The ad, which appeared in GQ and Wallpaper magazines, received two complaints from people who thought that the image was offensive because it was sexually explicit.
Tom Ford Beauty argued that the highly stylised creative treatment gave the ad an artistic quality, not a salacious one.
The Advertising Standards Authority did not uphold the complaints because it considered that, although the image could be seen as provocative, it was in keeping with the style and content of the magazines it appeared in, and because of the specific context it was unlikely to cause serious or widespread offence to readers of those magazines.
In a separate adjudication, Ladbrokes escaped censure over its ad featuring several well-known football pundits dressed up as builders, following four complaints that it suggested gambling was a way to gain recognition or admiration.
The ad, created by M&C Saatchi, features Ally McCoist, Ian Wright and Lee Dixon sitting in a cafe discussing which team is likely to win the football league, and Kirsty Gallagher as the waitress.
The advertising watchdog did not uphold the complaints. It noted that the ads were intended to portray a light-hearted, good-natured debate about football and considered viewers were likely to view the ad in that context.