Wiki has it as follows....
The song was written and produced by Lionel Richie, recorded in 1980, and ranks among Kenny Rogers's biggest hits. Rogers once told an interviewer, "The idea was that Lionel would come from R&B and I'd come from country, and we'd meet somewhere in pop."
The success of "Lady" also boosted Richie's career. The production work on the song was his first outside the Commodores and foreshadowed his success as a solo act during the 1980s. Rogers was also a featured vocalist on "We Are the World," co-written by Richie. Richie performed the song himself on his 1998 album, Time, and he and Rogers performed the song as a duet on Richie's 2012 release "Tuskegee"
I didnít know all of that, so thanks for making me look it up J