	28,500	2.17 Years	28,500
$7.08 - $7.95	205,075	3.02 Years	205,075
$8.03	191,950	3.97 Years	191,950
$9.60	9,000	2.66 Years	9,000
$14.84	2,000	4.87 Years	2,000
$23.05	186,200	5.00 Years	186,200

Totals	1,897,863	2.08 Years	1,897,863

United States export sales were approximately $11,000, $11,000, and $9,800 for the years ended
December 31, 2003, 2002, and 2001, respectively. Consolidated net sales for the year ended
December 31, 2003 by region is as follows:

	2003	2002	2001
Net sales:
United States	$ 44,747	$ 41,972	$ 33,103
Europe	141,192	88,565	79,270
Eliminations	(350)	(185)	(140)

	$ 185,589	$ 130,352	$ 112,233
Net income:
United States	$ 2,807	$ 3,013	$ 2,411
Europe	11,036	6,396	5,708
Eliminations	(6)	(4)

	$ 13,837	$ 9,405	$ 8,119
Depreciation and amortization expense:
United States	$ 385	$ 380	$ 394
Europe	2,959	1,840	1,740

	$ 3,344	$ 2,220	$ 2,134
Interest income:
United States	$ 183	$ 245	$ 523
Europe	763	383	592

	$ 946	$ 628	$ 1,115
Interest expense:
United States	$ 4	$ 88	$ 24
Europe	267	306	323

	$ 271	$ 394	$ 347
Total assets:
United States	$ 52,407	$ 49,077
Europe	150,639	89,370
Eliminations	(9,045)	(9,077)

	$ 194,001	$ 129,370
Additions to long-lived assets:
United States	$ 192	$ 3,417
Europe	2,353	1,125

	$ 2,545	$ 4,542
Total long-lived assets:
United States	$ 4,861	$ 5,054
Europe	6,429	5,904

	$ 11,290	$ 10,958

(10) Income Taxes

The components of income before income taxes and minority interest consist of the following:

North America	32%
Europe	44%
Central and South America	8%
Middle East	7%
Asia	8%
Other	1%

The provision for current and deferred income tax expense (benefit) consists of the following:

	Year Ended December 31,
	2003	2002	2001

U.S. operations	$ 4,326	$ 4,670	$ 3,601
Foreign operations	22,306	12,911	11,855

	$ 26,632	$ 17,581	$ 15,456

Deferred taxes are provided principally for reserves, and certain other expenses that are recognized in
different years for financial reporting and income tax purposes.

The tax effects of temporary differences that give rise to significant
portions of the deferred tax assets and deferred tax liabilities are as follows:

	Year Ended December 31,
	2003	2002	2001

Current:
Federal	$ 834	$ 700	$ 1,103
State and local	174	(75)	257
Foreign	7,910	4,827	4,297

	8,918	5,452	5,657

Deferred:
Federal	408	731	(138)
State and local	102	297	(31)
Foreign	(25)	(198)	171

	485	830	2

Total income tax expense	$ 9,403	$ 6,282	$ 5,659

				December 31,
				2003		2002
Deferred tax assets:
	State net operating loss carryforwards		$	448	$	498
	Foreign net operating loss carryforwards			290		170
	Inventory and accounts receivable			270		365
	Profit sharing			228		146
	Other			145		45
		Total gross deferred tax assets		1,381		1,224
		Less valuation allowance		-		(125)
		Net deferred tax assets		1,381		1,099
Deferred tax liabilities:
	Property, plant, and equipment			(1,372)		(601)
	Other			(45)		(49)
		Total deferred tax liabilities		(1,417)		(650)
		Net deferred tax assets (liabilities)	$	(36)	$	449

At December 31, 2003, the Company had state tax loss carry forwards, subject to applicable state
apportionment, for New York State and New York City tax purposes of approximately $6,700 and for
New Jersey tax purposes of approximately $9,800 which expire in 2008 and beyond.

No valuation allowances have been provided on the Company's deferred tax assets, as management
believes that it is more likely than not that the asset will be realized in the reduction of future taxable
income.

