History books tell us that Napoleon Bonaparte died in May of 1821 on the island of St. Helena. Before arriving at this place, he was reported to have said: " Whatever shall we do in that remote spot? Well, we will write our memoirs. Work is the scythe of time."

In director Alan Taylor's fanciful screen interpretation of Simon Leys's novel, the emperor managed to escape St. Helena thanks to a clever plan hatched by his retainers. They find a look-alike who is smuggled to the island and ordered to masquerade as the emperor. Meanwhile, the great warrior rows out to a ship and assumes the role of a lowly deck hand. In one of the many light moments in the drama, Napoleon using the name Eugene stays overnight in an inn and discovers a sign over his bed: Napoleon slept here.

Ian Holm seems to be having a lark playing the great French leader. The emperor has big dreams even after the terrible defeat at Waterloo. "I place my trust in only two things: my will and the love of the people of France." Once back in Paris, Eugene discovers that no one is waiting for his return. He keeps checking the newspaper for word of the planned statement by the imposter that he is a fraud, but there is none because the fellow decides he likes playing the role of emperor. Meanwhile, Eugene finds lodging with Pumpkin (Iben Hjejle), a poor melon-seller whose husband has just died. She is being looked after by Dr. Lambert (Tim McInnerny), who intends to marry her. But much to her surprise, Pumpkin finds herself attracted to Eugene, especially after he comes up with a business plan that enables the street vendors to sell more of their product around the city.

The Emperor's New Clothes is a delightful flight of fantasy lifted up by the superb performances by Ian Holm and Iben Hjejle, a Danish actress last seen in Mifune and High Fidelity. Thrown together by circumstances beyond their control, Eugene and Pumpkin make an odd couple. Quite a number of quiet and gentle moments convey their growing intimacy. In one, Eugene looks through the floorboards of his bedroom to see her weeping in her room below. In another, she purchases a bed fit for a king, and he is pleased as punch. Of course, when Eugene finally tells Pumpkin that he really is Napoleon, she doesn't believe him. The humbled emperor eventually decides that love not power is in the cards for him. He settles down to a life he never ever imagined for himself.