The ad, created in-house, featured three images of Beckham modelling his H&M underwear range.
Three complainants claimed the ad was offensive, while two complaints called it irresponsible and not fit for children to see.
However, H&M claimed that the outdoor sites booked for the campaign were chosen to reach a target audience of 18- to 39-year-olds, and were planned away from schools.
The ASA said that the ads did not show any nudity, nor were they overtly sexual, and dismissed the complaints.
Soho-based chip shop Golden Union spoofed the ads for National Chip Week in February, with an adaptation appearing to show Beckham eating chips in his pants.
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