Louis Vuitton Malletier, a unit of luxury goods firm LVMH, is to stop selling its Minstrel shoe after settling a trademark infringement lawsuit brought by New Balance Athletic Shoe Inc earlier this.

New Balance, which had accused Louis Vuitton of copying the design of its iconic 574 sneaker, said the lawsuit has now been dismissed.

On its part, Louis Vuitton said it acknowledges "that New Balance owns valid and protectable rights in the 574 trade dress".

While Ed Haddad, vice president of intellectual property for New Balance, added: "We appreciate Louis Vuitton's cooperation in promptly resolving this matter.

"Based on our experience in resolving this issue and understanding what we both share in protecting intellectual property, we now hope to explore joining forces with Louis Vuitton in certain anti-counterfeiting initiatives."