This came up in the news on 11/20/2022 : It appears it originally started as a Bella Hadid adidas advertisement by Balenciaga, Then Balenciaga posted it on their instagram page. Then the twitter posting came out. The photos shows what was subliminally inserted into the products. The relevant case laws are shown below. Update included that Balenciaga is suing the ad agency over this, but it appears more complicated.
twitter link or click twitter posting below
My analysis : Basically Balenciaga, or the the ad agency, or both, like most of Europe doesn't have this "puritan" sexual inhibitions that the USA has built-in such immense prejudice. Balenciaga makes a joke about the usa insanity on the subject. However it all backfired because the usa is so unsophisticated, as the case laws document, and Balenciaga depends on the sales from the usa, they took it down from their Instagram page. End of issue.
Point: Whoever at Balenciaga or agency, who did this, did a lot of research and thought to find the williams case, I say well done!