“Cruella” has the same problem as “Maleficent.” Origin stories of iconic villains have to make the characters relatable enough to hold our interest but also damaged enough to lead them toward the most despicable cruelty. So it never decides whether Cruella is some sort of Jekyll and Hyde character or a “Bad Seed” struggle between nature and nurture.

“Cruella” has some pleasures, particularly the performances of the two Emmas, Stone and Thompson, as the title character and her own ultra-wicked nemesis. But it never resolves that problem, and it sits uneasily in the PG-13 space, too dark for children who are fans of the original animated film with Betty Lou Gerson as the husky-voiced Cruella or its live-action remake with Glenn Close. And it is too cartoony for most of the audience old enough to see it.

Our anti-heroine begins life as Estella, also the name of the Dickens character who is raised to be cruel by Miss Havisham in Great Expectations. But this Estella is raised by a loving, understanding single mother (Emily Beecham as Catherine), who recognizes that Estella is a bit different, and not just because of her striking hair: jet black on one half of her head and snow white on the other. The kids at school bully her, except for Anita, who becomes her friend. But Estella can’t stay out of trouble. She seems to like trouble. She gets kicked out of school, and her mother decides they should move to London. They stop on the way there so Catherine can ask an old acquaintance for some money. But she is killed in a fall, and Estella believes it is her fault. She is left with no one to care for her.

She makes it to London and meets up with a couple of Artful Dodger types, Horace and Jasper. They invite her to share their home in an abandoned building and soon they are picking pockets and, as they get older, coming up with more complicated ways to steal. But Estella dreams of being a fashion designer and when she turns 18 (now played by Stone) Jasper (Joel Fry) helps her get an entry-level job at the legendary Liberty of London, where the closest she gets to fashion is scrubbing the bathrooms. But some mishaps bring her to the attention of the country’s imperious fashion impresario, The Baroness (Emma Thompson). At first, Estella just wants to do a good job. But various developments and revelations bring out the fury and, it must be said, the megalomania and cruelty that does not necessarily make sense in the context of what we’ve seen so far but gets her where she needs to be for the original story. Cruella (as she now calls herself) goes from being somewhere between Little Orphan Annie and Oliver Twist to being, well, the meanest movie villain of all time.

And she has some pretty fabulous gowns along the way. The Disney design team never fails to bring their magic. And it was a very shrewd idea to set the film in the moment as the swinging London of the 60s is moving into the punk era of the 70s with a soundtrack that includes a bunch of bangers. The movie is not very good but much of it is fun to watch.

Thompson is clearly having a ball playing a character who could fit the description of the character she played in “Much Ado About Nothing,” “My Lady Disdain.” She is a kind of “Devil Wears Prada” boss known as The Baroness. (It’s not a coincidence that both films share writer Aline Brosh McKenna). The Baroness rules her fashion line with a ruthlessness that makes “Devil Wears Prada’s” Miranda Priestly look like Little Miss Muffet. (Gosh, I hope we don’t have to sit through any of their origin stories some day.) And Stone does her considerable best with a character who does not make much sense.

Many years ago, a poll of the most evil villains of all time put Cruella De Vil at the very top, ahead of Hannibal Lecter. It’s right there in her name! She wanted to murder 99 puppies to make a coat! (Dodie Smith, who wrote the charming book 101 Dalmatians, was inspired to create the character of Cruella by an actress friend who admired Smith’s Dalmatian puppies and jokingly suggested their fur would make an elegant coat.) Cruella was the most fun when that was all she was, a wealthy lady with a husky voice who wanted to make a coat out of puppy fur. What a shame that the original animated Cruella was a more vibrant character than anyone in this film.

Parents should know that this movie has some dark themes. A child sees the murder of her mother and blames herself. Orphans band together as thieves and never find homes. A character gets drunk to deal with stress. A character admits to murdering more than one person. The story includes toxic and cruel behavior.

Family discussion: If you were going to change your name, what name would you pick? Why do Jasper and Horace do what Estella tell them to? Why is Anita the only girl who is friendly to Estella?

If you like this, try: the original animated film and the book by Dodie Smith