The Calvin Klein advertising campaign features Dutch model Lara Stone wearing only a bra and underpants with the caption, "Introducing Naked Glamour."
A member of the British capital's ultra-Orthodox community filed a complaint over the revealing ads with the ASA, which has the power to ban an entire advertising campaign following a single complaint.
According to the complaint, the ads offend the residents of Stamford Hill's Jewish community, whose religious belief forbids them to see women dressed in nothing but underwear.
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Although the ASA acknowledged that "people with strongly held religious views could find the ad distasteful", it stated: "We did not consider that the ad was likely to cause widespread offense or serious offense to those with religious views."
Last month, the ASA banned a Palestinian tourism ministry campaign displaying a map ignoring the State of Israel's existence and misleading viewers into thinking that the entire area between the Mediterranean Sea and the Jordan River is Palestinian.
In 2010, the ASA ruled against an ad published by the Israeli Tourism Ministry, which featured a picture of east Jerusalem, claiming that it "misleads" viewers into thinking that the territory is Israeli.