The designer's daughter, Dylan, confirmed that her and 44-year-old husband Paul Arrouet had welcomed a son named Cooper Blue and a daughter named Kingsley Rainbow into the life they share together.
The entire Lauren family are overjoyed by the new arrivals, who were conceived via surrogate, and delivered on Monday.
Opening up about the joyous family news, a spokesperson for Dylan and Paul said: "Her parents, fashion icons Ralph and Ricky Lauren, are overjoyed to welcome their first grandchildren and witness their daughter usher in the next generation."
Dylan, who tied the knot with Paul on her family's estate in 2011 and wore a gown designed by her father, had made no secret of the fact that she longed to become a mother and considered surrogacy 'a wonderful option.'
Opening up about the new arrivals, business woman Dylan, who owns her own confectionary chain, couldn't hide her excitement, exclaiming: "Good things come in twos!"
Congratulations to the new family!
