As models walk down the staircase during her fashion show, Gabrielle “Coco” Chanel reminisces about her life. During her childhood in rural France, Coco’s mother dies and her father places the girl and her sick younger sister, Julia, in a Catholic orphanage, promising to come back for them. He never returns and Julia dies. Years later, Coco’s middle-aged Aunt Louise discovers Coco’s whereabouts and brings the teenager to live with her and a younger aunt, Adrienne. As Coco works beside Adrienne at a tailor’s shop, she surreptitiously fashions a hat which she wears to a local wedding. At the reception, two soldiers notice Coco and Adrienne; Etienne de Balsan is intrigued by Coco while his friend, Robert, dances with Adrienne. Coco enters a singing competition and Etienne is an enthusiastic supporter, even though she cannot sing. Aunt Louise berates Coco for entering the contest, but Coco insists she will do anything to escape the small town. Etienne informs Coco that he is leaving the cavalry to breed horses at his new estate in Compiegne and asks Coco to move there to assist him. Adrienne is upset, but Coco insists Etienne is a perfect gentleman and presents her aunt with the designer hat, claiming it will help attract Robert. One day, while Coco is riding horses, courtesan Emilienne d’Alencon arrives to visit Etienne. Coco returns to find a party underway, with Adrienne and Robert also in attendance. Etienne introduces Coco to his mistress, Emilienne, who is intrigued that Coco, a tomboy, designed Adrienne’s elegant hat. Emilienne asks Coco to design a hat for her, insists on paying for it, and plans to wear it in Paris. One morning, Coco is embarrassed when she walks in on Emilienne and Etienne making love. Later, after Etienne and Coco ride horses, she asks him to make love to her in the stables, but she finds her first sexual experience unfulfilling. When Etienne’s English friend, businessman Arthur “Boy” Capel, arrives for a visit, he mistakes Coco for a stable boy. At dinner, everyone wears costumes created by Coco. Emilienne, who has been wearing Coco’s hats in Paris, praises the designer and insists that Etienne should lend Coco his Parisian apartment and subsidize her first hat salon. Etienne is hesitant, but when Boy offers to finance Coco instead, Etienne agrees to support her. Soon, Coco’s business, with Adrienne at her side, is ensconced in Etienne’s Parisian apartment. Boy attends Coco’s debut fashion show and invites Coco to a lunch date, although Emilienne warns her that he has many mistresses. Days later, Boy and Coco arrive at the restaurant as Emilienne and her date, Lord Langdon, leave. As they exchange greetings, the Lord insults Boy, accusing him of being a social climber, and Boy punches the man. Boy regrets his rash act, but Coco admires his temperament. Boy reveals that he was an illegitimate child who had to build his own wealth, and therefore he dislikes the idle rich. At Boy’s home, Coco experiences a fulfilling sexual encounter, cries, and admits that she loves him. As Coco’s business becomes more successful, Adrienne wants to move to a larger place. She suggests that Boy can help, but Coco, having paid off her debt to Etienne, is determined to be independent. Later, Boy shows her a larger place that he rented for her new salon. She is not happy that he did not consult her, but Boy claims he had to move fast to get the space. Boy meets with a French politician to discuss the possibility of war with Germany, which currently supplies the region’s coal, and Boy offers to back the man’s next campaign if he awards the coal concession to Boy’s company. Later, Boy storms into Chanel’s shop, angry that she is spending so much money on renovations. They argue as she insists it is her business to run. When she learns that Boy guaranteed her bank loan, she promises to repay him. He leaves but sends flowers to apologize for their argument. Later, Etienne surprises Coco upon his return from a long stay in Argentina. Having purchased additional land in Compiegne, he plans to delve into the aviation business and wants her to return with him as lady of the manor. Coco refuses his offer, claiming they have moved beyond the possibility of being lovers. Boy arrives at the shop, sees Etienne and declares that he is backing Coco and that they love each other. Jealous of their relationship, Etienne cries and Boy consoles him with an embrace. Later, in Boy’s bedroom, Coco tries on his sweater, likes the loose fit and plays with the design. She joins him in the study as he reads headlines of the impending war. He suggests that she open another shop in Deauville, by the sea, where it might be safer. In her Parisian shop, Coco shows Adrienne her ideas for branching out into jersey dresses. Boy joins them with news of the assassination of the Archduke of Austria and the threat of war; he agrees with Coco that the jersey dresses will be practical and warm during the hard times. Boy is certain he will make a great deal of money during the war, but Adrienne insists profiteering is dirty business and worries that her fiancé, Robert, will be killed in battle before they can marry. Boy’s work during the war keeps him away from Coco, who now operates out of her shop in Deauville. After the war, Coco’s success enables her to pay her debt to Boy and she is excited about their reunion. Instead of a celebration, however, Boy informs Coco that he is marrying someone he met during the war. He claims to love his fiancée, but admits that she is the daughter of a lord who will assist his political aspirations. Coco orders Boy to leave, then cuts her hair short. Much later, Coco shows a female lover, Mischa, her new perfume named Chanel No. 5, because it took five attempts to develop. They are interrupted by the arrival of Boy, who claims that he loves Coco and is en route to divorce his wife. Coco is scared to resume their relationship since it took so long to recover from his betrayal, but he holds her close and they kiss. Later, as Coco awaits his return, Boy’s car veers off the road. Coco learns that Boy died in the crash and rushes to the accident site, heartbroken. Later, at her fashion show, Coco cries as she finishes reminiscing. The show concludes to enthusiastic applause as Coco walks upstairs alone.