Meghan Markle's A-list party appearance is viewed as a 'slick power play' but ... trends now

There is an old saying in Hollywood that you are only as good as your last hit. 

So when Meghan Markle made a triumphant return to the red carpet last week at the prestigious Power Of Women gala, alongside stars such as Margot Robbie, Carey Mulligan and Leo DiCaprio, the significance was lost on no one.

It has been nearly a year since the Sussexes' company, Archewell Productions, released the controversial six-part series, Harry & Meghan, on Netflix. 

The show covered their relationship from courtship to quitting as senior Royals, and remains Netflix's highest-rated documentary debut.

But a year is a lifetime in Hollywood.

Since that show, Archewell has struggled to find a follow-up hit. A series about world leaders, Live To Lead, was a ratings flop. A show about Harry's 'passion project', the Invictus Games – named Heart Of Invictus – was deemed 'worthy but dull' by critics.

Meghan's children's cartoon series Pearl was cancelled and then the couple's $20 million podcast deal with Spotify was canned ingloriously, with one executive branding the couple 'grifters'.

This all made Meghan's 'surprise' appearance at Thursday's power-packed dinner the more meaningful. The Duchess, 42, beamed as she told how she was 'thrilled' to be back home in LA, adding: 'We have so many exciting things on the slate. I can't wait until we can announce them but I'm just really proud of what we're creating. My husband is loving it too, which is really fun.'

In a town where image is everything, Meghan's solo appearance – casually elegant in a £1,250 one-shouldered Proenza Schouler gown – is the start of what the MoS has been told is a 'strategic effort' to relaunch her as a power player in her own right.

It is, some believe, a calculated attempt to mute persistent rumours that Netflix is planning to 'quietly allow' its $100 million deal with the Sussexes to lapse when their contract ends in 2025 – which could signal a death-knell to their Hollywood ambitions.

Eric Schiffer, who runs one of Hollywood's leading crisis management firms, said: 'It's clearly time for a relaunch of Brand Sussex, and Meghan's solo appearance speaks volumes about the direction they are headed.

'The past year hasn't been great for them. It doesn't matter to studio executives if you are a duchess or a doorman, it's about the bottom line, and Archewell needs a hit badly.

'There was a lot of sympathy for the Sussexes when they first arrived in the States, but they have squandered that goodwill. Americans don't like whingers. We like a can-do attitude, and that's what Meghan demonstrated last week. She hit that red carpet like the pro she is and she worked the room.

'I'm convinced that this is about positioning her as an independent, powerful woman who exists in her own right, not just as someone who is famous for marrying a Prince.'

Schiffer believes Meghan's appearance was 'stage-managed down to the smallest detail', adding: 'Professionally, she seems to be ditching Harry and going it alone.'

Indeed, from the moment Meghan arrived at the event at Mother Wolf in LA – a celebrity hangout favoured by stars such as Beyoncé and Madonna – her every move appeared to be carefully choreographed. 

She was photographed with two of the most powerful women in Hollywood: Janet Yang, president of the Academy of Motion Picture Arts and Sciences (the organisation behind the Oscars) and Pearlena Igbokwe, who runs Universal Studios.

Meghan was at a table in the centre of the room, near to Leo DiCaprio, and sat next to her 'uber agent' Brad Slater, who also handles the career of actor Ben Affleck.

Meghan apart, media coverage of the event, which kicks off Hollywood's awards season, concentrated on Oscars favourites. The Duchess, who had nothing specific to promote apart from her brand, was not on the official guest list.

For Hollywood, though, the $64,000 question is: What will the Sussexes do next?

'The truth is that a lot of people think the couple have blown it,' an executive at a major Hollywood studio told me. 'In Hollywood, Harry is viewed as someone stuck in the past and consumed by grudges. Meghan is still able to get a lot of attention but the challenge for her now is about translating that attention into cold, hard cash.