Russell Simmons, Kimora Lee Break Up

The marriage of hip-hop mogul Russell Simmons and his model-turned-entrepreneur wife, Kimora Lee, has come to an end.

In a statement provided to The Associated Press on Friday, Simmons announced the pair had decided to break up after seven years of marriage. Rumors had swirled for the past week that a split was imminent. The couple have two young daughters.

"Kimora and I will remain committed parents and caring friends with great love and admiration for each other," Simmons said. "We will also continue to work side by side on a daily basis as partners in all of our businesses."

Simmons is head of Rush Communications, but is perhaps better known as the co-founder of Def Jam Records and for his Phat Farm clothing line. In recent years, he has become more involved in politics, and helped to create the Hip-Hop Summit Action Network.

Over the years, Kimora Lee Simmons has become almost as famous as her husband, thanks to her successful Baby Phat clothing line and her glamorous diva persona, which has been documented in numerous magazine spreads.

Although the pair have appeared at public events together in recent weeks, the statement said they had been separated for "some time," even though they were still living together.