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 .

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 is stepping down as the luxury fashion brand’s Chief Creative Officer after nearly three decades at the helm. The Italian designer will take on a new role as brand ambassador for the fashion house which is owned by Capri Holdings amid speculation it could be sold to Prada.