diff --git a/emencia/django/newsletter/mailer.py b/emencia/django/newsletter/mailer.py
index 4ba2db36..1f4118dd 100644
--- a/emencia/django/newsletter/mailer.py
+++ b/emencia/django/newsletter/mailer.py
@@ -340,7 +340,7 @@ class NewsLetterSender(object):
                     logo_path = logo.file_path
             else:
                 logo = getattr(obj, 'logo')
-        if not logo:
+        if not logo and not logo_path:
             logo_path = default_storage.path('newsletter/images/no-logo.png')
         else:
             logo_path = logo.path