The iconic pop duo will help create music for the upcoming show
Co-produced by Curve, Belgrade Theatre Coventry, Everyman Theatre Cheltenham and Leeds Playhouse, the piece is adapted for the stage by Hanif Kureishi, based on his screenplay.
Tennant and Lowe said: "It's wonderful to be part of the team bringing My Beautiful Laundrette from the screen to the stage and we've enjoyed writing mainly instrumental music to be presented within a British Asian context."
Playing the role of Omar in the new play is Omar Malik (East is East) while Jonny Fines (An Officer and a Gentleman) will play Johnny. Gordon Warnecke, who originally played Omar in Stephen Frears' 1985 film, joins this new cast as Papa, Omar's Father.
The cast is completed by Paddy Daly, Kammy Darweish, Hareet Deol, Nicole Jebeli, Balvinder Sopal and Cathy Tyson.
Set in London during the Thatcher years, the piece, which will be written by Kureishi and based on his screenplay, follows young British Pakistani Omar who transforms his uncle's London laundrette into a thriving business while dealing with fascist gangs in the area.
The production will open and run at Curve in Leicester from 20 September to 5 October, before touring to Everyman Theatre Cheltenham (8 to 12 October), Leeds Playhouse (15 to 26 October), Belgrade Theatre Coventry (29 October to 2 November) and Birmingham Rep (5 to 9 November).
It will be directed by Nikolai Foster with design by Grace Smart, lighting by Ben Cracknell, sound design by Tom Marshall and casting by Kay Magson.