New Delhi, March 13 -- Donatella Versace, one of the fashion world's best-known designers, stepped down as the chief creative officer of the Versace brand on Thursday, March 13.

Donatella, aged 69 years, took a bow after spending nearly 28 years as the chief creative officer of Versace. She will now take on the role of the chief brand ambassador of the fashion giant, stated a Reuters report.

Versace's parent company, Capri Holdings had hinted at Donatella Versace's stepping down amid reports that Prada is nearing a deal to acquire Versace from Capri, having agreed on a price of nearly 1.5 billion euros ($1.6 billion).

Dario Vitale, former Design and Image Director at Miu Miu, a smaller brand within the Prada group, will succeed Donatel...