Warning: Spoilers ahead.

While it might not be as timeless as the original, “The Devil Wears Prada 2” still has plenty of style.

The sequel to the beloved 2006 comedy was released in theaters Friday, with the same pairing of director David Frankel and screenwriter Aline Brosh McKenna returning for the new project, which was budgeted at about $100 million. The lead cast is also back, with Meryl Streep playing Runway Editor-In-Chief Miranda Priestly and Stanley Tucci serving as her dutiful colleague Nigel Kipling while Anne Hathaway’s plucky Andy Sachs and Emily Blunt’s haughty Emily Charlton navigate new career paths in this present-day saga. Though the film takes a more serious tone than its predecessor and lacks some of the prickly dialogue that made the original so iconic, the film succeeds at providing another fast-paced fashion extravaganza for fans to enjoy.

A glamorous introduction of Hathaway walking through New York City to Dua Lipa’s “End of an Era” soon pivots to a crisis at Runway, as Priestly has become embroiled in controversy after a factually inaccurate story was published. Sachs, now an award-winning but recently pink-slipped journalist, is hired to become the Runway features editor in hopes of rebuilding the magazine’s image. Sachs quickly improves the publication’s content but struggles to command Priestly’s respect – or improve the magazine’s dwindling online readership – until she secures an interview for a viral profile on Sasha Barnes (Lucy Liu), an elusive tech divorcee who seems reminiscent of philanthropists Melinda French Gates and MacKenzie Scott.

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As suggested by the pressure on Sachs to deliver increased engagement with Runway content, a through line in the film is its portrayal of the media industry’s decline and the job market’s unpredictability. These sobering themes are consistently handled with grace and thoughtfulness, giving “The Devil Wears Prada 2” a realism that feels appropriate for the time, even if it is not an escapist jaunt to the theater. Even several lavish sequences where the characters travel to Milan Fashion Week and are treated to a campy performance from Lady Gaga – who has three new songs featured in the film – cannot distract from the social commentary on how much the media climate has changed in the past two decades.

This concentration on the stressful, Sisyphean struggle to maintain one’s job might be slightly depressing, but it is refreshingly relatable to see class disparities in the fashion industry pushed into the limelight. The marathon to stay employed focuses primarily on Sachs as she aims to upgrade her city life while holding onto her integrity as a writer but also traces Priestly’s awkward adjustments to budget cuts when the magazine falls under a new owner.

Thankfully, Hathaway’s performance is imbued with the proper level of charisma and gravitas to balance the film’s contemporary insights and its variety of nostalgic scenes. The throwbacks to the original are frequent but charming, such as in sequences when Sachs charges up the staircase of Priestly’s townhouse or expands her wardrobe with designer clothes borrowed from Kipling’s collections. The enduring mentor-apprentice chemistry between Tucci and Hathaway leaps off the screen with touching sincerity, especially in one teary-eyed moment toward the end when Kipling proclaims that Sachs is “forever (his) girl.”

If there is a weak link in the cast, it would be Streep, but even a subpar performance from the three-time Oscar winner is proficient enough to keep the film chugging along just fine. Streep won a Golden Globe and was nominated for an Academy Award when she played Priestly the first time, but her take on the character this time around is more subdued and softened, as if the wit and intensity of the diva has waned. Some of this shift is humorously explained in scenes with fellow Runway staffers – complaints to human resources have necessitated that Priestly be more inclusive with her language and hang up her own clothes. Even so, Priestly’s more relaxed demeanor leaves the film without a truly devilish character to embody its title.

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Even without the crackling spark between Streep and Hathaway, the back half of the film contains enough satisfying twists to sustain one’s attention for the full two-hour runtime. The climax arrives with a flurry of phone calls trying to secure a specific buyer for Elias-Clarke, the Runway parent company. Charlton, now an executive at Dior, and her AI-mogul boyfriend Benji Barnes (Justin Theroux) plan to buy the company so Charlton – who Priestly argues lacks artistic vision – can replace the veteran editor at the magazine’s helm. Liu’s mysterious Sasha Barnes saves the day when she submits a higher offer, ensuring a promotion to global head of content for Priestly and helping Sachs and Kipling keep their jobs as well.

The rosy conclusion to the story feels earned even if it is in direct contrast to the majority of the film’s tension. Where “The Devil Wears Prada 2” really shines is in its defiance of what could have been an easily digestible sequel for the masses, as Frankel and McKenna have instead crafted a motion picture that is intelligent and layered rather than simple popcorn fodder. Sachs and Priestly’s journey is less combative this time, but it is a triumph for a comedy like this to nail the combination of pleasing crowds while also having something important to say.

“The Devil Wears Prada 2” is not exactly groundbreaking for spring, but it stands as a fashionable film worth watching all the same.