I'm pretty sure that this is French Connection.
I first thought this when I saw the lettering on the add "buy our denim". Then I remembered reading in a few press articles that FCUK were damaging their brand by (effectively) swearing all the time- the FCUK fashion joke was wearing a bit thin. I know a few people who will not wear their stuff because they all have a swear word on them.
Logical step would be to remove FCUK as an overt message on their clothing- obviously they cannot remove it completely as it is the name/initials of the company. So they go for the (apparently) unbranded image.
The thing that made me sure that this ad was FCUK was when I passed one of their shops a couple of days ago- the dummies in the window all had their hands over their mouths and the strapline on the window was "Don't make us say it..."
There was not a "Fancy a FCUK" t-shirt in sight on the display.