Leading British high street chain Topshop has replaced Marks & Spencer as the sponsor of London Fashion Week's New Generation show, organisers have announced.

The decision follows Topshop's decision to sponsor Graduate Fashion Week. New Generation, which M&S has sponsored since 1993, awards grants of up to £15,000 so a handful of new designers can stage catwalk shows or take display space in the exhibition tent at London Fashion Week.

"It is a natural progression for us," said Topshop brand director, Jane Shepherdson. "It goes hand-in-hand with our promotion of young talent.

"We have been supporting new designers at retail level since 1997. In the last five years, we have sold Chalayan, Sophia Kokosalaki, Clements Ribeiro, Tracy Boyd, Markus Lupfer and Marcus Constable, to name a few.

"It means an entire young audience has been able to buy exciting, cutting-edge clothes which they could not otherwise afford."

Over 100 young designers have already applied for New Generation sponsorship at the next London Fashion Week in February.