The ad, which features a host of celebrities, finishes with 'Life on Mars' actor Philip Glenister claiming Christmas would not be the same without "that girl prancing around in her underwear".
It then cuts to a shot of scantily-clad model Noemie Lenoir posing in Marks & Spencer lingerie.
A spokesman for the ASA said: "We have decided not to investigate this ad any further."
He said there had been a concerted campaign in support of the ad, and admitted the ASA has received around 150 messages that said it should not be banned.
The spokeman, however, said: "We do not take the level of support for an ad into consideration – our decisions are based strictly on advertising codes."
The £10m ad campaign, by RKCR/Y&R, broke last month. It also stars Stephen Fry, Twiggy, Joanna Lumley and Jennifer Saunders.
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