In 1931 Paris, Nicole Picot, Kay Francis, a model for a fashionable dress shop, is hired by nearly penniless Stefan Orloff to help persuade a financier to fund his ambitious plans. This partnership marks the first step of Stefan’s larger, riskier gambit. By 1934, Stefan Orloff, Claude Rains, has established an investment bank; in gratitude, he provides the capital that Nicole needs to set up her own business as a successful dress designer (though she insists on paying him back). Her dream of becoming a modiste now feels within reach. Her friend Suzanne, Alison Skipworth, warns Nicole against Stefan, saying this will all end badly, but Nicole doesn’t listen. Hope blinds caution, and the allure of fashion shines brighter than warning signs.
Nicole finds herself drawn into a romance with Anthony Wayne, Ian Hunter, a British diplomat who romances Nicole and wins her heart. The relationship adds a glow to her ascent, even as darker currents swirl beneath the surface. Yet Stefan’s crooked schemes begin to unravel in 1936, and he asks Nicole to marry him without divulging his main motive: the attendance of her influential friends at a well-publicized ceremony would bolster public confidence in him and buy him time. She agrees from friendship alone, to the distress of her friend and assistant Suzanne. It is too late. At their wedding, Stefan’s closest confederate, Francis Chalon, Walter Kingsford, is taken away by the police for questioning and the other guests hastily depart.
Knowing that Chalon can incriminate him, Stefan goes into hiding at a remote chateau. However, he makes a mistake, sending a letter to Nicole asking her to join him. She goes, despite Anthony’s protests, driven by a stubborn mix of loyalty and affection. Nicole gets Stefan to admit the truth, though he insists he loves her. When Stefan sees that the police have followed Nicole and have surrounded the chateau, he excuses himself. To spare her from being dragged down with him, he goes outside. As he expected, he is shot and killed, though the police stage it to look like a suicide to avoid causing further embarrassment to the government.
Nicole insists on repaying those Stefan defrauded, although she isn’t liable under French law. By doing so, she goes bankrupt and loses her fashion house. She and Suzanne are back where they started and have clear consciences; Suzanne is glad they are quit of Stefan. Anthony arrives while the women are packing their office. He finally persuades Nicole to agree to marry him, despite her concern that her tarnished reputation will damage his career. The future, while uncertain, holds a deeper sense of integrity for Nicole as she prepares to face its consequences with the steadfast support of those closest to her.
