The Branding has emerged as the top management priority in the last decade due to the growing realization that brands are one of the most valuable intangible assets that firms have. Cobranding strategies involve collaboration between two or more brands in order to launch a new product co-named by these two brands. With this type of agreement, brands enter markets sharing loyal customers that they would be unlikely to reach individually. The main advantages associated with implementation of this form of strategic co-operation are the possibility of jointly communicating brand image, reputation and credibility in a global market where consumers tend to have homogeneous preferences and convergent lifestyles. While co-branding does entail a degree of risk, such risk can be minimized through development of understanding among consumers toward co-branded products. Successful co-branding relationships can be developed by determining the key factors that influence the consumer evaluation of co-branded products. The aim of this research paper is to identify emerging co-branding opportunities and challenges to enhance the success of products.