The advertising watchdog said that the image was a clear allusion to sexual behaviour and likely to cause serious or widespread offence.
The ad, which appeared in The Sunday Times Style Magazine, prompted several complaints about its sexual nature and that it was was unsuitable in a magazine that might be seen by children.
Diesel argued that Style Magazine was a leading voice of fashion, with an adult readership who would be challenged by the ad and were likely to understand the irony and fun it presented.
It explained that the overall aim of the ad, which is no longer running, was to show how it challenged the everyday view of life.
When contacted by the Advertising Standards Agency, the Sunday Times magazine said it believed the ad was well designed and photographed within a contemporary fashion environment and considered it to be acceptable because it had appeared in other publications.
The ASA noted that the ad was no longer appearing, but considered the nudity and the position of the women in relation to the man's body was a clear allusion to sexual behaviour and unsuitable for a newspaper supplement with a broad readership.
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