Stone, who is married to comedian David Walliams, is the face of the brand. In the racy ad she poses with three male models, two topless with jeans unbuttoned and one with a shirt open to the waist. Her head rests on the lap of one, while she is straddled by another.
The advert has sparked a storm of complaints from sexual assault workers and women's groups after it was posted on billboards across the country.
A spokesman from the Advertising Standards Bureau said that the image was demeaning to both men and women.
"The Board considered that whilst the act depicted could be consensual, the overall impact and most likely impression is that the scene is suggestive of violence and rape," he said.
"The Board considered that the image was demeaning to women by suggesting that she is a plaything of these men.
"It also demeans men by implying sexualised violence against women."
Clinical psychologist Alison Grundy, who works with victims of sexual assault, told the Herald Sun that the use of sexual violence as a marketing tool was "a dangerous new low".
"If we continue to subject future generations of young men to great barrages of aggressive, misogynist, over-sexualised and violent imagery in pornography, movies, computer games and advertising, we will continue to see the rates of sexual violence against women and children that continue unabated today," she said.
Do you agree that the ad should have been banned? Have the label pushed things too far or is this one big overreaction? Tell us your thoughts below.
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