Broadway producers Tony Naylor, Al Marsh, and Jerry Ralby are having difficulty securing funds for their latest show. Then Al learns he has inherited half of a salon in Paris from his Aunt Roberta. The three men travel to France, where they attempt to stage an extravagant fashion show to revitalize the struggling business, now run by Roberta's nieces, Stephanie and Clarisse.

Acrobat Eddie Marsh is in the army now. His first act is to become friendly with Kathryn Jones, the colonel's pretty daughter. Their romance hits a few snags, including disapproval from her father. Eddie's also plagued by fear of having an accident during his family's trapeze act in the army variety show, which also features a gallery of MGM stars.

Gene Kelly and Fred Astaire present more golden moments from the MGM film library, this time including comedy and drama as well as classic musical numbers.