Its current press campaign, which shows a stiletto heel spiking the body of a businessman while his blood forms a pool on the ground, is the subject of an Advertising Standards Authority investigation after 18 people complained.
The ASA is looking into whether the ads, created by TBWA\London, cause "fear and distress" after receiving the complaints.
TBWA's ad uses the copyline "Killer heels, by NMA" and directs readers to a website address. The ad is running in most national newspapers.
The NMA said that it has no plans to pull the execution, which will continue to run until 16 September.
It is part of a drive by the NMA to attract advertising from owners of more aspirational and luxury brands.
Previous work from TBWA for the NMA has focused on the respective benefits of national newspaper advertising when trying to reach male and female consumers.