I teach in a FLES program, so I don't really have much time for big projects in my class. I see my students twice per week for 30 minutes each time. This is a fast and fun project to end your clothing unit. My students love putting the paper puppets together and getting them ready for the fashion show. This is an activity I do with my second grade classes, and it takes them about three classes plus the class where they present their final work.
These are the steps I follow after we've learned the vocabulary and structures needed for this project:
Class #2: Students write a short description of their paper puppet. I give them samples for this and also something that I call "menú de vocabulario" which is basically a list and pictures of the vocabulary they need to write their paragraph. I use a lot of the target language in my class, but sometimes I cheat when I have to give them the descriptions of the projects and use English. That's when I use that 10% proposed by ACFTL, a recommendation for keeping your classroom in the target language for at least 90% of instructional time.
Class #3: Students practice their presentations with classmates.
Class #4: Students present their final work to the class. I use a small puppet theater and also record each of my students. I use videos as an assessment tool in my classes.