Pangenomes serve as a framework for joint analysis of genomes of related organisms. Several pangenome models were proposed, offering different functionalities, applications provided by available tools, their efficiency etc. Among them, two graph-based models are particularly widely used: variation graphs and de Bruijn graphs. In the current paper we propose an axiomatization of the desirable properties of a graph representation of a collection of strings. We show the relationship between variation graphs satisfying these criteria and de Bruijn graphs. This relationship can be used to efficiently build a variation graph representing a given set of genomes, transfer annotations between both models, compare the results of analyzes based on each model etc.