Donatella Versace is to step down as chief creative officer of the Versace brand after almost three decades in the role, owner Capri Holdings said Thursday.

Donatella, 69, will take on the role of chief brand ambassador from next month, handing over the design reins to Dario Vitale who joins from Italian luxury brand Miu Miu, part of the Prada group.

"It has been the greatest honor of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity," said Donatella, who stepped up after Gianni was killed in Miami in 1997.

"Championing the next generation of designers has always been important to me. I am thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes," she added.

The move comes amid reports that Prada is moving closer to a deal to buy Versace from Capri after agreeing to a price of nearly 1.5 billion euros ($1.6 billion).