Fashion Fringe is a competition to support up and coming British design talent. The winner receives £100,000 plus mentoring and business support to help them turn their creative talent into a commercial business proposition.
Ford has chaired the venture for two years.
Versace told The Sunday Times Style supplement: "London has as unbeatable reputation as the originator of unique fashion talent, and it is very exciting for me to be personally involved in discovering and supporting that talent through the Fashion Fringe initiative."
The competition is now in its fifth year. Previous winners include Basso & Brook and Erdem.