The Queen of Spain visited the headquarters of the BBVA Microfinance Foundation in Madrid today on the occasion of the charity's 10th anniversary.
The nonprofit entity was founded in May 2007 with the mission to promote sustainable and inclusive economic and social development of disadvantaged people through responsible finance.
Queen Letizia stepped out for the event in a new red and white ensemble fit for business but fused with romantic touches.
The combination reminds us of the Felipe Varela outfit she wore in February 2013.
Today's outfit consists of a red Hugo Boss pencil skirt - the BOSS 'Vasela' slim-fit pencil skirt in structured crepe (£169). This contemporary design features brushed-hardware press buttons at the waistband.
She softened the vibrant skirt with a white blouse by Carolina Herrera.
The embroidered sleeve silk blouse is from the designer's Spring/Summer 2017 collection. It is fashioned with a high collar and dramatic billow sleeves with embroidered lace accents. The style is currently only available at flagship stores, but there is a similar cotton version available at Saks Fifth Avenue.
Letizia offset the look with edgy reptile embossed accessories. We saw the return of the red Carolina Herrera 'Maysa' snake clutch bag.
On her feet she debuted a pair of crocodile-effect pumps from Hugo Boss. They are the BOSS 'Staple R100-C' model (US$395) - a style she also owns in black.
The exact shoe is no longer available but you can browse the 'Staple' range online where you'll find this silhouette rendered in patent leather, or you may prefer the shorter heeled 'Staple R70-C' pump.
Letizia finished the look with her trusty TOUS cultured freshwater pearl drop earrings.