Fred Peloux, nicknamed Chéri, the handsome son of Charlotte Peloux, a former demimondaine, lives in the small circle of his mother's friends, all high-class prostitutes past their best. He has an affair with Léa, a waning beauty, who loves him both as a mistress and a mother. But the age difference takes its toll on their union. To please his mother, Chéri accepts to marry young Edmée without actually caring for her. After a while, the young man tries to return to Léa...
