The co-creation perspective has led to the apparent convergence of the notions of brand and brand identity (BI), both increasingly conceptualized as process-based and consumer-driven. Such a development raises questions regarding the relevance of BI within a context of co-creation. Applying seminal theory on organizational identity formation, this theoretical paper suggests that BI encompasses both a socially constructed perspective and a social actor perspective. Under the first view, brand and BI tend to intermingle while, under the second view, BI is a distinct concept that contributes to define the brand and is recursively implicated in generating the brand process. The social actor perspective therefore gives BI continuing relevance.