Paris, 1938. Coco Chanel and Elsa Schiaparelli are fighting for recognition as the most successful and influential fashion designer in France, and their rivalry is already legendary. They oppose each other at every turn, in both their politics and their designs: Chanel's are classic, elegant, and practical; Schiaparelli's bold, experimental, and surreal.

When Lily Sutter, a recently widowed young American teacher, visits her brother, Charlie, in Paris, he insists on buying her a couture dress--a Chanel. Lily, however, prefers a Schiaparelli. Charlie's beautiful and socially prominent girlfriend soon begins wearing Schiaparelli's designs as well, and much of Paris follows in her footsteps.

Schiaparelli offers budding artist Lily a job at her store, and Lily finds herself increasingly involved with Schiaparelli and Chanel's personal war. Their fierce competition reaches new and dangerous heights as the Nazis and the looming threat of World War II bear down on Paris.