Stefanie Keenan/Getty
December 20, 2016 10:50 AM

Nicole Richie and Rachel Zoe obviously have fashion in common, but there’s something else that these two designers share a love for: philanthropy.

“I think my dad wrote ‘We Are The World’ when I was 3, so it’s something that was just a part of my growing up,” Richie, 35, told PEOPLE at the Baby2Baby Holiday Party presented by Old Navy at Montage Beverly Hills about how being charitable was instilled in her at a young age.

“It’s always important, but it’s especially important right now to be giving back and just putting a smile on these kids faces and helping them get into the holiday spirit,” the proud working mama continues.

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And for the House of Harlow 1960 designer, supporting this specific cause is a no-brainer.

“What I love about Baby2Baby is that the concept is very simple: It’s about taking your gently used items and giving them to another family,” Richie explains. “There’s not a mother in the world who is not getting rid of their stuff because your kids are growing at a rapid speed and it’s like, what do you do with that stuff?”

Her co-designer Zoe, 45, feels similarly. “This is an event that I look forward to every single year,” she told PEOPLE.

Adds the designer and mom of two boys, “Obviously the holidays are very hard for a lot of people, and I think our job here is to give all of these amazing families a wonderful holiday event that they can celebrate [at] and have fun and give their kids a great time and do all of the things that we’re lucky enough to do often. I wish we could do it every day.”

As for their polar bear towel collaboration for Old Navy, 100 percent of the proceeds will go to Baby2Baby — and the two ladies couldn’t have been happier to work together on this special project.

“We both obviously really wanted to do it,” Zoe shares. “The polar bear, for me was such an obvious [choice]. It’s such a sweet animal — well, I don’t know if they’re sweet animals, but they certainly look like sweet animals.”

“I think winter and holiday and I think kids love them and they’re not scary, and what kid doesn’t look [cute] in a towel?”

Get your own polar bear towel now at

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