There's certainly a lot more of that happening than you might realize. Quite surprising.
The Hollies were second to the Beatles in terms of hit songs and influence in England? What planet is that guy from?
To answer the question, I'd say yes, a band can keep the name.
you don't have to be from another planet; I am from Belgium and have barely heard about the Hollies; I only recently learned (on Quora) how big Beatlemania just was
remember that on continental Europe we are exposed to much more than just English-speaking songs
we obviously hear a huge quantity of french songs but also Italian songs, Spanish songs, Greek songs and so on