Some of the UK's leading fashion designers and artists are to collaborate on a new project celebrating next summer's London Olympic and Paralympic Games.

A total of 14 industry figures have signed up to the initiative, including Jeremy Deller; Paul Smith; Giles Deacon; Christopher Kane; and Christopher Bailey for Burberry.

The British Fashion Council and Bazaar Fashion Arts Foundation will manage the scheme in partnership with the mayor of London and will form part of the London 2012 Festival.

Specially commissioned pieces of art will be produced in partnership with visual artists and will go on display in June 2012 at a Gala event held in the centre of the capital.

London mayor Boris Johnson said: "These intriguing collaborations will bring together some of the most exciting designers and artists working in Britain today."