If you've never heard of Parisien boutique Colette then, well, sorry guys. You're a little late. After 20 years at the centre of fashion, the iconic store has just announced plans to close its doors.

If you're a fashion junkie, however, the news will come as quite a shock. Fashion insiders are viewing it as an 'end of an era' and not a great sign for bricks-and-mortar shopping.

Over the past two decades, Colette has become a must-hunt-down spot for anyone who wants to find some of the greatest items in the world – AKA stuff no one else will have. From the latest clothing collaborations to niche style magazines, candles and coffee-table books – they had everything. Think Dover Street Market, but with lashings of Parisien cool, and you're half way there.

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While celebrities flocked to the store (Gigi Hadid, Kim, Kanye and Jennifer Aniston are just some of the few who've been spotted shopping there), it wasn't only for the super rich. It is possible to visit Colette and buy something whatever your budget.

When Balenciaga – one of the most hyped labels in Paris – partnered with the store, together they created €10 lighters and €35 coffee mugs. During the final four months, collaborations are planned with Sacai, Chanel and Saint Laurent.

Founded by Colette Rousseaux, who still lives above the shop, Colette is a concept store that features a carefully curated mix of designers, accessories and everything else you could want across three floors.

Gigi Hadid and Joe Jonas are seen shopping at the 'COLETTE' store on October 1, 2015 in Paris, France | ELLE UKpinterest
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'It's the only shop where I go because they have things no one else has,' main man Karl Lagerfeld told Business Of Fashion last year. 'I buy watches, telephones, jewellery there – everything really! They have invented a formula that you can't copy easily, because there is only one Colette and her and Sarah are 200 per cent involved.'

A statement released by Colette reads: 'As all good things must come to an end… Colette should be closing its doors on December 20th of this year." It explains that Rousseaux, its founder and namesake, is set to retire: "Colette Rousseaux has reached the time when she would like to take her time, and Colette cannot exist without Colette.'

The good news? Colette won't be shutting until December, so you've still got fives months to jump on that Euro Star and check out the waviest of garms.