I don't get the comparisons to the Givenchy campaign beyond M&M's brand of color saturation (which a couple of other posters have noted). The last two Givenchy campaigns were a bunch of people standing side by side looking at a camera; this one is naked people looking at D-Squared2 clad mannequins in a glass display case [shoulder shrug]. The only other common thread are those butt ugly hair cuts, which for reasons passing understanding they decided to give to the female models this go round. Mert and Marcus, please stop trying to make bowl hair cuts happen!
While I am at it, the comparisons to Steven Klein... to me, I associate Steven Klein with doing certain themes and Mert and Marcus I associate with a certain way of using color and other camera techniques, they are not as theme specific, so it makes sense that at some point along the way they would do a theme associated with a thematic photographer.