Russell And Kimora Lee Announce Split

Russell and Kimora

Lee Simmons have announced that they are calling it quits after seven years

of marriage.

In a statement

released to the Associated Press today (March 31), the Simmons' confirmed reports

that surfaced stating the couple had split up.

"Kimora and

I will remain committed parents and caring friends with great love and admiration

for each other," Russell Simmons said in a statement. "We

will also continue to work side by side on a daily basis as partners in all

of our businesses."

Both Simmons' run

several successful businesses, including The Simmons Jewelry Company and the

Phat Farm/Baby Phat clothing brands.

Russell Simmons,

founder of Def Jam, started the Phat Farm clothing line in 1992 and Kimora helped

launched the women's line, Baby Phat.

Simmons sold Phat Fashions

to clothing company Kellwood in 2004 for $140 million dollars in cash. Kimora

Lee, will continue as principle creative arbiter at Baby Phat.

Despite recent

public appearances, Simmons said he and Kimora had been separated for some time.

The couple also

has two young daughters, Ming Lee and Aoki.