The most common and most likely answer to this crossword clue is the 8 letter word INFANTAS
I've seen this crossword clue in Financial Times
I
N
F
A
N
T
A
S
More clues leading to the result INFANTAS
Buddy explains!
The straight part
We know that "princesses" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case princesses = infantas.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does INFANTAS mean?
INFANTAS noun- A daughter of a king in Spain and Portugal.