On the eve of the 1968 United States presidential election, George Roundy, a successful Beverly Hills hairdresser with undeniable charm, uses his salon prominence to lure a string of beautiful women— Felicia, his current client and lover; and Jill, a naïve, up-and-coming actress who is also his girlfriend. When Jill suffers a panic attack, convinced an intruder is in her home, George hurries to calm her, leaving Felicia frustrated. Behind the glossy surface, George is restless about his professional ceiling; as the salon's creative star, he must contend with Norman, the nickel-and-diming owner who runs the shop.
To finance his dream of opening his own salon, he approaches Felicia and her unsuspecting husband Lester, hoping they will back him. Jackie, Lester’s mistress and George’s former girlfriend who remains Jill’s best friend, becomes a pivotal link in the tangled web. Jackie arranges for George to style her hair, and he fashions a look that mirrors Felicia’s. A spark flickers between them, and they nearly kiss, only to be interrupted by Lester’s arrival. Lester, assuming George is gay because of his profession, asks him to escort Jackie to a Republican Party election-night soiree. When they reach the event, George finds himself in a room full of past lovers, including Jill, who has come with Johnny Pope, a film director considering her for a role, and Felicia.
Jackie drinks too much and behaves outrageously, prompting Lester to ask George to take her home, a request she resists. The principals - minus Felicia - slip away to a lavish counterculture party at a Beverly Hills mansion, where guests indulge in alcohol, drugs, and sexual exploration. Moments later, Lester reappears with Jill and Johnny, and the group witnesses a couple having vigorous sex in the dark on the kitchen floor. Lester remarks on the scene with a certain admiration before the door to the kitchen swings open, revealing Jackie and George; Lester is stunned and abruptly leaves. An enraged Jill hurls a chair, breaks a window, and swears at George. Jackie flees as George tries to placate Jill with a well-crafted lie, but Jill remains unmollified and heads for the night with Johnny.
The next morning, Jill confronts George at her home, producing one of Felicia's earrings found in his bed. When she asks about his dalliances, George admits his ambition extends beyond love: he pursued a career in the beauty industry to meet beautiful women, and his promiscuity—while making him feel invincible—may mean he does not truly love her. Back at his place, Lester and several intimidating men confront George, and a tense, uneasy understanding forms as Lester hypocritically derides Jackie and hints at a business arrangement. George then heads to Jackie’s house, only to find she fears Lester’s reach and flees in her car. He pursues her on a motorcycle, and they end up on a hilltop overlook above her home. George proposes, but Jackie tells him it is too late; she has arranged to go to Acapulco with Lester, who has promised to divorce Felicia and marry her. Jackie leaves George alone on the overlook, where he watches her depart with a heavy, resignation-filled sadness.
