Princess Beatrice is engaged to her boyfriend Edoardo Mapelli Mozzi, her parents have announced.
The 31-year-old daughter of Prince Andrew and Sarah, Duchess of York, got engaged to the 34-year-old property tycoon in Italy earlier this month.
The princess, who is ninth in line to the throne, will marry Mr Mapelli Mozzi next year.
"We are both so excited to be embarking on this life adventure together," the pair said in a statement.
"We share so many similar interests and values, and we know that this will stand us in great stead for the years ahead, full of love and happiness," they added.
The Duke and Duchess of York said: "We are thrilled that Beatrice and Edoardo have got engaged, having watched their relationship develop with pride."
"We are the lucky parents of a wonderful daughter who has found her love and companion in a completely devoted friend and loyal young man. We send them every good wish for a wonderful family future," they added.
"I know what a mother feels so I have tears of joy," the duchess added on Twitter.
"I am so proud of this sensational news," she said.
"Andrew and I are just the luckiest people ever to have two great sons in law."
I know what a mother feels so I have tears of joy. I am so proud of this sensational news. Andrew and I are just the luckiest people ever to have two great sons in law pic.twitter.com/WIhe9eamrF— Sarah Ferguson (@SarahTheDuchess) September 26, 2019
Mr Mapelli's parents, Nikki Williams-Ellis and Alessandro Mapelli Mozzi, said they were "truly delighted" by the engagement.
"Our family has known Beatrice for most of her life. Edo and Beatrice are made for each other, and their happiness and love for each other is there for all to see," they said.
"They share an incredibly strong and united bond, their marriage will only strengthen what is already a wonderful relationship."
Beatrice's sister, Princess Eugenie, married her long-term partner Jack Brooksbank at Windsor Castle in October 2018.
"I'm so happy for you my dearest big sissy and dear Edo," she said in an Instagram post congratulating the pair.
"It's been a long time coming and you two are meant to be," Eugenie added.
Who is Edoardo Mapelli Mozzi?
Mr Mapelli Mozzi - known as Edo - is descended from Italian aristocracy, according to AFP.
He is the son of former alpine skier Count Alessandro Mapelli Mozzi, who competed for Britain in the 1972 Olympics.
His mother, Nikki Williams-Ellis, was formerly known as Nikki Shale, from her marriage to the late Christopher Shale - Edoardo's stepfather.
Mr Shale - who died from heart disease at Glastonbury Festival in 2011 - was a senior Tory and close friend of former prime minister David Cameron.
Mr Mapelli Mozzi has been a friend of Beatrice's family for some time.
The BBC's royal correspondent, Jonny Dymond, said he believed the pair had been together for about two years - and that they have only been seen together in public a handful of times. He said things have "moved pretty quickly".
Beatrice is the Queen and the Duke of Edinburgh's granddaughter, and a cousin of the Duke of Cambridge and the Duke of Sussex.
Her parents, the Duke and Duchess of York, divorced in 1996. The duke, Prince Andrew, is the third child of the Queen and Duke of Edinburgh.
In addition to his royal engagements, Andrew served as a special trade representative for the government until 2011, when his links to the disgraced financier Jeffrey Epstein forced him to step down.
Since their separation the duchess has been involved in various charitable projects, appeared on British and American TV and published several children's books.
Further details of Beatrice's wedding will be announced in due course, her parents said.