Penelope Cruz is the new face of fashion label Loewe.

The actress has signed a three-year deal with the Spanish leather goods brand.

Cruz was quoted by the Vogue website as saying: "Loewe is an international brand proud of its Spanish roots and with a rich history.

"Its collections are made by Spanish master artisans and I have always admired their work. I feel fortunate to be a part of this project."

She will star in the fashion house's spring/summer 2013 ad campaign, which will be shot in the coming weeks by Mert Alas and Marcus Piggott.

Loewe's CEO Lisa Montague said of the announcement: "Penelope Cruz is the perfect ambassador for Loewe. [She] represents our values of passion, authenticity and excellence."