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Multiplicative invariant theory, as a research area in its own right within the wider spectrum of invariant theory, is of relatively recent vintage. The present text offers a coherent account of the basic results achieved thus far.. Multiplicative invariant theory is intimately tied to integral representations of finite groups. Therefore, the field has a predominantly discrete, algebraic flavor. Geometry, specifically the theory of algebraic groups, enters through Weyl groups and their root lattices as well as via character lattices of algebraic tori.