It is, allegedly, a Ralph Lauren ad featuring a ridiculously photoshopped model, Fillippa Hamilton. (Here she is on the Ralph Lauren web site looking relatively normal) As the image started circulating Lauren started issuing DMCA takedown notices to offenders (will they be calling here I wonder?)
Boing Boing has a full rundown of events.
Going after companies who posted the image inevitably invokes the Streisand Effect whereby an attempt to censor stimulates the multiplication of the information across the internet. Lauren subsequently admitted that they were indeed responsible for the "poor imaging and retouching" and that they have "addressed the problem".
There are a whole lot of unanswered questions, like, Who did the
original artwork? and, Who signed off this image for publication? Surely no fashion house with the resources of RL would allow an image like this out by mistake. And no one seems to have been able to come up with the original ad in print or on the web. All of which makes me wonder what's really going on…
UPDATE, 15 Oct
Well, it seems the original of this ad was a display poster for a Japanese department store. But no matter, Fillippa Hamilton has now been sacked by Ralph Lauren "as a result of her inability to meet the obligations under her contract with us" which apparently means she was too fat. Hamilton is a UK size 8. More details from The Times