Gigi is a girl everyone around her seems to dislike, and the strange thing is that she doesn't notice. She calls the others her friends, even when they tell her they aren't, and she waves off every warning with a kind of graceful cluelessness. The speaker keeps calling this "oblivion," a word that sounds gentle but starts to feel sad, since her not knowing is what leaves her exposed.
The poem turns when she finally finds out. Her heart breaks "into thousands of pieces," and the people who caused it don't care. The speaker's tone is quietly sympathetic, a little sorrowful, with a hint of frustration at how cruel the others are. In the last stanza Gigi becomes "the one in the know," and the knowledge costs her everything. She hides herself away and has no friends at all. The mood is bleak and lonely: learning the truth doesn't free her, it just takes away the one thing that protected her.