Edina and Patsy are still oozing glitz and glamor, living the high life they are accustomed to; shopping, drinking and clubbing their way around London's trendiest hot-spots. Blamed for a major incident at an uber fashionable launch party, they become entangled in a media storm and are relentlessly pursued by the paparazzi. Fleeing penniless to the glamorous playground of the super-rich, the French Riviera, they hatch a plan to make their escape permanent and live the high life forever more!

The first half of this film, set hundreds of years ago, shows how the old man who eventually became Santa Claus was given immortality and chosen to deliver toys to all the children of the world. The second half moves into the modern era, in which Patch, the inventing elf, strikes out on his own and falls in with an evil toy manufacturer who wants to corner the market and eliminate Santa Claus.