Are there any merchants where their sole marketing is affiliate marketing?

ie. No SEO, No paid adverts (except for marketing your Aff program), No PPC....Only after sale newsletters and such.

Is this just shooting yourself in the foot? Or can you save enough in advertising to make it worth while? Also would this entice more affiliates because your not competing against them in PR?

Im currious if this is even a good model. Somewhere I read that 20% of a merchants business came from affiliates, was wondering if its possible/good idea that 100% could come from affiliates......