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Penélope Cruz Smolders in Loewe Campaign—See the Sultry Pics!

Penelope Cruz, Loewe Mert Alas and Marcus Piggott/Loewe

Talk about caliente!

Spanish beauty Penélope Cruz sizzles in her new campaign for Loewe. 

The mom-to-be looks absolutely stunning as she models the Spanish luxury label's autumn/winter 2013 collection in newly released shots.

Rocking sultry smokey eyes and understated nude lips, the brunette beauty poses in a sleek shoulder length 'do with blunt bangs help accentuate her dramatic eyeshadow.

And speaking of dramatic, the 39-year-old showed off Loewe's fab ready-to-wear fashions and accessories amidst the gorgeous backdrop of some of Madrid's most historic buildings. Photographers Mert Alas and Marcus Piggott shot Cruz atop the Casino de Madrid, capturing architectural masterpieces that were just as drool-worthy as the chic handbags Cruz lovingly clutches in the campaign.

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Penelope Cruz, Loewe Mert Alas and Marcus Piggott/Loewe

Her apparent soft spot for the luxe carryalls could have something to do with the fact that the actress helped design a handbag line, appropriately called the Cruz Collection, for the Spanish label along with sister Monica.

"We wanted to do something special but also practical, and we wanted the design to have an unmistakable Spanish element," Cruz told Women's Wear Daily, about her collaboration with her sister. "We usually like the same things. When we do the design meetings separately, we tend to choose the same materials and colors."

Not a bad sister act, if you ask us!

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Penelope Cruz, Loewe Mert Alas and Marcus Piggott/Loewe

The designing duo ended up producing a practical yet chic cross-body bag with the help of the brand's creative director Stuart Vevers, who will soon leave the label to work with Coach. In addition to the bag, which features exterior pockets and comes in a variety of colors, the Cruz Collection will also include purses, wallets and coin purses.

This isn't the first time the stylish Cruz sisters have come together to work on a collection. Back in 2007, the pair created a capsule collection for retailer Mango, and they are gearing up to reveal a collection for Agent Provocateur that will be released in autumn/winter 2013. And just like her older sis Penélope, Monica took a turn at modeling when she posed for the lingerie line's autumn/winter 2012 campaign.

Penélope, who has signed a three year deal to work with Loewe, was also the face of the brand's spring 2013 campaign.

What do you think of Penélope's Loewe's campaign?

PHOTOS: Check out some of Penélope Cruz's most fashionable moments