NEW YORK (AP) - Donna Karan will step down from daily duties as chief designer of her namesake company to devote more time to her foundation.

NEW YORK (AP) Donna Karan will step down from daily duties as chief designer of her namesake company to devote more time to her foundation.

She'll remain a close advisor, according to a company statement released Tuesday.

Karan, 66, co-founded the company with her late husband, Stephen Weiss, and Takiyho Inc. in 1984. It went public in 1996 and in 2001, LVMH Moet Hennessey Louis Vuitton invested and helped grow it into Donna Karan International.

The designer is known for helping women to streamline their look, and she put a New York spin on dressing through the Donna Karan New York brand.

She expressed gratitude and "my deepest feelings" to colleagues past and present.

The company will not immediately seek to replace Karan as designer.