Purpose: Extant rebranding conceptualisation limits its scope to redesigning visual brand identity elements, whereas the practical and academic references suggest otherwise. Motivated by this, this study aims to build a holistic understanding of this phenomenon. Design/methodology/approach: This study proposes a conceptual model of rebranding based on identity–image dynamics. The authors have conceptualised rebranding as a comprehensive change of existing brand identity triggered by a construed brand image discrepancy. Findings: This study characterises rebranding as a multidimensional phenomenon, of which change in visual brand identity is only a dimension. The impact of rebranding on brand identity is pervasive. Research limitations/implications: The typology of construed brand image discrepancy and various combinations of changes in brand identity elements should be explored further. Practical implications: The model will assist managers in rebranding decisions, as it places equal emphasis on its rightful conception and successful implementation. This will also sensitise managers about their pivotal role in getting employee buy-in for the process, which is critical for achieving the desired results. Originality/value: The proposed model is unique in using identity–image dynamics as the underlying theory of the rebranding phenomenon. © 2025, Emerald Publishing Limited.