Campagnolo's wheel product line had been successful[1] for
many years before they decided to offer non-Campagnolo
format cassette bodies as an option. That was the impetus
for a second brand[2]. Fulcrum has always existed only as a
label for Campagnolo wheels.
[1]Some riders might prefer chinese tubeless carbon rims but
hey ride what you like.
[2] besides the obvious bonuses of 'selling both sides of
the street' and more skus for distributors/dealers. win-win,
if you're the manufacturer.