It's being reported that Lifetime and The Weinstein Co. last week hosted a Manhattan cocktail party for a new "Project Runway" spinoff entitled "Project Accessory", which will feature a cast of contestants competing to make their mark in the world of - you guessed it - fashion accessories.

The New York Post wrote that several movers-and-shakers of the fashion world were in attendance including Kenneth Cole, Molly Sims and Rachel Roy. The event - which had the well-heeled group giving contestants feedback on their designs - is slated to be featured in an upcoming episode of the series, expected to premiere either later this year or in early 2012.

It will be interesting to see how far the "Project Runway" brand can stretch with the new show, which hasn't yet spawned a hit spin-off despite several attempts including "Tim Gunn's Guide to Style", "Models of the Runway" hosted by Heidi Klum, and "On the Road with Austin and Santino".