SM Entertainment�and indie band Red Velvet�have reached an agreement concerning the use of the same name for the major agency's upcoming four-member girl group.�

SEE ALSO: Indie band Red Velvet voice out against SM Entertainment's choice of name for new girl group

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The two parties have now come out with official statements regarding the matter and have ultimately decided to continue as is and promote with the same name. Ha Hwi Soo�of the indie band Red Velvet told Star News, "[After meeting personally with a head at SM], we've concluded that we'll promote with the same name. From now onward, neither will interfere with the use of the name Red Velvet."

A rep from SM Entertainment also stated, "After holding an amicable meeting with the two-member band Red Velvet, we've decided that both parties will use the name. Our company's Red Velvet won't have any setbacks for their debut, and we thank the two-member band Red Velvet for their consideration."

As previously reported, the indie band Red Velvet, who have been active since 2013 in the Hongdae area, voiced their thoughts online, stating that the band was shocked to hear that a girl group of the same name from SM Entertainment was about to debut. However, the band did not file any copyrights or trademarks, which gave the agency legal allowance to use the name.

What do you think about both parties' final decision to promote with the same name?