Donatella Versace will end nearly 30 years as creative director of fashion label Versace, handing the reins of the flashy luxury brand to Miu Miu's Dario Vitale, the brand's owner said Thursday.

The shuffling comes amid reports that larger Italian rival Prada -- which owns Miu Miu -- is in talks to buy Versace, which was co-founded by Donatella Versace's brother, Gianni, in 1978.