INTER PARFUMS INC
CORRESPONDENCE
<DOCUMENT>
<TYPE>EX-10.81.1
<SEQUENCE>12
<FILENAME>c20397_10-811.txt
<DESCRIPTION>CORRESPONDENCE
<TEXT>

                                                                    Exh. 10.81.1
                                 [logo] BARCLAYS
                 45, boulevard Haussmann - 75315 Paris Cedex 09
                                   Telephone: 01 55 27 55 27 Fax: 01 55 27 50 01

                                               [stamp] JUNE 08, 1998

                                                INTERPARFUMS
                                                4, Rond-Point des Champs Elysees
                                                75008 PARIS

Business Banking France                         Attention: Mr. Philippe SANTI

French Multinational Team
BD/EM -  Tel: 01 55 27 58 27                    [handwritten] Copy:        PB
                  Fax: 01 55 27 51 22                                     JGL
                                                                   Bach    PS

                                                          Paris, June 4, 1998

Gentlemen:

In accordance with our agreement during our last meeting, we are pleased to
confirm the adjustment of the terms of the facilities available to you.

Please note that you have been granted:

LINE OF CREDIT             Amount: 6,000,000.00 FRF
                           ------
                           Rate: T4M* + 0.80%
                           ----

TRADE DISCOUNT             Amount: 9,000,000.00 FRF
                           ------
                           Rate: PIBOR** + 0.60%
                           ----

Please also note that the new terms, below, will be effective as of July 1st,
1998:

LINE OF CREDIT             Amount: 6,000,000.00 FRF
                           ------
                           Rate: T4M* + 0.60%
                           ----

TRADE DISCOUNT             Amount: 9,000,000.00 FRF
                           ------
                           Rate: PIBOR** + 0.40%
                           ----

We would like to clarify that the interest terms specified above are subject to
change at any time, in accordance with base market trends.

Barclays Bank PLC, French Branch - Headquarters: 45, boulevard Haussmann, 75009
Paris - [illegible]

<PAGE>


                                 [logo] BARCLAYS

Any  modification  of this base rate is  applicable  upon its  reporting  by the
relevant  departments of the Banque de France, or the Association  Francaise des
Banques  [French  Association  of  Banks],  or any other  financial  or  foreign
authority, if applicable.

As  calculation  of the  overall  effective  rate is  subject  to the  effective
applications,  it is possible to provide Fonly one example of  calculation,  for
informational purposes (example attached for cash credits and discount credits).

As these facilities are granted for an unspecified length of time, we would like
to clarify that  paragraph 1 of article 60 of law no. 84-46 of January 24, 1984,
requires that we inform you of the periods of notice that we will observe in the
eventuality that these facilities are reduced or removed:

-        Thirty days for discount operations and assignment of receivables,

-        Sixty days for other credits.

This time  period  begins  from the date the letter  notifying  our  decision to
interrupt or to reduce the aforementioned assistance is sent.

This letter nullifies and replaces the letter dated July 1, 1996, and may in no
way be combined with it.

Very truly yours,


/s/ Christine Laine                                  /s/ Bertrand Duvivier
-------------------                                  ----------------------
Senior Analyst                                       Senior Banking Executive

*T4M: Average Monthly Money Market Rate
**PIBOR: Paris Interbanking Offered Rate

</TEXT>
</DOCUMENT>
