Donna Karan steps down from iconic namesake label

Donna Karan, the quintessential New York designer, announced Tuesday she is stepping down from Donna Karan International, the company she started in 1984.

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In a press release, Karan says she is stepping down from her position as chief designer to focus on her Urban Zen Company and Foundation, but would remain an advisor to DKI.

Donna Karan's Next Journey After much thoughtful discussion and in partnership with Donna Karan International and LVMH, our visionary founder, Donna Karan, has made a personal decision to step down from her day-to-day responsibilities as Chief Designer for Donna Karan International. She will remain with the company in an advisory role and will dedicate her focus on her Urban Zen Company and foundation, which she founded in 2007. Over the past three decades, Donna Karan has inspired women around the world to embrace their power and sensuality. When she started her collection in 1985 she set out to simply make clothes for her and her friends. A little collection of simple black pieces that was all about need and desire. She quickly found out that she wasn't alone- she had a lot of friends out there. Her philosophy of a sophisticated system of dressing, "her seven easy pieces" revolutionized the working woman's wardrobe. 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. We honor Donna today and always. We look forward to celebrating her past, present and future in her memoir, which is due out in October 2015. #DKNY A photo posted by DKNY (@dkny) on Jun 30, 2015 at 2:29pm PDT

"I have arrived at a point in my life where I need to spend more time to pursue my Urban Zen commitment to its fullest potential and follow my vision of philanthropy and commerce with a focus on health care, education and preservation of cultures," she says in a release. "After considering the right time to take this step for several years, I feel confident that DKI has a bright future and a strong team in place."

LVMH Moet Hennessy, the parent company that purchased DKI in 2001, said it would not replace Karan's position as designer for Donna Karan Collection and would suspend runway shows for a period of time.

"Since 2001, LVMH and Donna Karan have partnered to develop Donna Karan International into a global business," says Pierre-Yves Roussel, chairman and CEO of LVMH Fashion Group. "We are committed to fully realizing the potential of the company while staying true to the spirit and value Donna has championed for more than 30 years."

Though a big change, Donna Karan would still remain a priority for LVMH, as will DKNY, its contemporary division.

Original image has been replaced. Credit: Mashable

"Donna Karan New York is a part of me, past, present and future," she says. "It has been an honor to speak woman to woman about Seven Easy Pieces that forever changed the way women dress. I want to express my gratitude and my deepest feelings to the dozens and dozens of colleagues over the years who have helped take Donna Karan New York far beyond my wildest dreams."

Karan is known for her love affair with New York City, infusing a modern system of dressing designed for the metropolitan consumer. An artist at heart, the 66-year old created a sensual and powerful image of the modern woman. The close relationship she has with her customer base still exists to this day.

The brand was co-founded with Karan's late husband, Stephan Weiss and Takiyho Inc. It went public in 1996 on the New York Stock Exchange before LVMH took over in 2001.

This isn't the first major change to happen at the company. In January, the company switched its CEO to Caroline Brown, who hailed from Carolina Herrera. Under her direction, DKNY saw a major change with the departure of Jane Chung, the brand's former executive vice president of design at DKNY. She was replaced with fashion darlings Dao-Yi Chow and Maxwell Osborne, founders and creative directors of the fashion brand, Public School.

On DKNY's Instagram, it was announced that Karan's memoir would be released later this year in October.