"Another look at our latest jewellery collection, made from oxidised silver and 9ct gold.
"Jewellery is one of those things you either love or hate on a man," it said. "We tried our best to rework something that makes a lot of males a little uneasy and turn it into something the dubious could potentially see themselves wearing."
However, fans upset at the earlier version are not appeased by the inversed imagery.
Daniel Barrett said the new campaign did nothing to address the issues of the first one.
"Covering a non-eroticised part of the male body... A further demonstration of how the brand has no understanding of the power imbalance ingrained in society."
He said it was time for the label to reassess what it wanted to be known for.
Rebecca Matthews-Heron called for it to apologise.
"You need to apologise and withdraw your misogynist ad campaign if you don't want to lose customers. You've got this one badly, badly wrong."