That's exactly right.
Sometimes you'll see razors with a certain French brand and the Le Grelot stamp on the shank.
I've bought one unknown "Le Merle Blanc" 7/8 razor with practically no use and some light staining and in the shank there was the unmistakable Le Grelot bell.
So, what blueprinciple is saying is right. Le Grelot made some "blanks" and then they made the custom etching for the retailers.
This is cool, because, despite saying "Le Merle Blanc", I have in fact a 7/8 Le Grelot:D