The English word 'princess' is the equivalent of the Italian 'principessa', pronounces [prin-chee-pess-ah].
You may not hear the word principessa in use very often in modern day Italy, mainly because the country no longer has a royal family, but before the Italian republic was formed in 1946, Italy was known as the Regno D'Italia or the 'Kingdom of Italy'.
The House of Savoy was the name of the ruling family, and under its rule Italy was home to a number of princesses.