The closing of the store, long considered an apex of Parisian fashion trends and a vital champion of emerging labels, comes amid rising rents for retailers in Paris and increasingly unpredictable consumer habits, including a move toward more fashion-spending online. The city of Paris has also been hit by volatility in the tourism sector in the last two years, after a series of terrorist attacks.

Colette, which is fully owned by Ms. Roussaux and Ms. Andelman, had sales of 28 million euros ($32 million) in 2016, with e-commerce accounting for 25 percent of that.

An eclectic three-story trove of elaborate cocktail gowns, tuxedos, sneakers, postcards, pens and gadgets, all across 8,000 square feet, Colette was founded by Ms. Roussaux in 1997. It was one of the first stores to cater to an aesthetic lifestyle, as opposed to a specific product category, becoming a model for a new kind of retail. Ms. Andelman functioned as the store’s buyer and public persona.

“The first stop the fashion crowd would make was to Colette,” Robert Burke, founder of the luxury consultancy that bears his name, said in an email. “The selection of brands, the way the forms displayed, the clothes and the mix of designers was inspiring. If you were carried at Colette, you were cool. If you had a launch of product or a book signing at Colette you were recognized by not only the fashion world but the international fashion consumer.”