It’s baaa-ck.

The iconic “Black Sheep” sweater — a red, crewneck pullover spotted with fluffy white lambs and one standout black one — is available for preorder from Soho-based shop Rowing Blazers, for the first time since 1994. The $295 piece’s claim to fame? It’s the statement knit that Princess Diana made famous in the early ’80s, chicly sporting it at two high-profile polo matches alongside her then-husband, Prince Charles.

The sweater’s designers, Sally Muir and Joanna Osborne, told The Post via email that they had no idea the stylish royal was a fan of their label, Warm & Wonderful, when she first was spotted wearing it out in public. The brand launched in 1979, and the duo started off selling their knitwear in a market stall in Covent Garden. “We were a very small business then . . . we were delighted when we saw it in the paper, total surprise.”

Muir and Osborne said the secret to Lady Di’s enduring appeal as a trendsetter is that “she was the first member of the royal family to understand the power of clothes. She introduced us to chic streetwear.” Now, with Diana’s debut on the forthcoming Season 4 of “The Crown,” as well as a film and musical in the works about her life, they believe it’s the right moment to reissue the garment. “Diana is very much in the air,” they said.

Rowing Blazers recently released another unisex sweater originally worn by the princess, a $295 collaboration with British brand Gyles & George. It’s pale coral and announces “I’m a luxury” on the front, wrapping in back to finish the sentence: “Few can afford.”

For Muir and Osborne, the ideal “Black Sheep” wearer is someone who captures Diana’s generous spirit. “Diana had a great social conscience,” they said. “It would be nice — if somewhat unlikely — to see someone like Greta Thunberg, Malala or Michelle Obama in a Sheep jumper, that would really be a thrill.”

Rowing Blazers' Black Sheep Sweater
Rowing Blazers’ Black Sheep SweaterRowing Blazers