Donatella Versace is stepping down as the chief creative officer of Versace. The Italian fashion designer was the head of her late brother Gianni Versace’s luxury fashion empire for nearly 30 years. She took over the fashion house after his tragic murder in 1997.

"Versace is in my DNA and always in my heart," the Italian fashion maven wrote on Instagram, where she announced who will replace her.

Luxury fashion group Prada's CEO Andrea Guerra has flown to New York, a source close to the matter told Reuters, as the group is in talks to buy Capri Holdings-owned Versace in a deal that would unite two of the biggest names in Italian fashion.