The episode opens with George having calmed down following his outburst at
Bella's divorce announcement. However, he remains disappointed in his daughter
and refuses to apologize. He attaches a harsh condition to her divorce: she must
repay all the money he has loaned her for the hotel within a month of its
finalization.
Faced with the prospect of selling the hotel, Bella desperately seeks an alternative solution. Inspired by Claudine's praise of her homemade lotion, Bella proposes a business partnership. Claudine suggests discussing the idea in Genoa, where she can sample local beauty products for comparison.
In Genoa, Claudine is unimpressed by the quality of the products available. Bella seizes the opportunity to pitch her idea: Claudine can connect her with the fashion house behind her upcoming perfume, and they can manufacture Bella's superior lotions on a larger scale. Claudine's star power can then be used to market the products.
Claudine enthusiastically embraces the idea, but they must negotiate profit-sharing. Bella skillfully haggles and secures a 60-40 split in her favor. However, Bella faces a tight deadline as representatives from Claudine's fashion house are due to arrive for the perfume launch. Her basement equipment may not be sufficient to produce the required quantity of lotions within the timeframe, even with the help of Claudine, Paola, and Constance.
Paola suggests that Constance ask her admirer Vito, a pharmacist, to use his facilities. Vito readily agrees, providing Bella with a much-needed solution.
While Bella is away in Genoa, Cecil takes advantage of the opportunity to invite Danioni to the hotel. To Cecil's surprise, Danioni arrives with his wife, Letizia, who only speaks Italian. Danioni insists on showing Letizia around the hotel and enjoying lunch there before discussing business.
During their conversation, Danioni reveals that the American mob, which he now represents in Italy, wants to invest in the stock market. However, they are wary of the market's volatility, given that it's October 1929 and stockbrokers are starting to panic. Cecil reassures Danioni of the market's stability.
Danioni also demands a 40% share of the profits from the whiskey export business he and Cecil facilitate for the mob, leaving Cecil with only 10% after the mob's cut. Cecil is furious but is powerless to resist due to Danioni's blackmail. Danioni possesses a compromising photo of Cecil with his young lover, Nellie, which he threatens to use against him.
Upon Bella's return, Danioni mentions rumors of the hotel's potential sale, shocking both Bella and Cecil. In private, Bella chastises Cecil for inviting Danioni, and Cecil reveals his father's demand for repayment. He offers to pay Bella the divorce settlement upfront if she admits adultery in a signed affidavit.
As the Danionis are preparing to leave, Cecil notices Letizia's ring, which is identical to one Bella inherited from her mother. Letizia insists on an explanation, and Bella reluctantly reveals that the ring is hers. Letizia apologizes and returns the ring to Bella, scolding Danioni for his actions.
Cecil demands to know how the ring ended up with the Danionis, and Bella finally explains that Danioni blackmailed her with letters she wrote to a lover. Danioni eventually showed the letters to Cecil, leading to the breakdown of their marriage. Cecil is devastated and blames Danioni for ruining their relationship.
Cecil apologizes to Bella and expresses regret for asking for a divorce. However, Bella is determined to move forward and accepts his offer, signing the affidavit.
Billy returns from India and is upset to find Salvatore in his job and engaged to his mother. He refuses to engage with the kind-hearted Italian and finds solace in teaching Alice how to ride horses.
Lucian, who was also in India with Billy, is searching for news of Anish, a fellow antifascist and lover who disappeared along with Gianluca. Lucian seeks out Anish's mother in India but finds no answers. He believes that Anish and Gianluca were captured and imprisoned in Italy.
Bella suggests that Lucian contact Gianluca's father, Bruzzone, for news. However, Bruzzone has recently died, leaving Lucian with no leads. Virat, a new acquaintance from India, accompanies Lucian to visit Rose's grave. Lucian reveals that Rose's death prevented a romance with Constance from developing. Virat encourages Lucian to express his feelings to Constance.
Lucian, however, is trying to push Constance away. He treats her coldly and purposefully spills tea on her. In private, he tells her that their relationship was a mistake and warns her not to pursue it further.
The peaceful atmosphere at the hotel is shattered by news from the outside world. Nellie arrives with her cousin, carrying a newspaper that reveals the stock market crash and the beginning of the Great Depression. The news devastates Cecil and George, who suffers a heart attack.