Newsmaker Of The Week : Donna Karan

Our Newsmaker this week is none other than Iconic American fashion designer Donna Karan.

After helming the brand which she founded 31 years ago, Karan 66 stepped down as chief designer from the company bearing her name.

Karan announced her decision on Tuesday, adding that she would be focusing on her Urban Zen company and foundation which she founded in 2007 in the wake of her husband's death. The Foundation is dedicated for spreading awareness and accumulating funds for children empowerment, preservation of cultures and promoting different areas of health and well-being by developing programs.

"LVMH and I have made this decision after much soul-searching," said Karan on Tuesday. "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. 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."

However, she indicated that she will serve as an adviser to DKI under a long-term agreement. Donna Karan International which was acquired by French luxury conglomerate LVMH put the label's fashion shows on temporary hiatus and announced that it is not seeking a successor with plans for a corporate restructuring with a greater focus on DKNY. In recent years following the LVMH acquisition Karan's relationship with the luxury conglomerate became strained.

Karan is credited with establishing the modern working woman's wardrobe through her 'seven easy pieces'. Founded in 1984, along with her late husband, Stephen Weiss, and Takiyaho Inc with the intention to create a collection that she and her friends could wear easily and comfortably. In 1996 she and Weiss took the company public on the New York Stock Exchange. The couple made $450 million after selling the company and its trademarks (including popular diffusion line DKNY) to LVMH in 2000.

Women's Wear Daily noted that Karan's fall 2015 ready to wear collection was "one of her best." From her beginnings with Liz Claiborne and Anne Klein, she became "the queen of Seventh Avenue" and is an entrepreneur who's empire has grown to gain international success and recognition and becoming a role model for women. Her impact on American fashion has been extraordinary and she will continue to influence and inspire for years to come.

For more on Donna Karan be sure to check out her profile on FMD and check back next week to find out who our next Newsmaker is.