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 in New York Friday, Simmons announced the pair had decided to break up after seven years of marriage. 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.

Simmons is head of Rush Communications but is perhaps better known as the co-founder of Def Jam Records.

Kimora Lee Simmons has become almost as famous as her husband, thanks to her successful Baby Phat clothing line and her glamorous diva persona.