Donna Karan has stepped down from her position as Chief Designer of her eponymous label.

The 66-year-old fashionista - who was first rumoured to be set to retire from her day-to-day responsibilities at the company when she announced Public School duo Dao-Yi Chow and Maxwell Osborne as their new creative directors earlier this year - has now confirmed she is exiting the brand she founded in 1985.

Donna left her position as CEO of Donna Karan International in 1997 before it was bought by LVMH in 2001, although she continued to oversee the production of all the collections.

In an Instagram post the company confirmed: ''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.''

However, Donna will still consult for the brand and is now planning to focus on her Urban Zen Company which, according to the website, offers a ''unique collection of luxurious women and men's apparel, one-of-a-kind jewellery, handcrafted leather pieces, artisan furniture and home decor, as well as other soulful objects of desire.''

The post continued: ''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.

''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.''