The singer has previously sold merchandise through H&M and modelled for the company. Pop singer The Weeknd actually terminated his partnership with H&M over the ad, saying that he was "shocked and embarrassed" by the photo.
The high street fashion chain were accused of a "disgusting and shameful" decision, with the advertisement since pulled from their website, but Lukaku chose to post his own version of the image onto his Instagram page that has immediately drawn praise from his followers.
Swedish clothing giant Hennes and Mauritz on Monday apologised and removed an advertisement of a black child after the company was accused of being racist on social media.
He wrote, "H&M you got us all wrong!" And we ain't going for it! FATBOY SSE posted an fantastic video of him and a group of young black men and women saying "we are not monkeys" and then proclaiming into the camera "I am a king" and "I am a queen".
Responding to the criticism, H&M made the decision to remove the image from their website, and issued an apology which outlined their plan to pull the garment from their line.
The hoodie is still available to buy online but without the child modelling it. "We have to do better", an art director Alex Medina of Vox Media tweeted.
On Instagram, the Cavaliers superstar posted a photoshopped version of the image with the boy wearing a crown and a shirt with LeBron's Nike logo on it. "We sincerely apologize for this image", the company said.