Kimora's Rep Confirms Break Up to People Magazine

Rap mogul Russell Simmons and his wife Kimora Lee Simmons are splitting, a rep for Kimora confirms to PEOPLE.

Russell issued his own statement Friday afternoon, saying: "Kimora and I will remain committed parents and caring friends with great love and admiration for each other. We will also continue to work side by side on a daily basis as partners in all of our businesses."

Russell, 48, and Kimora, 30, married in 1998 and have two daughters: Ming Lee Simmons, 6, and Aoki Lee Simmons, 3. Both girls model for Baby Phat Clothing, Kimora's offshoot of her husband's Phat Farm clothing line.

People Magazine has the complete story.