Bonds is the first fashion brand to get hauled before the fun police this year.
The intimate apparel label had to defend a Boxing Day campaign promoting its women's line.
The television advertisement showed three young women dancing in their underwear to promote a 40 per cent off sale.
Complaints to the Advertising Standards Bureau alleged the campaign sexualised and discriminated against women.
"This ad contains so much sexism and is more like soft porn," one complainant alleged.
Bonds defended its decision to air the campaign on television.
"We disagree that our Boxing Day Sale campaign discriminates against or vilifies any gender," it told the Bureau.
"The ad in question is 15 seconds, and is designed to quickly showcase Bonds bestsellers that were available at “40% off” to the primary target, in this instance women."
The Board ruled in favour of Bonds and confirmed it did not breach advertising codes.