DVF's chief creative officer steps down

By ANNE D'INNOCENZIOMarketsAssociated Press

The fashion house founded by Diane von Furstenberg says its chief creative officer is stepping down.

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Scottish designer Jonathan Saunders had joined DVF in May 2016. His last collection for the company is the pre-fall 2018 collection, presented earlier this month, and his departure is effective immediately.

Von Furstenberg, known for her iconic wrap dress, said in a statement Friday that Saunders will "leave an important and lasting heritage to the brand."

The news comes as von Furstenberg, who remains chairman of DVF, is looking to sell an equity stake in the New York-based company that she founded in 1972, according to a recent report from Women's Wear Daily, a fashion trade publication.