By Karu F. Daniels, AOL Black Voices

From here on out, the Phat Farm fashion empire that urban fashion connoisseurs have grown to love over the past fifteen years will not be as they know it.

The hip-hop chic clothing line(s) is losing its leader.

Russell Simmons, the revered hip-hop mogul who founded the company, has stepped down as the CEO of Phat Fashions LLC.

It was announced last week that the company has entered a partnership with Longstreet Industries, a division of Stretch-O-Rama, Inc., to design and market the sportswear and outerwear collections under the Phat Farm and the new XV brand names.

Simmons -- the man who was on the frontlines of bringing hip-hop to the mainstream via Def Jam Records -- said this was the right time for him to step down as CEO of Phat Fashions in order to pursue his other varied interests.

"I have enjoyed my association with Kellwood over the last three years," he said in a statement.

Simmons sold Phat Fashions and all of its brands and licenses to Kellwood in 2004 for a reported $140 million dollars.

Following the sale, he held the title of CEO of Phat Fashions, while also developing his own businesses in the jewelry, fragrance, personal health and entertainment industries.

"Russell Simmons is one of the true pioneers of the urban lifestyle fashion business," said Kellwood chairman, president, and chief executive officer Robert C. Skinner. "He leaves an outstanding creative legacy at Phat Fashions, and we will continue to build on that heritage as Phat Fashions continues to break through boundaries and set the standard for innovative design and high quality sportswear."

Following his departure, all of Phat Fashions' brands will continue to be operated, distributed and licensed by Phat Fashions and Kellwood, except for Russell Simmons-Argyleculture and Atman, which will become his trademark properties.