Paris-Based "it" Store Colette to Close its Doors

Colette, one of the world's trendiest fashion destination, will close its doors in December after 20 years in business. Well-known for its frequent in-store events and for hosting everything hip from furniture, music, and fashion to toys and even waters, Colette was founded in March 1997 by Colette Rousseau and her daughter Sarah Andelman. The duo is slated to retire. 

"All good things must come to an end. After 20 wonderful years, Colette is set to definitively close its doors on Dec. 20," the store said in a statement, explaining that founder Roussaux was ready to retire.  "We would be proud to have such a prestigious brand, with whom we have frequently collaborated, taking over our address," the store added, referring to the talks with Saint Laurent. 

The three floor site also features an arts exhibition space, bookshop and water bar, and generated revenues of 28 million euros ($32 million) last year. The store's owner further noted that they are in talks with Yves Saint Laurent, which may be take over the location of the shop for one of the brand's own stores.