After 27 years at the helm of the Italian house, Donatella Versace has stepped down as creative director. "It has been the greatest honor of my life to carry on my brother Gianni's legacy," Donatella Versace said via press release. "He was the true genius, but I hope I have some of his spirit and tenacity."

Donatella Versace, 69, is letting go of her role as creative director of the fashion powerhouse almost three decades after the murder of her brother and founder, Gianni, in 1997. In an Instagram post Thursday,

Donatella Versace has been replaced as creative director of the fashion house founded by her late brother Gianni Versace.

Donatella Versace is to step down from her creative director role at fashion house Versace, after nearly 30 years. She has held the position since 1997 and took over after the murder of her brother Gianni.

Donatella Versace is to step down as the main designer for the Versace brand after almost three decades, a move that has fanned talk of a sale of the business to rival Italian fashion house Prada. Donatella,

Italian luxury house Versace has named its successor to Donatella Versace, who is stepping down as chief creative officer, a role that she has held since 1997.

Donatella Versace took the reins of her family's eponymous brand after the July 1997 murder of her brother Gianni, the famed Italian fashion designer.