It’s nice to be owned by a corporation...
Schmitz for example operates under the same model with their cutters and pliers (i.e. ODM for C.K. Tools, Bernstein, NWS, and others).
Not a lot of people know this, but a lot of major brands resell their products at much lower prices under no-name brands.
If you sell to the high end market you find that the price is much more elastic with a high offset. People are prepared to pay MORE than it's actually worth to get guaranteed (perceived in a lot of cases) quality.
In doing so you price yourself well out of the budget market however. Nobody in that market wants to pay premium prices for "it'll do" quality goods.
That's a big market though. Shame to throw that away. So they rebrand their goods to an unknown brand name (and even change the name frequently) and sell them at a much lower, but not zero, profit margin; it's still gross profit. It has an added bonus of squeezing the up rising budget brands' margins to defend their higher end brand.
Bridgestone tyres are current Lassa tyres in the UK, for example *or so I'm told*. A bridgestone might cost you £100 a corner but a Lassa might cost £50. Still the same tyre, possibly a B grade bridgestone at worst.
I wonder if the likes of Fluke or Aiglent brands do similar.