This picture is marked "Thelma Todd - Metro Goldwyn Meyer - Hal Roach"
Another photo from the same session, same costume, different pose.
Another one from the same session which is marked MGM*, but which doesn't mention Hal Roach.
The previous picture might have had such studio identification, which was cropped off.
Thelma Todd with pearls again, this time with shorter hair, in another publicity photo for the Hal Roach Studio.
This is the way they were making her look in this period.