Famous singer Fanny Brice has divorced her first husband Nicky Arnstein. During the Great Depression she has trouble finding work as an artist, but meets Billy Rose, a newcomer who writes lyrics and owns a nightclub.

Four socialites unexpectedly clash: heiress Brooke Carter runs into gambler Johnny Spanish at the race track while playboy Michael O. Pritchard nearly runs into stage star Kitty O'Kelly with his car. Backstage at Kitty's show, it turns out she and Brooke are old friends who attended public school together. The foursome do the town, accompanied by Brooke's companion Elizabeth, who throws herself at Michael's butler and chauffeur Rodney James.