The double-page magazine spread, created by House & Holme, showed the models in a beach setting with the model on the left-hand page stood side-on looking at the camera and the one on the right sitting against a palm tree. Both were wearing light summer dresses.
The Advertising Standards Authority received three complaints from people who challenged whether the ad was irresponsible because they believed the models, particularly the one on the left, looked significantly underweight and could encourage young women to lose weight at the risk of damaging their health.
Arcadia Group Brands, owner of Topshop and part of Sir Philip Green's retail empire, said that the model on the left-hand page was 20 years old and was widely acclaimed within the fashion industry for her unique look, in particular her pronounced cheek bones.
It said that neither picture was intended to portray the models as underweight or emaciated, but following the campaign it had received complaints about the in-store posters featuring the left-hand model and had removed them from its stores and online advertising.
Arcadia said that, where possible, it had pulled the image of that model from forthcoming magazine ads.
The ASA noted that the models featured in the ad were thin but it did not uphold the complaints.
It considered that the lighting and make-up emphasised the model's cheekbones and that the ad was typical of those used for fashion products.
The advertising watchdog did not think that the models looked significantly underweight and concluded that the ad was unlikely to lead to harm to readers or cause young women to lose weight at the risk of damaging their health.