Miranda Priestly (Meryl Streep) finds herself in crisis: Runway magazine is failing, advertising revenue has plummeted in the digital era, and she faces pressure to reinvent her legacy. Enter Emily Charlton (Emily Blunt), now a powerful luxury-group executive holding the key to essential ad dollars. Their icy rivalry reignites as Miranda must pursue Emily for support—humbling herself in a banquet scene that mirrors their old power dynamic.

Andy Sachs (Anne Hathaway) returns as a successful magazine editor overseeing a new digital imprint. She becomes the mediator between her former boss and former assistant, caught in a delicate balancing act as tensions rise at a high-stakes fashion gala in Paris. Nigel (Stanley Tucci) rematerializes to provide wit and wisdom behind the scenes. In a tense boardroom finale, Miranda grants Emily a seat at Runway’s future advisory board—signaling a new alliance. Friendship may come later, but business demands truce.