On the verge of starvation in 1930s Paris, erstwhile entertainer Victoria is rescued by gay cabaret performer Toddy. What she needs to succeed, opines Toddy, is a gimmick. What if she becomes a male impersonator? Better still: what if she becomes a male impersonator, pretending to be a female impersonator? As “Victor/Victoria,” s/he becomes the toast of Paree, and an object of fascination for big-time Chicago gangster King Marchan, who can’t quite understand the teasing sensations he experiences whenever watching her in action-especially since he, like everyone else, assumes that she is a he.