On the one hand It's good enough to be real.. On the other, I do wonder. Must be from the UK dontchathink? (This was simply in one of those email forward where we have no idea who started it).

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Looks real (& icky).
It's interesting that the hair we are shown is actually from the heads of the 2 girls standing behind her - also that their hair is pointing 2 different directions, although seemingly windblown.
Allan...
"Remember, no matter where you go... There you are." (Buckaroo Banzai).
"Hey, barkeep, 2 Rock Over Hip-Hops and 1 Bach Over Vivaldi with ice."
Ha! I like it. Also, I vote for real and from the UK.
I say likely fake because it came in a forwarded email with no verification of its source.
"Happiness is overrated."
I'm starting to think that it may be one of those "mock-ups" (or something from a Worth1000 contest). Professional, but I just can't see many major magazines running an ad that seems to show pubic hair.
"Veet, formerly known as Immac" points to the UK. I've never seen it myself, and they wouldn't dare run it in something mass-market, but I can imagine it in some of the more upmarket women's magazines like Marie Claire or Cosmo.
I've checked the Veet website and they do have a product called Bikini Kit, but the package design has been changed. This is probably from last summer.