One product deployed under several brands, where each client gets their own domain, logo, colours, and sometimes feature set, over a shared codebase.
It turns a built product into a sellable platform. The risk is the opposite of the promise: without strict theming boundaries it decays into a separate fork per client.
We drive branding entirely through design tokens and configuration, keep tenant differences in data rather than in code, and refuse per-client forks — the only version of this model that stays maintainable.