One of the most fashionable stores in Paris to close in December

PARIS  - Colette, one of the French capital's trendiest fashion stores, will close its doors in December after 20 years, with its founder set to retire.

The store added it was in talks with fashion house Saint Laurent over Saint Laurent possibly taking over the location of the shop, based on Paris' chic Rue Saint Honore and often thronged with wealthy Asian tourists.

Colette, well-known for its frequent in-store events and for hosting everything hip from furniture, music, and fashion to toys and even waters, was founded in March 1997 by Colette Rousseau and her daughter Sarah Andelman.

"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 (US$32 million) last year.