Actually, I realise there is another point here, namely the distinction between manufacturer, brand and retailer. Brands are somewhat confusing to analyse: a b

Actually, I realise there is another point here, namely the distinction between manufacturer, brand and retailer. Brands are somewhat confusing to analyse: a brand may manufacture its own products, or it may buy them in; a brand may sell its own products, or it may leave this to conventional retailers. In its purest form the brand does neither and simply exists to advertise itself and collect rent from other market participants. Generally, it seems that pure-play brands, and DTC sales by manufacturers, are fairly rare, while brands that also sell products to consumers, or that manufacture their prducts are the most common. So it seems that in reality, neither total specialisation as a pure-play brand nor as a triple-play fully vertically integrated brand is efficient, but instead some combination of branding with another function is optimal.