Kinda reminds me of a 70s Hannah-Barbara cartoon. If you scroll the page so that only the 2 bottom rings show on the browser, they look like 2 eyes. The 2 legs are the bottom things. And the "London" is on his sleeve. One arm presumably behind its back.
Incredible that their initial tv spots sent some people into epileptic seizures. It's hard to imagine a design that's any worse- visually offensive, AND causes severe medical issues in certain viewers!