Meryl Streep Wows in Leopard Print and Cerulean!

Streep clutched a black DeMellier bag resembling an Hermès Birkin bag and she accessorized the rest of her chic look with LAPIMA sunglasses and FOPE earrings

The three-time Oscar winner was making her third appearance on The Late Show With Stephen Colbert

The CBS talk show controversially concludes May 21 after 33 years on the air - 12 with Colbert as host

Once safely inside, Streep took part in a Devil Wears Prada-themed sketch with the 61-year-old comedian where he lip-synched lines by Runway Magazine assistant Andrea 'Andy' Sachs while clad in red Crocs

Meanwhile, the Project Hail Mary actress lip-synched lines by her editor-in-chief character Miranda Priestly including a withering glance followed by a dismissive 'That's all'

Streep then changed into a new pair of shoes, wide-leg grey trousers and a blue cable-knit sweater

The three-time Emmy winner's sweater was the same exact shade of cerulean that Andy (Anne Hathaway) donned in the 2006 film during an iconic scene where Miranda humbled her snobbish attitude towards the fashion industry

'20 years ago, [The Devil Wears Prada[ was categorized as a "chick flick,"' Streep said. 'And that designation has kind of not worn well, you know? After Barbie and Mamma Mia! - to throw that in - and other films that completely catch the studios by surprise'

The Henry David Thoreau guest star remembered how director David Frankel had to 'scrabble' for their $41 million budget, which turned into $326.7 million at the global box office

'I think I've talked to Greta [Gerwig] about it. That was true with Barbie a little bit in comparison to what they spend on other films,' Streep noted. 'This one, honey, they spent the money'

The seven-time Grammy nominee was referring to the $150 million budget for The Devil Wears Prada 2, which hits US/UK theaters May 1