Fashion Fringe, the UK-based fashion initiative established by Colin McDowell and IMG, has found itself a new home in Covent Garden, the Italian-style piazza in London’s West End best known for its restaurants, bars, boutiques, theatres and the Royal Opera House.

“Fashion Fringe is about modern London and all its diversities, but it takes place in one of the most historic cities in the world,” said McDowell. “I am very happy that we are able to show in such an iconic space as Covent Garden, which is known throughout the world for its superb Georgian architecture and ongoing program of entertainment and events.”

The three-year collaboration with Fashion Fringe will allow the program, which supports emerging British fashion design talent, a semi-permanent venue to stage its annual nationwide search for fashion talent. The new space will host the selection process, judging, and mentoring program, as well as the final runway show in September. To date, the program has launched six successful new designer labels on the London fashion scene over the past four years.

Most recently, Donatella Versace joined Fashion Fringe as honorary chairperson for the next two years. She will work in conjunction with the Fashion Fringe International advisory committee made up of fashion heavyweights like Alexander McQueen, Anna Wintour, Dolce & Gabbana, John Galliano, Stuart Rose, and Marc Jacobs.

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“I was looking for sense of originality and innovation,” said Donatella Versace, who had arrived in London’s Covent Garden Thursday afternoon to select the finalists for Fashion Fringe, the annual competition that aims to discover and support young U.K.-based design talent.

The finalists for the 2008 edition of Fashion Fringe are in. Go By a Secret Path (designed by Eun Jeong), LF Markey, Sarah Easom, and William Tempest were chosen by a high profile judging panel chaired by Versace. The four finalists will now go on to prepare a full collection to showcase during the upcoming London Fashion Week in September as a collective show, at which time one overall winner will be announced. “I was very excited to be here today as I saw a lot of talent,” said Versace. “Unfortunately, we had to choose four, but I feel that they have a great future ahead of them.”

WWD reports that Donatella “Butterface” Versace will chair the Fashion Fringe selection committee. Versace takes over from Tom Ford, who occupied the post for two years. Fashion Fringe provides one new designer each year with a $201,340 stipend, as well as p.r. and business mentoring.

On a side note, why haven’t they made a reality show based on this woman’s life (Growing Up Gotti doesn’t count)?  I feel she really must have the most amazing lifestyle imaginable.

Would you watch a Donatella Versace reality show?

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