The outfit looks very Varela. The colour is nice and I like the jacket, don't mind it being shiny, but it's business style, not gala. It acutally reminds me of these nice suits Letizia wore in her early days as Princess and would look great with a black pencil skirt or wide black pants.
I hate the skirt, it really reminds me of some old fashioned table cloth, the applications look very weird. To make it work as a gala look, Varela should have opted for a dress or at least chose a different jacket, other posters suggested bolero-style, and a different top, T shirt style looks too casual.
I am getting so tired of the hairstyle, Letiza has great hair at a length were ANYTHING could be done with it in terms of variation, but no, same old, same old middle parting that is quite unflattering.
All in all keeping in mind the occasion and the dress code, the look was very disappointing. The ugly and cheap looking Mango shoes only added up to this impression.