There was a time when brand partnerships—your Rodarte for Target and Hermès for Bugatti—felt rare and noteworthy. But now, every season brings with it a slew of unlikely bedfellows: Reebok and National Geographic; Burberry and Minecraft; Juicy Couture and Kraft Mayo. There’s no pairing too incongruous in the age of memes. 

This cross-pollination is big business. A 2021 Statista study found that 67% of Gen Z and 60% of millennials reported purchasing co-branded products and that 71% of American consumers feel positive about such collaborations. Done well, they’re a way for companies to widen their audiences and generate sales, while sharing the costs and risks. Done poorly, they can inflict serious reputational damage, alienating new and existing customers alike.¹ 

Let’s tak...