It's clear they're going for the no-makeup makeup look, but they both (Cara especially) look so made up in the photo that I feel like if I were to touch her face, my hand would be covered with foundation. Perhaps it's the fault of the photoshopping. I don't remember the previous ads looking like that, even though this shot really resembles their first beauty campaign outing.
This is very likely to have been shot by Testino.