The scholarship, which will begin for the academic year starting October 2015, will be awarded to one MA student each year, for three years, and cover their course fees as well as a contribution to their living costs.
Fabio Piras, course director for MA Fashion, said: “I am very grateful to receive this extremely generous scholarship package, gifted by Mick Jagger in L'Wren Scott's name. Our students sacrifice much to take up this course and work extremely hard while they are here.
“I am very proud of the fact that this course, through its alumni, continues to be recognised as a major contributor to the future of the global fashion industry.”
CSM said that it was a chance meeting between Scott, who committed suicide in March 2014, and the late Professor Louise Wilson at the British Fashion Awards that inspired the donation from Rolling Stones singer Mick Jagger.