Corporate co-branding is analysed within the context of a case study of the sponsorship relationship between adidas and the New Zealand Rugby Union. The study indicates that corporate brands may develop co-branding relationships in order to redefine brand identity, discursively reposition the brand and build brand equity. Corporate co-branding is established at a fundamental brand values level that, in turn, influences the type of marketing communication campaign that may be undertaken. Discourse theory provides insights into the importance of an articulation campaign in order to increase the equity of corporate brands. Co-branding offers corporate brands access to the brand strategy of the co-brand partner, the alignment of brand values, the marketing communication association and brand reach and network of relationships.