Blue Steel is back, baby. In the 15 years since we first encountered the razor-sharp cheekbones and world-stopping pout of model Derek Zoolander, director Ben Stiller has been hounded by fans demanding a sequel to the wacky 2001 satire. He’s finally given them what they want, with Zoolander 2 reuniting Stiller’s moronic Zoolander and Owen Wilson’s free-spirited Hansel.

This time around, the dynamic duo are brought together by Interpol to investigate a series of assassinations. Meanwhile, Derek is also trying to become a good father to his son, and avoid the wrath of his nemesis, Mugatu (Will Ferrell). But the cult status of Zoolander and its obsessive fans notwithstanding, Stiller reveals that he was nervous that the sequel might end up disappointing fans.

“That potential to fail is always there on a movie,” he muses. “I feel that every time we go out and make a film, it’s a crazy endeavour that you just hope comes together. But it was fun to have the challenge of going back into it and figuing out what we wanted to do.”

Despite having been asked constantly over the past 15 years about the possible return of Zoolander and co., the actors admit that they weren’t completely sure that news of the sequel would be met with widespread enthusiasm. Not, of course, that they allowed that to prevent them from turning the announcement into a fabulous spectacle. Stiller and Wilson made a surprise appearance at Paris Fashion week, breaking out their catwalk struts and Magnum pouts at Valentino’s show, held in the stunning Jardin des Tuileries.

“That was a eureka moment,” says Wilson of the Valentino event. “Because we were backstage saying, ‘Well, hopefully people are excited to see these characters again!’”

Stiller shared his co-star’s nerves, admitting he wasn’t sure how their appearance would be received by an audience of hardcore fashion fans, celebrities and models, who were litle more than toddlers when the original film came out.

“It’s a high pressure, intense situation!” laughs Stiller. “We really didn’t know what the response would be – it was a surprise and nobody knew. Even the models in the show didn’t know, so it was really weird.”

“Especially in fashion, there’s no laugh track when you walk out there, so you’re venturing into the unknown,” agrees Wilson.

Videos of their catwalk cameo show a divided audience – half of the crowd are screaming with glee, while the other fashionistas stare in bemusement. In the end, however, there’s no doubt that, as a publicity stunt, it worked...

One actress who was ecstatic to hear that Zoolander was returning to the screen was Penelope Cruz, who reveals that she had completely bought into the cult of the character, and his belief that, “moisture is the essence of wetness, and wetness is the essence of beauty.”

“I didn’t know what project Ben was calling me for,” she explains. “When he told me it was Zoolander I was so happy, because I really wanted to see the sequel. I saw the first one so many times that I’d memorised the dialogue – I was one of those people.”

The Spanish actress splays an Interpol special agent investigating the deaths of the world’s most beautiful people – among them Demi Lovato, Lenny Kravitz and Justin Bieber. Cruz, whose comic abilities won her a well-deserved Oscar for Vicki Christina Barcelona, enjoyed subverting the usual trope of being the straight woman.

“I like that she looks like one thing,” says Cruz. “She seems much more conventional, like the smart one in the group – but then you find out she’s more like them. It’s fun.”

Cruz confesses that she found it difficult to keep a straight face while working with Stiller, who as the lead actor and director, was often instructing the others – while sporting impossibly high architectural hair spikes, and skintight lame suits! Not to mention a certain, odd expression...

“He’s always directing you, wearing the wig and in costume. He’s doing Blue Steel and he doesn’t even know!” laughs Cruz. “And he can be very serious as a director. He’s a very strong director. He’s very sweet to everybody, but he can be serious. But him trying to be serious dressed like that? I was always laughing in his face! Me and everyone else!”

It’s not just Cruz who teases Stiller. Since first sharing a screen in The Cable Guy, Wilson and Stiller have co-starred in a dozen films over the past 20 years. They share a warm and witty shorthand, with Wilson taking great pleasure in gently mocking his friend. The director, who has recently been trying to break away from mainstream comedies, turning his directorial hand to subtler dramedies like The Secret Life of Walter Mitty, can become unexpectedly studious about his work – which earns him no end of ribbing from his co-stars.

Indeed, as Stiller soberly analyses Derek’s transformation since the original film, referencing his brief stint as a hermit, Wilson laughs uproariously.

“Derek’s not nuanced!” he interjects. “He runs the gamut of emotion from A to B!”

Nonetheless, Stiller persists with his thesis.

“There’s a sweetness to Derek, an innocence,” he states. “But I think this film was a way to explore some other parts of his personality: him being a father, how he’s dealing with ageing.”

As for Wilson’s Hansel, he’s doing what he does best: engaging in wild orgies with a wide variety of genders and species, and working that feathered hair like no-one else. Wilson reveals that there was a certain amount of preparation and method-acting required to revive his bohemian character’s spirit. “I engaged in orgies,” he deadpans, “although I never got around to practising yoga.”

The actors share a poignant moment when reminiscing about their hero, David Bowie, and his brief but unforgettable cameo in the original comedy. Wilson reveals that since Bowie’s death in January, his memories of the first film have been tinged with a certain sadness. For him, making a movie with the singer was a career highlight. “That day he worked with us in Yonkers,” he says, “he was such a cool, lovely guy. We felt so lucky that he agreed to be in the movie. He had such a good sense of humour about it.”

Zoolander 2 is in cinemas now.