Industry Just Aired a Masterpiece Homage to Gothic Horror That Puts Saltburn to Shame

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This article discusses, in detail, the events of Industry Season 4, Episode 2.

The HBO drama Industry, created by Mickey Down and Konrad Kay, has evolved over four seasons from a clever, fast-paced story into a surprisingly engaging exploration of capitalism. While previous seasons examined the clash between ethics and money, this season focuses on how love and sex are affected by the pursuit of profit. The premiere immediately makes it clear that the creators view this combination negatively, pairing Mad Men‘s Kiernan Shipka and Stranger Things‘ Charlie Heaton in a messy, dishonest, and ultimately failed encounter. Industry portrays a world where naiveté is quickly destroyed by the overwhelming force of greed.

Staying true to the show’s overall focus, this season features a group of characters who have left the high-pressure world of Pierpoint & Co. They’re now centered around a payment processing startup called Tender, which is trying to break away from an adult content platform and become a major competitor to traditional banks. However, the second episode, which aired Sunday and is arguably the show’s best yet, takes a surprising turn away from the fast-paced London financial scene. Instead of following the beginners, the story moves up the social ladder to the country home of Sir Henry Muck (Kit Harington) and his wife, Yasmin Kara-Hanani (Marisa Abela), a former Pierpoint employee who fell from grace. The episode’s director and writer skillfully use this setting to create a modern take on classic Gothic themes, and it’s far more compelling than the film Saltburn.

The episode, called “The Commander and the Grey Lady,” begins with Henry losing his seat in Parliament to Jennifer Bevan. We find him months later, still depressed after a disastrous business venture, wandering his large estate – which feels more like a museum. He’s visibly unhappy, even snapping at tourists while playing the piano in his robe. It’s his 40th birthday, and he’s feeling particularly down, but Yas is trying to cheer him up with a party. His uncle, Lord Norton, a newspaper publisher whose power is fading, is also there to try and snap him out of his slump. Norton already knows key details that will unfold during the episode: Henry’s father died by suicide on his 40th birthday, and young Henry witnessed it. Later, Norton dryly observes, “This family hates birthdays,” a darkly humorous understatement.

Yas feels her new marriage, like her family and career, has fallen apart. Her husband, Henry, has not only lost his drive but also his desire, even suggesting she find intimacy elsewhere. Frustrated with her own stalled career, Yas tries to boost Henry’s prospects by inviting both Bevan and Whitney Halberstram, the acting CEO of Tender, to a party. She confides in her aunt, Cordelia, feeling like an observer and caretaker. Cordelia’s romantic advice is blunt and practical, warning Yas against being too afraid of losing Henry’s family’s wealth and protection. She emphasizes that unconditional love is a mistake, as men will exploit it. Her advice boils down to taking control and not being submissive. This sets the stage for a powerful confrontation when Yas discovers Henry using drugs and highlights the manipulative and seductive atmosphere of the party, reflected in its elaborate costumes.

The show’s 18th-century setting feels significant in a few ways. Seeing the wealthy, often drunk, nobles in the manor immediately brought to mind the French Revolution and the aristocracy losing their heads. This period also saw the birth of Gothic literature, and the old estate, combined with Henry’s sad demeanor, quickly established that atmosphere even before the main story began. About halfway through the episode, a mysterious guest called the Commander (Jack Farthing) appears, and though it’s not immediately clear, he may be a ghost.

Henry arrives just as things are escalating. He bursts into the dining room, clearly intoxicated, and immediately confronts Bevan. The Commander appears beside him, and Henry casually greets him as if expecting him. They seem to be around the same age, and it’s quickly apparent the Commander will simply encourage Henry’s behavior, whisking him off to the pub for a casual drink. The pub is surprisingly full of people connected to Henry’s life: Roy Sampson, the priest who baptized him; Esther O’Casey, the chambermaid Henry scolded earlier; and her boyfriend, Nye Occomore, who delights in telling Henry about the rumors surrounding his wife. This isn’t a place of upward mobility; old-fashioned class distinctions are strong, with even those from lower classes looking down on a nobleman marrying someone considered pretentious. Henry notices the man and reacts, showing he still has some fight left in him. The Commander, pleased with Henry’s response, remarks that it must be the best he’s felt in a long time.

