The film is set in 1980s France during the early years of François Mitterrand's presidency.

Florence Vannier-Buchet, a women's rights activist, is happily married to Protestant banker Jean-Marc Buchet who operates a major sporting goods company.

During a stormy meeting of the Conseil national du patronat français (CNPF; National Council of French Employers), she meets Antoine Lombard, the new Secretary of State for Universities and Socialist Activities, and elected member of the "pink wave."

They attempt to carry on their affair, fulfil their careers, all while seeking political change.

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