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Rumors have been swirling in the fashion world for months, but we are now able to confirm that Marc Jacobs is engaged to ad exec boyfriend Lorenzo Martone.

The couple has been dating for about a year and are allegedly going public with the news tomorrow in Martone’s homeland of Brazil, where they will wear rings.

The happy couple is reportedly headed to Sao Paolo to celebrate the celebrity fashion designer’s multi-brand store, which opened in that country in January.

LuAnn de Lesseps & Tom D'Agostino Are Officially Married!

The 45-year-old Marc Jacobs has another reason to celebrate this week – he was just nominated for the CFDA womenswear designer of the year award.

Congratulations all around!