Simmons and Lee end their marriage

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

In a statement released Friday, Simmons announced the pair had decided to break up after seven years of marriage, although he said they would remain partners in all of their businesses. The couple has two young daughters.

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. Kimora Lee Simmons runs the Baby Phat clothing line.