The Company has not provided for U.S. deferred income taxes or foreign withholding taxes on
$ 50,000 of undistributed earnings of its non-U.S. subsidiaries as of December 31, 2003 since
the Company intends to reinvest these earnings indefinitely.

Differences between the United States Federal statutory income tax rate and the effective income tax
rate were as follows:

(11) Other Matters

(a) As previously reported, IPSA is a party to litigation with Jean Charles Brosseau, S.A. (Brosseau),
the licensor of the Ombre Rose trademark. In October 1999, IPSA received notice of a judgment
in favor of Brosseau, which awarded damages of approximately $600 to Brosseau, and which
directed IPSA to turn over its license to Brosseau within six months.

IPSA appealed the judgment as it vigorously and categorically denied the claims of Brosseau.
In June 2000, as a result of certain developments, IPSA and its special litigation counsel
considered it likely that the judgment would be sustained and therefore, in June 2000, the
Company recorded a charge against earnings for $600, the full amount of the judgment.

In February 2001, the Court of Appeal confirmed the Brosseau claim with respect to turning over
the license. In addition, the Court named an expert to proceed with additional investigations and
required IPSA to pay $142 as an advance for damages claimed by Brosseau.

In February 2004, the Court of Appeal ordered IPSA to pay total damages of $390, of which
$142 has already been advanced. Brosseau has two months to appeal this decision and, therefore,
IPSA will maintain its current reserves until such time as all rights to appeal have expired. The
Company does not believe that such litigation will have any further material adverse effect on
its financial condition or operations.

(b) IPSA is the subject of tax audits commenced by the French Tax Authorities. Assessments had
been issued aggregating $2,300. IPSA contested these assessments as management and its tax
consultants believe they had sound arguments to support their position and that the majority of
these assessments would be reversed, and therefore, would not have a material adverse effect on
the financial condition or results of operations of the Company. The Company had previously
reserved $760 for this potential liability. During 2003, the Company settled certain of these
assessments and, as a result, the balance as of December 31, 2003 was approximately $400.

(c) On November 22, 1999, the Chief Executive Officer and the President of the Company entered
into and closed a Stock Purchase Agreement with LV Capital, USA Inc. (LV Capital), a wholly
owned subsidiary of LVMH Moet Hennessy Louis Vuitton, S.A. (LVMH). As of the date of this
report, LV Capital owns approximately 18% of the outstanding common stock of the Company.
In accordance with the terms of the Stock Purchase Agreement and in return for LV Capital
becoming a strategic partner of the Company, LV Capital was granted the right to maintain its
percentage ownership of the outstanding shares of Common Stock, by receiving an option to
purchase shares of the Company's common stock for cash upon issuance of shares to any party
other than LV Capital at the price paid by the purchaser, subject to certain exceptions such as the
exercise of stock options previously granted and the grant of new stock options up to a certain
limit. There have been no common stock or option transactions through December 31, 2003,
which effected the LVMH option. LVMH was also granted demand registration rights for all
shares of common stock it holds. Finally, LV Capital has agreed to a standstill agreement, which
includes a limitation on the amount of shares that LV Capital can hold equal to 25% of the
outstanding shares of common stock of the Company.

In March 1999 and May 2000, the Company entered into two 11-year license agreements with
Christian Lacroix Company and Celine S.A., divisions of LVMH, respectively. Both agreements
have minimum sales and advertising requirements and require the Company to pay royalties, as
customary in the industry.

(d) In December 2003, IPSA signed a letter of intent to acquire a 64% interest in Nickel S.A.
(Nickel) for approximately $6 million in cash. The letter of intent contemplates a provision for
a follow-on cash infusion by IPSA of approximately $3.7 million, which would bring IPSA's
ownership to 74%. In addition, minority shareholders will have the right to sell their remaining
interest in Nickel to IPSA from January 2007 through June 2007. The purchase price will be
based upon a formula applied to Nickel's sales for the year ending December 31, 2006, pro rated
for the minority holders' equity in Nickel. Closing of the transaction, which is subject to certain
due diligence procedures and signing of a definitive agreement, is expected to take place in
April 2004.

