Fractions are a bit different though - you're splitting a single thing into equal chunks. Hence, slices of pie.
Multiplying by 1/5 is really dividing by 5. Introduce that first. We already know how to do this. You split your 1/3 slice into 5 equal slices.
Do the same to the other 2/3 slices, count all the slices, and you have 15. Hence, 1/15.
As an aside, common core math is amazing. They gave my daughter a model for the distributive property that can be used to show how to do long multiplication.