This paper presents the case of a Brazilian fashion accessories brand, Chilli Beans. The analysis assumed the Project/ Manifestation model of brand identity, proposed by Andrea Semprini (2010), which is based on the theoretical and methodological tools of the French approach to discursive-semiotics, that are not very explored in Brazilian market research yet. Designed for the postmodern context, the model compares the proposal of brand identity - set out by its managers - with the brand identity as it is observed by the public through the manifestation of the brand, and what is intended is to check the compatibility between them. The goal of this study is, therefore, explicit approaches and departures between the project proposed by brand managers and the public’s interpretations of brand manifestations. The methodology consists of qualitative research involving interviews with brand executives and the public affected by it. This material is then analyzed according to the proposed by Semprini (2010). The study results indicate correlation between what the brand is intended to be and how the public appreciates it. However, some specific brand manifestations attenuate this relationship. Identifying those weaknesses enables brand managers to adapt their meaning proposition or the way they present their manifestations, in order to establishing a more consistent brand.