LIFE IN THE FUND LANE: Kimora Lee Simmons is doing her bit to cultivate fashion’s next generation. On Tuesday, she disclosed the creation of the $1 million Kimora Lee Simmons Scholarship Fund in partnership with the Rush Philanthropic Arts Foundation, which was founded by her ex-husband Russell Simmons and his brothers Danny and Joseph “Rev. Run.” The scholarship will be distributed to the Fashion Institute of Technology (FIT), the Fashion Institute of Design & Merchandising (FIDM) and Rush Teens. FIT, where Lee Simmons announced the fund, will receive the most significant gift. “Fashion has been at the core of my creative life for more than 25 years,” designer, reality television personality and former designer said, adding how she is happy to “be able to provide similar opportunities for the next generation of designers, executives, and artists.”

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