Yep. There are plenty of counter-examples of companies that set up different brand names that become stronger than a shared brand could ever be. For example, Unilever has many strong brand names: http://unilever.com/brands/?WT.GNAV=Our_brands

Large breweries often have many different brands that are perceived differently by people.

It's hard to build a strong brand name, but if you can pull it off and avoid line extension, it's the better way.