NEW YORK — The separation of Russell Simmons and Kimora Lee Simmons is not expected to impact their business arrangement. Rumors had been circulating about the fate of the couple, but in a statement issued today, Russell Simmons, founder of Phat Farm and Baby Phat, confirmed the couple is separating.

“We have been together for 14 years. 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.”

Kellwood Co., which acquired Phat Fashions, LLC in February 2004, said in statement Friday, “Individually Russell and Kimora are well-known personalities and entrepreneurs. As members of the Kellwood family, Russell and Kimora will continue to successfully partner and lead business initiatives relative to the world of Phat Farm and Baby Phat.”

The couple, who have been married seven years, apparently separated some time ago, but have continued living together at their house in New Jersey.

For complete coverage, see Monday’s WWD

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