Sure, it could have been executed a whole lot better [Witness the irrelevant typography of "The Art Of Fusion" line that separates Bernie's battered face from the luxury watch] but it's done the job of attracting a decent slug of press coverage for the brand.
By the way, how funny is the inclusion of the line "Hublot condemns all forms of violence and racism"? Hublot obviously don't condemn violence enough to dismiss it as a platform for advertising and generating PR. And I also seriously doubt whether Mr Ecclestone was the victim of a racist attack. The fact that he's worth about two billion quid and was swanning around Knightsbridge with a fancy watch on his wrist probably had more to do with it.