Good news, style mavens: You don’t have to wait till August and the long-delayed return of Project Runway for a fashion-fight fix. Bravo’s answer to losing Klum & Co. to Lifetime is The Fashion Show, a design competition premiering May 7 that will challenge designers with such tasks as creating a posh look for $40, using real people as models and presenting their garments before live audiences. Viewers will get to choose the top designer and each episode’s winning look will be manufactured and sold on Bravotv.com. Click below for a sneak preview.

The 7th Avenue-savvy hosts are designer Isaac Mizrahi and singer Kelly Rowland, who says her experience as a Destiny’s Child diva and discerning shopper qualifies her for the job. “I love fashion and I know what looks good and feels good,” says Rowland, who looked chic in a Herve Leger skirt, Alexander McQueen jacket and Christian Louboutin suede boots with colorful Indian bangles brightening a mostly black ensemble at a recent press event. Her style? “Funky meets class. I love Ralph Lauren, but I can rock DSquared too, or match a really great Isaac dress with an amazing Dolce belt.”

Mizrahi, who is the creative director for Liz Claiborne, believes “style has a lot to do with surprise” and thinks Michelle Obama is “the perfect style icon — especially when she’s wearing my clothes!” Asked to name five must-haves for spring and summer, he lists a pencil skirt, a knee-length trench coat, a flower print, wedge sandals and “anything yellow. People are going to be sick of black and neutrals.”

Do you believe The Fashion Show will be as good as — or better than — Project Runway? Let us know what you think!

Tags: Alexander McQueen, Christian Louboutin, Clothing, creative director, Culture, Dean and Dan Caten, designer, Destiny's Child, Entertainment/Culture, Fashion, Isaac, Isaac Mizrahi, Kelly Rowland, Klum & Co., Liz Claiborne Inc., Michelle Obama, Project Runway, Ralph Lauren, singer, Skirt, The Fashion Show, USD