Take another look at the Stetson ad. Denotation is the simplest form of the image - therefore, you can't go too deep with what you see. Let me tell you then what denotation I see in this image. It's what you see physically represented in the photograph. Denotation is strictly reserved to what we actually see in the picture.
Connotation is all that stuff that deals with meaning, symbols, opinions and explanation.
Look at the advertisment for another couple of seconds. Let's apply the commutation test to the Stetson image. Now, in his place, I want you to picture a woman. Let's say she's wearing a full-length, red sequin evening gown.