Donatella Versace will step down as creative director of the luxury fashion house that bears her family name after nearly three decades and make way for Miu Miu designer Dario Vitale.

Donatella Versace has been replaced as creative director of the fashion house founded by her late brother Gianni Versace, assuming the new role of chief brand ambassador, Versace's U.S. owner Capri Holdings announced on Thursday.

Prada SpA’s co-owner has hinted that it’s looking at a potential deal to buy Versace but says the brand has also drawn interest from other industry players.