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After Eugene Charlier, star of the Folies Bergère in Paris, impersonates in his act the flirtatious Baron Cassini, the real baron, Fernand, goes backstage to congratulate Charlier and meets Charlier's lover Mimi, whom he tries to seduce. Meanwhile, Genevieve, the baroness, who is disillusioned with the baron's cheating and their passionless marriage, calls Charlier to her table, but she is taken aback when he flirts with her. When Henri Baneffe and Gustave Chatillard, the officials at the baron's bank, learn that the baron has gone to London to avoid bankruptcy by trying to get a loan to repay the twenty million francs he lost on the Nero mine in Mozambique, they hire Charlier to impersonate the baron during a reception for the premier of France. Genevieve plays along with the deception, although Charlier does not know that she knows he is not Fernand, and as a jest, she encourages his romantic inclinations. When Monsieur Paulet, the finance minister, asks to buy the baron's shares of stock in the Nero mine, Charlier unwittingly gets the price up to twenty-five million francs. Meanwhile, Mimi, angry at Charlier's absence, goes to visit the baron, whereupon Charlier, as the baron, kisses her to test her fidelity. She backs away until she recognizes the scratch marks she gave Charlier earlier, and then, to make him jealous, asks him to make violent love to her. Charlier slaps her, they argue and he leaves. The real baron returns and, having learned that Genevieve earlier had flirted with Charlier, tries to seduce her. Realizing the ruse, Genevieve kisses the baron passionately and leaves him thinking that she has betrayed him, but the next day, the baron, now aware of his wife's game, convinces her that he just arrived in town that morning. Ill with despair because she thinks that she earlier kissed Charlier, Genevieve learns the truth when he comes for a letter of recommendation. Although she tries to confuse the baron further, he kisses her passionately to prove that the earlier kiss was his. Later, he and the baroness watch Charlier, who has reconciled with Mimi, perform again in the Folies Bergère.