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.

Dario Vitale helped make Miu Miu a top fashion brand. Now he's set to be Versace's chief creative officer, a role Donatella Versace held for 28 years.

Donatella took over the brand after the murder of her brother, Gianni Versace, its founder, in 1997. Her bold creative vision and unique style have been instrumental in preserving the Versace legacy.