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Oooh: DKNY Names Public School's Dao-Yi Chow and Maxwell Osborne as Creative Directors

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Looks like the rumor mill is indeed correct: Dao-Yi Chow and Maxwell Osborne, the designers behind buzzy men's and womenswear label Public School, are taking the reins as DKNY's Creative Directors, WWD reports.

Their first order of business: emphasizing the NY in DKNY. "We both grew up in New York and DKNY has always been part of the landscape of this city in our formative years as designers and New Yorkers. It is one of the brands that helped change the game for us and for American fashion," the pair said in a statement. "We are extremely proud and excited to be joining the company and to contribute to the next chapter of DKNY, one of the most iconic brands created by Donna Karan, a true inspiration."

Talk of Donna Karan stepping down from her diffusion line first began last February, when the designer appeared visibly emotional during DKNY's fall 2014 fashion show. (While Executive Vice President of Design Jane Chung has designed the line since its 1989 inception, Karan has always taken the final bow on the runway.) "I started DKNY with the goal of creating a brand that captured the best of New York and could bring that great energy to the world," she commented today. "It's been an incredible journey...Now is the right moment for its evolution and I'm so excited for the new chapter of this company working together with this new creative team."

As for Public School, Chow and Osborne plan to stay at the helm—the label's fall lineup and the pair's first DKNY womenswear collection are both set to debut at New York Fashion Week this September, with DKNY menswear following at a later date.