In the fictional country of Lugash, a mysterious thief seizes the Pink Panther diamond and leaves a white glove embroidered with a gold "P." With its national treasure once again missing, the Shah of Lugash requests the assistance of Inspector Clouseau of the Sûreté, as Clouseau had recovered the diamond the last time it was stolen.

Clouseau joyously receives the news and duly departs for Lugash, but not before fending off a surprise attack from his servant Cato, who had been ordered to do so to keep the Inspector on his toes.

Upon examining the crime scene in the national museum — in which, due to his habitual clumsiness, he wrecks several priceless antiques — Clouseau concludes that the glove implicates Sir Charles Litton, alias "the notorious Phantom," as the thief.

He follows Sir Charles' wife, Lady Claudine Litton, to the Gstaad Palace hotel in Switzerland in search of clues to her husband's whereabouts, and repeatedly bungles the investigation.

Escaping to his suite, Litton finds secret police Colonel Sharki waiting for him, who implies the Fat Man's understanding is correct, but reminds him the diamond must be recovered eventually.

He avoids another plot by the Fat Man and his duplicitous underling Pepi and escapes from Lugash, secretly pursued by Sharki, who believes Sir Charles will lead him to the diamond.

For once again recovering the Pink Panther, Clouseau is promoted to Chief Inspector, while Sir Charles resumes his career as a jewel thief.

In the early 1970s, Blake Edwards wrote a 15–20 page outline for another Pink Panther film and presented it to series producer Walter Mirisch.

The producer loved the idea, but the franchise's distributor and main backer, United Artists, rejected the film as they had no interest in working with Edwards nor Peter Sellers, whose careers had declined.

Principal photography took place in the summer of 1974 in Gstaad, Switzerland; Nice, France; Marrakesh and Casablanca, Morocco; and Munich, West Germany.

[7] In The New York Times, Vincent Canby gave the film a positive review, writing, "Clouseau is the very special slapstick triumph of Mr.

'The Return of the Pink Panther' is in many ways a time capsule film, full of brilliant sight gags and comedic innocence.

"[11] Gary Arnold of The Washington Post called it "a frequently hilarious and generally satisfying return to comic form on the part of Peter Sellers, recreating the role of the hapless but dogged French sleuth.

In 1999, Artisan Entertainment (LIVE's successor) re-released the film on VHS and debuting on DVD for the first time in the original widescreen format.

[18] Ironically, Universal was also responsible for MGM/UAR film releases both in physical home media and international theatrical distribution rights.