DONATELLA VERSACE GIVES UP CREATIVE REINS AND PRADA'S VERSACE ACQUISITION

Last month, Donatella Versace gave up the creative reins of luxury fashion label Versace after nearly three decades, effectively ending the family's hold over the brand founded by her murdered brother.

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The platinum blond fixture of Italian fashion, who turns 70 this month, has been succeeded by Miu Miu's design director Dario Vitale.

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 has served as the label's chief brand ambassador since April 1, the same day Vitale took over.

"It has been the greatest honor 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, added that she will remain the brand's "most passionate supporter".