The reason they were able to buy all those backpack brands is because each of those brands were not making much money running a backpack company selling quality at a reasonable price. The purchaser makes some money leeching value out of the brand reputation, but then that brand value falls because of the crappy product, and they sell the brand because they leeched all the value out of it.
This is only possible because you can’t make much money selling quality for a good price. Consumers will pick lower quality for the cheapest price every time.