Princess Beatrice is the first royal from her generation to be a stepmother.
Friends of the Princess of York told People that she hopes to have her own children too.
Princess Beatrice and Edoardo Mapelli Mozzi announced their engagement on Thursday 26th of September, with Buckingham Palace releasing a statement which confirmed the couple will be getting married in a 2020 Royal wedding.
"The Duke and Duchess of York are delighted to announce the engagement of Her Royal Highness Princess Beatrice of York to Mr Edoardo Mapelli Mozzi.
"Her Royal Highness and Mr Mapelli Mozzi became engaged while away for the weekend in Italy earlier this month. The wedding will take place in 2020. Further details will be announced in due course."
Beatrice to marry Edoardo in 2020 | Everything you need to know
Edoardo proposed to the Princess of York while they were on holiday together in the up-market Italian coastal town of Positano.
In their joint statement, the couple revealed they were "extremely happy" about the prospect of getting married: "We are extremely happy to be able to share the news of our recent engagement."
"We are both so excited to be embarking on this life adventure together and can't wait to be married. We share so many similar interests and values and we know this will stand us in great stead for the years ahead, full of love and happiness."
Princess Eugenie also revealed that she snapped her sister and Edoardo's engagement photos, posting to Instagram: "Beabea - wow! I'm so happy for you my dearest big sissy and dear Edo. It's been a long time coming and you two are meant to be. 📷 by me!!"
Edoardo - son of Count Alessandro Mapelli Mozzi - and Princess Beatrice made their first public appearance as a couple while attending the National Portrait Gallery's 2019 Gala on March 12, 2019, in London.
Beatrice allegedly connected with the real estate tycoon after Princess Eugenie's wedding to Jack Brooksbank in Windsor Castle, on October 12, 2018.
A friend told The Sun at the time: “Beatrice and Edo have the same circle of friends and were introduced through a mutual chum.
“They hit it off instantly and have a real laugh together."