1

Board of Directors
Multi-Color Corporation

As stated in item 1 to the condensed consolidated financial statements of
Multi-Color Corporation (the "Company") for the quarter ended June 28, 1998, the
Company changed its accounting policy to encompass a more complete absorption of
overhead costs in inventory. Management believes the newly adopted accounting
principle is preferable in the circumstances, as the method more fairly
represents the results of the Company's operations by matching the full cost of
the inventory with the revenues generated. At your request, we have reviewed and
discussed with management the circumstances, business judgment, and planning
that formed the basis for making this change in accounting principle.

It should be recognized that professional standards have not been established
for selecting among alternative principles that exist in this area or for
evaluating the preferability of alternative accounting principles. Accordingly,
we are furnishing this letter solely for purposes of the Company's compliance
with the requirements of the Securities and Exchange Commission, and it should
not be used or relied on for any other purpose.

Based on our review and discussion, we concur with management's judgment that
the newly adopted accounting principle is preferable in the circumstances. In
formulating this position, we are relying on management's business planning and
judgment, which we do not find unreasonable.

We have not audited any consolidated financial statements of Multi-Color
Corporation as of any date or for any period subsequent to March 29, 1998.
Accordingly, we are unable to express an opinion on whether the method of
accounting for the effect of the change is in conformity with generally accepted
accounting principles or if the financial information included in Part I of this
Form 10-Q is fairly presented.

Very truly yours,



GRANT THORNTON LLP
Cincinnati, Ohio
July 14, 1998