Donna Karan stepping down as chief designer of her namesake company

Iconic American fashion designer Donna Karan is stepping down as chief designer of Donna Karan New York (DKNY), the company announced Tuesday.

Karan, 66, founded the fashion house in 1984, along with her late husband, Stephen Weiss, and Takiyaho Inc. In 2001, LVMH Moët Hennessey Louis Vuitton invested hundreds of millions of dollars to grow DKNY into Donna Karan International, ABC News reports. While she will remain an adviser under a long-term agreement, Karan plans on spending more time on her Urban Zen foundation, which she founded in 2007 to improve health care treatment for patients and their families. It is not yet known who will take over as chief designer.

"Over the past three decades, Donna Karan has inspired women around the world to embrace their power and sensuality," DKNY said in a statement. "Donna Karan is an icon, visionary designer, and a passionate philanthropist. She believes in dressing and addressing women. Her impact on American fashion has been extraordinary and she will continue to influence and inspire for years to come."

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