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Business mogul Russell Simmons is looking to sell half of the clothing division of his Phat Fashions empire, which includes the Phat Farm line of clothing.

"There are many great partners for Phat Farm," Simmons told AllHipHop.com. "I want to make a billion dollar company and I need more resources. I am open to sell as much as half, depending on who the buyer is."

Simmons is in talks with various clothing companies and is looking to cash out for $150-200 million dollars.

Simmons seeks a deal that would allow him to remain in charge of the companies he founded. He is also seeking a portion of future revenues.

The 45 year-old mogul said that he needed the resources of a larger company to push his brand to the next level and is seeking to get his clothing lines into more department stores.

The company, which launched 11 years ago, saw profits of almost $29 million dollars last year.

Simmons told AllHipHop.com that no part of his other ventures are for sale.

"No film, magazines, Def Jam University or Run Athletics is for sale, just Phat Farm," Simmons continued.

He plans to retain ownership of his other business, which range from television, print, film, cellphones and Visa cards, to his newly launched energy drink, Def Con 3.

Simmons recently inked a deal to sell the energy drink to 5,200 7-Eleven convenience stores.

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AllHipHop.com