The designer will be replacing Tom Ford who has been presiding over this competition for the last two years, reported FemaleFirst.
This contest searches for new talent in the United Kingdom, and the winner is awarded $200 000 to present a collection during Fashion Week in London.
Versace explained, "I am very honoured to be joining the committee of Fashion Fringe as their chairperson. This is an event which I have had great interest in since it began in 2004. London has an 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.