Let’s be honest, in the world of Industry, pretty much everyone is dealing with terrible parents – either they have them, are them, or both. This week’s episode, focusing on Henry and Yasmin, really hammers home how damaging their fathers were. It’s clear that shared trauma is the surprising foundation of their connection, even as Henry spirals. There’s a truly uncomfortable scene where Yasmin catches Cordelia, who was just gushing about her perfect young romance, practically begging an older, wealthy man. Yasmin immediately throws her out, but not before hearing Cordelia defend Yasmin’s own abusive father. And the biggest shock? Cordelia doesn’t deny hints of inappropriate behavior between Yasmin and her brother during their childhood. It leaves you wondering if Lady Muck is finally breaking free from the toxic legacy of the Hanani family.

As the episode progresses, viewers begin to suspect who the Commander really is, especially since the ghost only seems to interact with Henry when he’s heavily intoxicated. The truth is finally revealed when the Commander shows his fatal throat wound in the dim light before dawn, telling his son, “You’ll see me soon.” Earlier, a priest had whispered to Henry that he would realize something he already knew. Henry believes this confirms the Commander’s prediction—that he, too, is destined to die by suicide on his 40th birthday. Just before sunrise, he goes to the garage where the car linked to his father’s death is kept, intending to inhale exhaust fumes. But at the last moment, he imagines hearing Yasmin’s voice, and he stops himself. Perhaps what he always knew was that Yasmin made life worth living. It’s a classic, dark romance moment.

Despite a slightly unnecessary flashback to Henry’s childhood – which repeats information we already knew – the episode is still exceptional. It’s filled with smart dialogue, outstanding acting (particularly from Abela and guest star Farthing, who was excellent in Rain Dogs), and insightful character growth. Beyond the central love story and the mystery, the writers skillfully tie this episode to the larger season arc. When Henry meets Whit, it’s clear they each possess what the other lacks: Whit, an American seeking to establish his brand, explains to Henry that success in Britain requires local connections. He needs a British partner. A brief appearance by Harper Stern and a conversation with Bevan highlight the challenges Yas faces in being relegated to a supporting role. Harper bluntly tells her that simply doing tasks won’t earn her the respect she desires. We also see an interesting, subtle flirtation between Hayley Clay and Yas.

The episode ends with a whirlwind of events. Instead of going through with his plan, Henry drives to his estate where Yasmin rushes out to meet him, and they have sex on the car. The creators, always aware of how their show, Industry, fits into the larger pop culture landscape—especially considering where its actors have been on other shows—have Kit Harington’s character watching from a window as they declare, “Spring is coming.” (And yes, Yasmin and Kit share a look.) It’s a clear nod to Game of Thrones, playfully referencing Harington’s journey as Jon Snow. The scene is over-the-top, but it was funny.

True to life, things don’t wrap up perfectly for Henry. While driving away from his family home, he finally tells Yas the complete story of his father’s death, revealing he’s outlived his father by just one day. This confession seems to lift a weight off his shoulders, freeing him from the cycle of aimlessness that plagued his father. He’s now ready to accept Whit’s job offer, stating simply, “A man needs work. I think that’s why I’m here: to do good work.” This leaves Yas in a complicated position – her ability to network and influence people helped create this opportunity for Henry. As they drive off, Henry suggests they try to have a child, a suggestion Yas meets with stunned silence. It’s clear her reward for helping Henry find purpose will likely be a life confined to the home. The scene echoes the final moments of HBO’s Succession, with Shiv Roy having won control of her family’s company only to realize her husband, though loyal, is not her equal. This twist isn’t a copy, but a stark reminder that intelligent women have faced similar disappointments throughout history, and it’s as impactful here as it was on that show.

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2026-01-19 06:07