See the NSFW full version after the cut. Also, this one is on the latest issue of Purple.
Via Debauchette, The Reverse Cowgirl (click that link to see the ad with pubes), and Refinery 29.
Offended? I can't say I can muster any extraordinary protest. Sex and youth selling clothes is ubiquitous, AA is just not bothering to "beat around the bush" if you'll excuse the pun.