	Year Ended December 31,
	2003	2002	2001

Statutory rates	34.0%	34.0%	34.0%
State and local taxes, net of federal benefit	0.7	1.0	0.8
Effect of foreign taxes in excess of U.S. statutory rates	1.1	1.3	2.8
Other	(0.5)	(0.6)	(1.0)

Effective rates	35.3%	35.7%	36.6%

Schedule II

INTER PARFUMS, INC. AND SUBSIDIARIES

Valuation and Qualifying Accounts and Reserves

(In thousands)

Column A

Column B

Column C

Column D

Column E

Additions

(1)

(2)

Charged to

Balance at

Charged to

other

beginning of

costs and

Accounts -

Deductions -

Balance at

Description

period

expenses

describe

end of period

Year ended December 31, 2003:

Allowances for sales returns and doubtful accounts

1,875

362

264

(b)

512

(a)

1,989

Year ended December 31, 2002:

Allowances for sales returns and doubtful accounts

1,914

184

205

(b)

428

(a)

1,875

Year ended December 31, 2001:

Allowances for sales returns and doubtful accounts

2,067

291

(59)

(b)

385

(a)

1,914

(a)

Write off of bad debts and sales returns.

(b)

Foreign currency translation adjustment.

See accompanying independent auditors' reports.

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Inter Parfums, Inc.

By: /s/ Jean Madar

Jean Madar, Chief Executive Officer

Date: March 26, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

Exhibit 31

CERTIFICATIONS

I, Jean Madar, certify that:

1. I have reviewed this annual report on Form 10-K of Inter Parfums, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
annual report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

b) [omitted]

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures as
of the end of the period covered by this report based upon such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in
case of an annual report) that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal
controls over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial reporting.

Date: March 26, 2004

/s/ Jean Madar

Jean Madar, Chief Executive Officer

I, Russell Greenberg, certify that:

1. I have reviewed this annual report on Form 10-K of Inter Parfums, Inc.;

a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

b) [omitted]

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures as
of the end of the period covered by this report based upon such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in
case of an annual report) that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

a) all significant deficiencies and material weaknesses in the design or operation of internal
controls over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial reporting.

Date: March 26, 2004

/s/ Russell Greenberg

Russell Greenberg

Chief Financial Officer and

Principal Accounting Officer

Exhibit 32

CERTIFICATION

Each of the undersigned hereby certifies, in accordance with 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Inter Parfums, Inc., that the Annual Report of Inter Parfums, Inc. on Form 10-K for the year ended 31
December 2003, fully complies with the requirements of Section 13(a) of the Securities
Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operation of Inter Parfums, Inc.

Date: March 26, 2004

By: /s/ Jean Madar

Jean Madar

Chief Executive Officer

Date: March 26, 2004

By: /s/ Russell Greenberg

Russell Greenberg

Executive Vice President,

Chief Financial Officer and

Principal Accounting Officer

A signed original of this written statement required by Section 906 has been provided to
Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to the Securities and
Exchange Commission or its staff upon request.

Signature	Title	Date
/s/ Jean Madar Jean Madar	Chairman of the Board of Directors and Chief Executive Officer	March 26, 2004
/s/ Russell Greenberg Russell Greenberg	Chief Financial and Accounting Officer and Director	March 26, 2004
/s/ Philippe Benacin Philippe Benacin	Director	March 19, 2004
/s/ Philippe Santi Philippe Santi	Director	March 19, 2004
/s/ Francois Heilbronn Francois Heilbronn	Director	March 19, 2004
/s/ Joseph A. Caccamo Joseph A. Caccamo	Director	March 26, 2004
/s/ Jean Levy Jean Levy	Director	March 22, 2004
/s/ Robert Bensoussan-Torres Robert Bensoussan-Torres	Director	March 23, 2004
/s/ Daniel Piette Daniel Piette	Director	March 26, 2004
/s/ Jean Cailliau Jean Cailliau	Director	March 26, 2004
/s/ Serge Rosinoer Serge Rosinoer	Director	March 20, 2004