Love her or hate her, Kimora Lee Simmons is a force to be reckoned with in the worlds of fashion, beauty and entertainment. Here, the often misunderstood mogul strips down and speaks candidly about her public image, her divorce from Russell Simmons and what it’s like to be a woman on top.

Sitting in the back of her silver Range Rover, Kimora Lee Simmons is wearing an itty-bitty black Victoria’s Secret slip with a cleavage-enhancing, bustier-like bodice. She’s not filming a video or staging some seductive scene for her beau, Academy Award-nominated actor and Calvin Klein underwear model Djimon Hounsou (of Blood Diamond fame). No, her lingerie ensemble came directly from the GIANT cover shoot she just wrapped. In the interest of time, the 33-year-old chief creative officer of Phat Fashions (which includes the clothing lines Baby Phat, Phat Farm. Phat Farm Kids and the new juniors’ label Fabulosity) plans to change clothes in the SUV en route to the posh Beverly Hills Hotel, where we’ll chat over lunch. The mother of Ming Lee, 8, and Aoki Lee, 5, is juggling a lot these days, so time is of the essence.

As the SUV enters Hollywood rush-hour traffic, Simmons opens a pink Hello Kitty lunch box, pulls out a plain turkey sandwich and graciously offers me half. Although she’s often depicted as a over-the-top, hilariously clever but outlandish glamazon–even on her Style Network/E! reality show, Kimora: Life in the Fab Lane–the real-life woman is much more low-key and personable, putting those around her at ease with her warm smile and robust sense of humor.

As we cruise down Sunset Boulevard toward the hotel, Simmons becomes acutely aware of the time that’s already elapsed. She has business affairs to handle, so our lunch will have to be postponed. Instead of walking into the hotel’s Polo Lounge, we park on a side street and settle in for some real talk–and with Simmons, real is all you’ll ever get.