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Co‐branding is an increasingly popular technique marketers use in attempting to transfer the positive associations of the partner (constituent) brands to a newly formed co‐brand (composite brand). This research examines the effects of co‐branding on the brand equity of both the co‐branded product and the constituent brands that comprise it, both before and after product trial. It appears that co‐branding is a win/win strategy for both co‐branding partners regardless of whether the original brands are perceived by consumers as having high or low brand equity. Although low equity brands may benefit most from co‐branding, high equity brands are not denigrated even when paired with a low equity partner. Further, positive product trial seems to enhance consumers’ evaluations of co‐branded products, particularly those with a low equity constituent brand. Co‐branding strategies may be effective in exploiting a product performance advantage or in introducing a new product with an unfamiliar brand name.