Zoolander 2 is a go: Ben Stiller and Justin Theroux have reportedly finished the script and submitted it to the studio. From this Stiller quote, it sounds like the sequel is going to be AWESOME:
It’s ten years later and most of it is set in Europe. I don’t want to give away too much, but it’s basically Derek and Hansel ten years later – though the last movie ended on a happy note a lot of things have happened in the meantime. Their lives have changed and they’re not really relevant anymore. It’s a new world for them. Will Ferrell is written into the script and he’s expressed interest in doing it. I think Mugatu is an integral part of the Zoolander story, so yes, he features in a big way.
Someone please tell me that the Derek Zoolander Center for Kids Who Can’t Read Good and Want to Learn to Do Other Stuff Good Too is featured in the movie.