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Hi,
Modern SharePoint list calendar views use a different color-formatting mechanism from the Calendar Overlay configuration available in the Classic calendar experience.
I could not find Microsoft documentation stating that Calendar Overlay has been removed from SharePoint Online. However, for a Modern calendar view, Microsoft documents conditional calendar-view formatting as the method for applying colors based on a column such as Brand.
To configure this:
- Make sure the Brand column exists in the list.
- Go to Settings > List settings > Views and open the calendar view.
- Ensure the Brand column is included in that view.
- Return to the calendar and select the view name > Format current view.
- Use Advanced mode to apply calendar-formatting JSON based on the Brand values.
Microsoft provides an official example that assigns different colors according to a Choice column. You can adapt the example by replacing its PROJECT column and values with the relevant Brand column and brand values: Format calendar view to customize SharePoint | Microsoft Learn
Therefore, color-coding by Brand is available in a Modern List calendar, but it is configured through view formatting rather than through the Classic Calendar Overlay interface.