Lucy hits Ricky up for a dress from the famous Don Loper salon. He agrees to it so quickly that she almost blows a brain fuse.
Lucy and Ethel arrive at the salon. A lady shows Lucy some dresses but Lucy's too embarassed to ask the price so she decides to sneak a look. She gets her wedding ring caught on the $500 price tag. To expensive so she asks to see something plain and simple. The woman brings out a basic black dress. While she's looking it over she overhears Don Loper discussing a fashion show that the wives of movie stars put on for charity. Lucy doesn't let the opportunity pass when she hears that one of the wives has had to drop out. She pretends to make a phone call to MGM studio announcing that she's the wife of the movie star Ricky Ricardo. Of course she says it loud enough for everyone to hear. She's approached and gladly accepts the offer to be in the show. She decides on the basic black dress.
Ethel is lecturing Lucy about buying a dress without seeing the price tag when they get back to the hotel, but how much could one simple dress cost? Apparently, Don Loper doesn't know any numbers except 5-0-0.
Lucy has to come up with a way to break the news to Ricky. She decides to go to the pool and get a little burned, because Ricky would never hit her in that condition.
In the hotel, Ethel and Fred come in arguing and Ethel asks Ricky to talk some sense into Fred, who wants to sell the apartment building in New York so they can buy an orange grove out by Pomona in California. Lucy comes out of the bedroom looking like a lobster. The others feel sorry for her, even Ricky. He changes his mind when she tells him that the dress cost $500. Back to the store it goes!
Lucy gets a phone call from Don Loper. He explains that one of the other wives has the same dress and wants to wear it in the show. If Lucy will wear a different dress, Mr Loper will give her the black one she has for nothing. Of course, Lucy won't pass that up.
At the fashion show, movie stars wives take to the runway modeling dresses from Loper's latest collection.
Lucy appears all red wearing a tweed ensemble. She has trouble with the steps since she's so burned and to make matters worse, Loper shows her that the collar should be worn different, causing Lucy pain. She makes her way down the stairs and announces to Ethel that she's done it.
Back at the hotel, Ethel finds a note from Ricky. Enclosed is a check for $500 and he insists that Lucy go and buy that dress. Ethel asks if she's going to tell Ricky that the dress was free. Lucy puts the check away for safe keep as she would never deprive the Ricky the pleasure of making up.