It's She-ra and her other form, Princess Adora! For those of you who don't know this 80s cartoon character, she is He-man's twin sister.
Adora is the main form (much like Sailor Moon is in the form of Serena/Usagi most of the time), and she transforms into She-ra using the Sword of Power (that shiny thing in She-ra's hand).
It was said on Wiki that She-ra started
the transforming magical girl trend (like Sailor Moon, Mew Mew, etc.). Woo!
This doll is for Miranda, so She-ra is not adoptable.
Base: TheHWord on deviantART