07/26/2008 05:12 am ET Updated May 25, 2011

Salma Hayek And Billionaire Fiance Call It Quits

Actress and producer Salma Hayek and French billionaire Francois-Henri Pinault have called off their transcontinental engagement

Her representative confirmed to USA TODAY.

"We are sad to announce the engagement of Salma Hayek and Francois-Henri Pinault has been canceled. There will be no further comment," Hayek's rep said in a statement.

The couple met in Venice in May 2006. Their daughter, Valentina Paloma, was born in Los Angeles last September. In February, they attended a New York gala celebrating the launch of the flagship Gucci boutique and raising money for Madonna's Raising Malawi foundation. Pinault is the CEO of PPR, the luxury-brands empire that owns Gucci, Yves Saint Laurent and Balenciaga.

Hayek continued to live in LA while her fiance, who also has kids from a previous marriage, was based in Paris. She told Glamour this spring:

To most women it's crazy. But every relationship is unique, and in order to make it work you have to be willing to listen -- not only to your partner, but to the relationship itself. You have to be brave enough to say, "This is who we are: We might not look like the perfect couple, or like our parents did, but this is our love story."

Hayek posed with Valentina in November for their first public photo.