This is a Ty Beanie Buddy "Princess" bear, created in memory of Diana, Princess of Wales. 
The bear is purple with a white rose emblem on its chest and a purple ribbon around its neck. 
It is a larger version of the original Beanie Baby, part of the Ty Buddy collection. 
P.E. Pellets
The original Beanie Baby version was released in 1997, with profits going to the Diana, Princess of Wales Memorial Fund. 
Perfect shape, Just like brand new!