ROME, Italy (AFP) — Donatella Versace is giving up the creative reins of luxury fashion label Versace after nearly three decades, it was announced Thursday, effectively ending the family’s hold over the brand founded by her murdered brother.

The platinum blond fixture of Italian fashion, who turns 70 in May, will be succeeded by Miu Miu’s Design Director Dario Vitale, in what some industry insiders see as a prelude to an upcoming acquisition of Versace by its larger rival Prada, which also owns Miu Miu.

The new role as chief creative officer for Vitale — a respected but little-known designer who has overseen soaring sales at Miu Miu — represents a turning point for the Versace label, which was founded in 1978 by Versace’s older brother Gianni.

The brand beloved by jet-setters, and famous for its Medusa logo, has weathered ups and downs in its decades on the fashion scene, but the vision and philosophy behind its showy, skin-baring looks have always been steered by a Versace.

Donatella Versace will now become the label’s chief brand ambassador beginning April 1, the same day Vitale takes over, owner Capri Holdings Limited said.

“It has been the greatest honour 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,” Versace said.

The designer, who took her customary bow at the end of the runway show at Milan Fashion Week last month, added that she will remain the brand’s “most passionate supporter”.

As design director of Miu Miu — Prada’s more youthful line — Vitale oversaw 93 per cent retail growth last year in a notoriously challenging environment for luxury fashion.

He said Versace boasts “a unique heritage that has spanned decades and has shaped the history of fashion”.