The pair broke up because the former "Full House" star wants to focus on her fashion empire, which includes the Elizabeth and James label she has with her twin sister Mary-Kate Olsen, reported Us Weekly.
Though the two have parted ways, a source says "they're still friends and hang out."
The pair first sparked dating speculations after they were seen together at NYC's Flywheel Flatiron back in October, just days after they were spotted strolling around the Hamptons.
They took their romance public in the following month when they were photographed at a New York Knicks game.
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