Busty Penélope Cruz flaunts her cleavage in risqué plunging gown with matching cardigan at Madrid screening

Published: 11:44 BST, 1 April 2017 | Updated: 16:02 BST, 1 April 2017

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She is often considering one of the most beautiful women in the world.

And Penélope Cruz proved just why on Friday when she dazzled in a plunging dress with a coordinating cardigan as she joined film director Pedro Almodovar close a film series dedicated to Pedro Almodovar in Madrid, Spain.

The 42-year-old stunner showed off her age-defying good looks as she sizzled in the chic gown which matched both her boots and cardigan in a flawless display.

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Cheeky! Penélope Cruz proved just why on Friday when she dazzled in a plunging dress with a coordinating cardigan as she joined film director Pedro Almodovar close a film series dedicated to Pedro Almodovar in Madrid, Spain

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Penelope Cruz got her look spot on as she attended a film event in Madrid, dressed head-to-toe in Azzedine Alaïa.

From the spot embellished ankle boots, to the polka-dot skater dress and matching cardigan, all these co-coordinating pieces are the work of the Tunisian-born couturier and shoe designer.

Alaïa is one of the world's most-respected designers, having shot to fashion fame in the 80s. Legend has it a Bergdorf Goodman buyer saw someone on the street wearing an Alaïa leather coat and demanded to know where it was from, leading to the designer being stocked in America. The label is still highly coveted and a red-carpet favourite - Scarlett Johansson wore Alaïa to this year's Oscars, in fact.

We love the classic polka-dot print on Penelope's dress, which has sadly now sold out, however there is another spot print style currently available from Browns Fashion (click right). Or if you don't want to splash that much cash, then channel Penelope's stylish look with our high-street picks below!

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Penélope looked simply sensational for her turn at the event as she showed off her eye-popping cleavage from beneath the plunging neckline.

The bottom of the dress flared out at her knees, in a shape which perfectly highlighted both her long legs and tiny waist.

In a gentle stab at covering up, she fastened one button at the top of her cardigan which perfectly matched the dress to create a perfect two-piece.

To keep the outfit totally coordinated, she also sported staggering boots with a studded detail around the ankle, which drew attention to her pins.

Stunner: The 42-year-old stunner showed off her age-defying good looks as she sizzled in the chic gown which matched both her boots and cardigan in a flawless display

Sizzling: Penélope looked simply sensational for her turn at the event as she showed off her eye-popping cleavage from beneath the plunging neckline

Look at me! The bottom of the dress flared out at her knees, in a shape which perfectly highlighted both her long legs and tiny waist

Her sleek tresses were worn in shoulder-tickling lengths falling from a dramatic side-parting while her make-up was flawlessly applied.

Proving her attention to detail, she wore dazzling diamond earrings which perfectly complemented the silver adornments on the ensemble.

Penelope was the talk of the show as she strutted in while a mass of cameras pointed towards her hoping to catch a glimpse at the beauty.

All eyes on her... Penelope was the talk of the show as she strutted in while a mass of cameras pointed towards her hoping to catch a glimpse at the beauty

Hey there! Her sleek tresses were worn in shoulder-tickling lengths falling from a dramatic side-parting while her make-up was flawlessly applied

Absent from the festivities was her Oscar winning husband Javier Bardem - who most recently enjoyed a trip to London with his love in January.

The couple married in 2010 and are parents to their kids, Leo, 5; and Luna, 3.

After co-starring in an impressive nine films, the Oscar-winning couple will share the screen for the 10th time in this year's biopic Escobar.

Nowhere to be seen: Absent from the festivities was her Oscar winning husband Javier Bardem - who most recently enjoyed a trip to London with his love in January

Busty babe: After co-starring in an impressive nine films, the Oscar-winning couple will share the screen for the 10th time in this year's biopic Escobar