From Nick Kamen stripping off in a laundrette to Marilyn Monroe in The Misfits, the Levi's 501 jean has had its fair share of charismatic wearers in its long history. But now, as it reaches its 140th birthday, the oldest style of jeans in the world is gaining a new set of fans – 2013's cool crowd.

Turning their backs on the skinny jeans that have dominated fashion for the past decade, those who set the style agenda are now more likely to be found in vintage 501s, embracing the style's high waists and relaxed cut.

Lulu Kennedy, the founder of new talent initiative Fashion East and the designer behind Lulu & Co, has brought 501s back to the catwalk and believes the 19th-century design now feels fresh: "We're going away from that high street skinny jean to something new."

Elgar Johnson, senior fashion editor at i-D magazine, agrees. "I think that's why 501s are having a comeback – it's a reaction to the world domination of the skinny jean," he says. "I always use them in shoots."

Both Urban Outfitters and vintage store Rokit have reported a recent uplift in sales of vintage 501s. Celebrities such as Pixie Geldof, Chloe Sevigny and Alexa Chung have been snapped wearing cut-off versions while fashion insiders such as Elle's senior fashion editor, Natalie Wansbrough-Jones, and Julia Sarr-Jamois, fashion editor of style magazine Wonderland, have made them part of their signature look.

Alexa Chung and Chloe Sevigny in Levi's cut-offs. Photograph: Rex Features

Levi's is keen to capitalise on this renewed interest. It is launching its first ever non-denim 501 this month and is hosting a website which encourages wearers to upload images of themselves in their 501s. The aim is to reinforce the idea that the jeans are classic but still relevant 140 years after they were patented.

Fashion-watchers believe the timing of the 501's last heyday – during the late 1980s and early 1990s – has played a part in the current interest. The memorable advertising campaigns featuring a laundrette strip from Nick Kamen, a young Brad Pitt dancing to 20th Century Boy, and a 501-clad man jumping from swimming pool to swimming pool had an impact on the generation growing up in this era who are now at the forefront of fashion, and they are revisiting 501s as part of a wider 1990s revival. "Levi's are special for me because I grew up during the time of Nick Kamen and all those incredible adverts," says Johnson. "They were the soundtrack of my youth."

Not everyone is convinced that Levi's will be able to translate this niche 501 revival into mass cool. "It is still very much an iconic brand but the question is with whom?" says Stephen Cheliotis, chair of the Cool Brands Council in the UK. "There's a lot more competition than there was in the 90s – there are value-based brands, luxury brands are doing jeans, and cool brands that appeal to a certain segment, like Diesel or Nudie."

Barack Obama and Ronan Keating in Levi's. Photograph: AFP/Getty Images and Rex Features

Although Levi's remains the biggest denim brand in the world, its reputation has floundered recently. Levi's fortunes have reflected this, with the brand recording a fall in profits of 42% between 1998 and 2005.

There are signs that its status is starting to change slowly. The first quarter of 2013 recorded a profit rise in Europe of 2% year-on-year.

Cheliotis believes the 501 anniversary is an opportunity for Levi's go to the next level.

"A lot of the new generation are into history and how a brand has evolved," he says. "An anniversary is a great opportunity to reaffirm that and tell a story."