How Kimora Lee Simmons' Kids Inspired Her Latest Baby Phat Collab: 'It's About Creating That Legacy'

Forever 21

Whether it's starring in her own reality TV show, or running a multi-million fashion empire, it's always been family first for Kimora Lee Simmons. And nothing has changed.

For Baby Phat's latest collaboration with Forever 21, Kimora is not only helming the beloved Y2K brand, but she is doing so with her daughters, Ming Lee Simmons, 22, and Aoki Lee Simmons, 20, by her side.

"It's exciting to see the girls grow up. Obviously they're independent, they have their own will and wishes. I'm trying to create for them a very strong business sense and a very strong sense of independence and autonomy," the fashion mogul, 47, tells PEOPLe exclusively. "I want them to know that I'm growing something for them — me and them. That's it. Me and my five kids. "

And part of building that empire is making sure her children comprehend the meaning of it all.

"It's about creating that legacy," Simmons says. "I want [them] to understand the legacy of the business that was created for [them]. It's been a 20 year plus ride and I want them to understand that. I think today a lot of kids go to school and come out and they don't know how to secure a mortgage. They don't know how to invest. They don't know how to take a dollar and turn it into five. I want [my kids] to understand those things and have fun. And I think they do."

Forever 21

And while the girls were mainstays on Baby Phat campaigns and runways back in the day, little brother Kenzo Lee Hounsou, 13, whom Kimora shares with ex Djimon Honsou, is also foraying into the family business, debuting his model good looks for the Phat Farm campaign. "Kenzo is 6 foot 2," she gushes. "So he's kind of taken the lead in terms of the height and the whole modeling thing. But I think the others are hot on his tails."

RELATED: Kimora Lee Simmons Says She Co-Parents 5 Kids with 'Me, Myself and I': 'I Do the Heavy Lifting'

In addition to Ming, Aoki and Kenzo, the Baby Phat CEO and creative director is also mom to Gary Lee, 13, whom she adopted in 2020 and Wolfe Lee Leissner, 7, whom she shares with ex-husband Tim Leissner.

Baby Phat first launched back in 1999 as the sister brand to Phat Farm, which was then run by her ex husband Russell Simmons. It became an instant hit with the masses thanks in part to the classic velour sweat suits and the signature rhinestone cat. Kimora would later take over Phat Fashions after Russell stepped down in 2007, before selling it entirely to the Kellwood Company in 2010.

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In 2019, the mother of five announced she bought Baby Phat back and launched the first Baby Phat and Forever 21 collection that summer.

Since then, she's also re-acquired Phat Farm which is also making its comeback alongside the Baby Phat collection today.

During the first go-round, Ming and Aoki mostly served as inspiration while mom took the reins. This time around, the girls are immersed in every aspect of the brand, from the drawing table to the marketing — an element Kimora believes is important in keeping the brand fresh and up-to-date.

"They are Gen Z and I think they bring a new viewpoint to not only the fashion but to the business side of things," she explains. "Obviously things are more evolved in terms of social media and having that kind of platform and how you reach people. Both the girls have some sort of a business aspect to their [college] majors. Ming's is a little bit more specifically into marketing and advertising and I just think it's great. It's like being able to bring some of that information and some of those brains and smarts back home."

Forever 21

The same applies to creating the campaign. "They're very opinionated about their hair and makeup, the layout of the shoot, how you shoot it, the lighting, the styling and who's wearing what."

RELATED: Kimora Lee Simmons Defends Daughter Aoki's Modeling Career Amid Criticism: 'It's Absolutely Absurd'

The winter-wonderland themed collection features Y2K-inspired design elements that are central to Baby Phat and Phat Farm's core aesthetic.

"Forever 21 and I, this is our second collection, but we have a long history," she explains. "I love the idea that it is affordable and it is high fashion. Not high fashion like haute couture, but it gives you a lot of fashion, a lot of bang for your buck. And that's why we did this partnership."

The limited-edition holiday collection hits stores Nov. 17 and features classic Y2K favorites, but also new and updated elements for the new generation.

"It's outdoor wear. So we have a snowsuit in all the colors. I also have little low slung hip hugger skirts, but in great fabrics that are warm and cozy. Everything is about layering,  keeping it tight and cute and sexy, but also having outerwear," she tells PEOPLE.

Also on the docket is an array of sweaters, sleepwear, accessories and more. For the boys, specifically, the classic Phat Farm varsity jacket is also back, in addition to baseball jerseys, t-shirts and more.