Ex-Follies girl Lorelei Lee is about to set sail for a luxurious cruise to Europe with her best friend Dorothy Shaw and her fiance and sugar daddy, Gus Edmond Jr. However, Gus throws a spanner in the works at the last minute when he announces that his father’s ill health means that he must stay behind to help with their button empire. He has heard news of a zipper, a new invention from his rival Josephus Gage, and is worried for the future of his business. The girls head out on the journey alone and they soon encounter a variety of guests, also traveling to Europe. Mrs. Spofford, the richest widow in Philadelphia traveling with her shy son Henry; Sir Francis and Lady Beekman, an English couple with a diamond tiara that Lorelei sets her sights upon; and the infamous Josephus Gage, America's Zipper King.
When Lorelei hears news that Gus and his father have traveled to Little Rock and discovered a secret from her past, she concludes that her wedding is now off and she must find others to rely upon financially. With a little help from the clueless Sir Francis, Lorelei succeeds in getting her hands on the tiara and turns her attention to Gage. However, when Gus shows up in Paris, tempers flare and he challenges Gage to a fight in a Parisian club. Finally, Gus reveals that he knows Lorelei shot a man in Little Rock but was acquitted, and tells her that he is prepared to leave the family business to keep her by his side. With her “daddy” back, Lorelei succeeds in arranging a merger between the button business and the zipper business that pleases her disapproving father-in-law and looks set to bring lots of success in the future.
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