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For nearly 30 years, Galloway has been the creative movement director for the Rolling Stones and has applied his expertise to runways as diverse as Versace, Gucci and Yves Saint Laurent.

Fashion model Lucy Markovic, who first gained popularity as a competitor on “Australia’s Next Top Model” before professionally modeling for luxury brands including Givenchy and Versace, has died.

Negotiations to buy Versace between Prada and Capri began in February.

As Donatella Versace steps down from designing after 27 years at the helm of the Italian brand, the fashion world has been reflecting on her achievements and what this means for the future.

In a statement issued on Thursday, Capri Holdings said Versace would now "dedicate herself to the support of Versace's philanthropic and charitable endeavours and will remain an advocate for the brand globally".