Pepsi announced on Wednesday that it was yanking its latest advertisement featuring Kendall Jenner and an ambiguous protest storyline.

The move comes within 24 hours of the ad's release, which prompted ridicule and an outcry among critics who viewed the campaign as a failed attempt to appropriate social justice movements in service of selling soft drinks.

"Pepsi was trying to project a global message of unity, peace and understanding," the company said in a statement on Wednesday. "Clearly we missed the mark, and we apologise."

Previously, Pepsi defended the advertisement as "a global ad that reflects people from different walks of life coming together in a spirit of harmony, and we think that's an important message to convey," the company said on Tuesday night.