This evening the King and Queen of Spain delivered the XXXIV edition of the "Francisco Cerecedo" Journalism Award at the Hotel Ritz in Madrid.
The purpose of the annual award is to honor journalists who battle the pressures and influences of power, and promote freedom of expression.
Queen Letizia arrived at the hotel lobby wearing her black Carolina Herrera fur neck cape.
The piece is from the designer's CH Fall 2016 collection. Her Majesty debuted the stole on the eve of the Princess of Asturias Awards 2016 and she also wore it to this same event last year.
Once inside, Letizia removed the cape to reveal a glittering mini-dress consisting of layers of white flounce fabric decorated with shimmering sequins.
The look is daringly different to her previous sartorial choices for this annual event where she has always favoured black ensembles. It will be interesting to see if Her Majesty continues to introduce more colour in future years.
The flapper-style dress trimmed with thick black velvet straps and neckline is said to be a creation of Teresa Helbig dating back to 2008! We assume this piece by the Barcelona born and based fashion designer has been sitting in Letizia's closet for some time!
Having opted for a statement dress Letizia kept her accessories to a minimum teaming the tiered gown with her black Felipe Varela satin clutch bag and black Prada Saffiano print patent leather pointy toe pumps.
Her jewellery was also kept simple settling on her 'wedding' earrings which were a gift from her in-laws, and the mysterious encrusted ring.