Another one bites the recession’s dust. For years, the Baby Phat by Kimora Lee Simmons show was the most coveted ticket during New York Fashion Week, filled with loads of A-list celebs, thumping hip-hop music and designer handbags galore. But Kimora Lee Simmons has joined a growing list of designers who are significantly scaling back on their traditional shows for Fall 2009 Fashion Week, according to the Wall Street Journal. Ms. Simmons has cut her guest list in half in order to show at a smaller venue, Gotham Hall, and has also decided not to host her usual massive after-party. The pregnant Simmons reveals,  “Now is not the time to be running all over and flaunting the money that we don’t have.”-BB