While all eyes are on Katie Holmes’s and Tom Cruise’s divorce, another power couple has quietly parted ways. Vera Wang and her long-time husband and business partner Arthur Becker have filed for separation, WWD is reporting.

Wang declined to comment, however her company’s president, Mario Grauso, issued a statement saying that the couple “mutually and amicably agreed to separate,” and that “they remain devoted parents to their two daughters.”

Becker, who married Wang in 1989, is known to have advised the designer closely in her business pursuits, helping to take the Vera Wang label from a one shop bridal boutique to a global multimillion-dollar company. According to WWD, it was Becker who encouraged Wang to take her brand more mainstream. More recently, Becker took a step back from his other business pursuits, resigning as CEO of NaviSite in 2010, and became more involved in the day to day operations of Vera Wang.

While the company is said to already operate in two separate camps–Wang’s and Becker’s–Becker’s involvement in the business will no doubt become more complicated as the couple separates. And that could mean that big changes are underway for the Vera Wang brand.

But don’t expect this to get messy a la Tory and Chris Burch. A friend of the designer told WWD that both Becker and Wang will remain dedicated to their business–even though they’re no longer a couple. “They will not let this impact the running of the company,” the friend said. “They have worked too hard to build it up.” We hope, for the sake of the brand–as well as for the couple–that this remains true.