Russell, Kimora Lee Simmons May Reconcile

04/04/2006 at 10:00 AM EDT

Russell, Kimora Lee Simmons May Reconcile
Kimora and Russell Simmons, in 2005
Alberto Tamargo/JPI
Russell and Kimora Lee Simmons announced on March 31 they'd separated after seven years of marriage. But saving their union is "a possibility," Russell Simmons tells the New York Daily News.

"We're best friends," says the Phat Farm and Def Jam Records founder. "We're still going to have our media interests and our fashion interests. I am producing her reality show (VH1's The Kimora Lee Simmons Show), and we're raising our children together. From what the public sees, there's absolutely no change."

On Monday, Simmons says, he, Kimora and their daughters Ming, 6, and Aoki, 3, "woke up, the four of us, in the same bed – which is pretty normal for us."

He also confirms he's been spending time with Denise Vasi, a 23-year-old model, but denied reports of infidelity, saying he'd been honest with Kimora about Vasi.

He also tells the Daily News he'd be fine if his wife found a new boyfriend, under two conditions: "One, he'd better be sweet to Kimora. Two, he'd better love my children."

Russell, 48, and Kimora, 30, married in 1998. Kimora, a former model, oversees the hugely successful women's clothing line Baby Phat (a Phat Farm spin-off) and is author of the recently published book Fabulosity.

In his statement Friday, Simmons said, "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."

The statement also said the couple have been separated "for some time," but have continued living under the same roof.

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