Donna Karan is stepping down from her duties as chief designer for Donna Karan International to spend more time on a different foundation of hers.

Karan co-founded the company, which defined the way working women dressed, in 1984, according to The New York Times. The 66-year-old fashion designer announced on Tuesday that she would not be continuing her role as chief designer, but will still remain an adviser. She plans to devote more of her time to focus on her Urban Zen line and its foundation, which she founded in 2007. This line is more about wellness and artisanal goods than it is fashion.

The company does not have immediate plans to replace her as the head designer and all runway shows and collections will be suspended for an unknown period of time, according to ABC News.

"It's a big corporate move and strategy statement," said Robert Burke, founder of a namesake luxury consultancy and former fashion director of Bergdorf Goodman.

Karan expressed her apologizes and her "deepest feelings" to her colleagues in a statement. "Donna Karan New York is a part of me, past, present and future," she continued. "It has been an honor to speak woman to woman about seven easy pieces that forever changed the way women dress."

She has done some "soul-searching" which has led her to the decision. "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," she said in the statement, according to Mashable, "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."

DKNY posted an announcement revealing her decision to their Instagram. It explained how she's been such an inspiration over the past three decades and how her small, original idea, which was a small collection of simple black pieces, turned into a "need and desire." She eventually learned that "she wasn't alone," and that "'her seven easy pieces revolutionized the working woman's wardrobe."

"Donna Karan is an icon, visionary designer and passionate philanthropist," the post continued to say. "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."

The company then honored Karan for all she's done, and all she will continue to do in the future. Her memoir will be released in October 2015.