[NSFW] Does the usage of an ad, whether in a men’s magazine, woman’s magazine, billboard, etc., determine if the ad is exploiting women?

[NSFW] I could not find the year of the Glamour magazine, or locate the actual magazine where I saw this YSL ad. (Yves Saint Laurent) Nevertheless, it is a perfume ad; however there is no product bottle to be seen in the ad. I for one am left wondering how the reclining nude woman correlates to the perfume being sold. Because it is a perfume ad in a woman’s magazine, it is not seen as exploiting women? What if it were in a gearhead car magazine, with the same woman, the same pose, but the only wording in the ad was So-in-so tires, or performance mufflers, etc. without even a photo of the product. Would it be seen as exploitative because of the intended audience of the magazine? Is it because YSL is such a respected and major designer he can be as bold as to create a provocative ad like that and get a pass from scrutinizing eyes?

What is your opinion on this?
(I am not knocking the ad; I would have to say it is slick marketing)