Brands become shaped by interaction processes in the networks in which they are embedded. Research addressing this phenomenon has departed both from a co-creation angle, and to some extent by examining co-destruction. In this chapter, we adopt a process-oriented multiple stakeholder view to brands and explore the concept of brand discrepancies, i.e. inconsistencies and disruptions that can prompt brand co-destruction and lead to a reconfiguration of meanings and value in the brand's ecosystem. The chapter presents a longitudinal case study from the context of food distribution to illustrate the ever-changing nature of brand reality. The findings add to the brand co-creation discussion by showing that brand co-destruction is not always negative, but the reconfiguration, recomposition, and reorchestration of brand meanings and value can also be seen as positive outcomes of brand discrepancies. These findings depict brand management as a process of orchestration in a multi-stakeholder setting, rather than as something conducted unilaterally by a brand governor.