Donatella Versace will resign as her position as creative director at Fashion House Versace in nearly 30 years.

She has held the position since 1997 and took over after the murder of her elder brother Gianni.

Versace has overseen hundreds of fashion sports for Italian brands and also designed hotels and cars.

The 69-year-old will be replaced by Dario Vitale, former design director at MIU MIU, and will serve as the new brand ambassador.

This is due to speculation that Prada Group is interested in buying Versace from Capri Holdings Group, which paid 20 billion euros (£1.67 million) for the fashion house in 2018.

In a statement issued on ThursdayCapri Holdings said Versace will now “dedicate its charity and philanthropy support and will remain a champion of global brands.”

It added that the announcement was part of a “deliberate succession plan” and regarded Vital as a “strong design leader” whose “talent and vision will play a role in Versace’s growth.”

The company’s statement also thanks Versace for everything he has done for the brand and for playing “an integral role in the company’s global success.”

Versace also posted her Your own statement on Instagram For her 12 million followers, it was “the greatest honor of my life, the legacy of my brother Gianni.”

“Versace is in my DNA, and it’s always in my heart,” she said.

“It has always been important to me to support the next generation of designers. I’m glad Dario Vitale will join us and to see Versace through my new eyes.”

Donatella Versace wears some of the world’s biggest stars – including Madonna, Beyoncé and Lady Gaga.

She designed the green jungle dress for the last dinner of 2016 for Jennifer Lopez and Michelle Obama’s dress in 2000.

Versace is also an embodiment of the fashion house she built – always seen in bright prints, these prints are just as synonymous with branding and platinum blonde hair, which means she always stands out.

Versace was founded in Milan in 1978 by Donatella and her brothers Santo and Gianni, and was sold to Michael Kors Group in 2018, before folding it to Capri Holdings in 2019.

Italian studios account for 20% of Capri’s 2024 euros (£4.3 billion).