According to our sister site Aisle Dash, which picked up the news from the New York Post, Lauren proposed to Bush in the iconic and very New York setting of the Metropolitan Museum of Art on Friday, coming full circle from the couple's meeting there in 2004 during the museum's storied Costume Institute Gala.
Lauren, 39, gave his 26-year-old designer and philanthropist fiance, who is the niece of George W. Bush, an engagement ring with a round center stone and the two left the venue in a fairytale-worthy carriage.
This news comes only four months after Ralph's daughter Dylan Lauren announced her engagement to longtime beau Paul Arrouet in August.
Congratulations to the couple, who will no doubt have the ultimate Americana wedding to rival that across the pond of Kate and William.
In related news: read up on the wedding of Nicole Richie and Joel Madden, which also took place this weekend.