This thesis aims to explore the differential effects of partner type, namely IP Movie, Commercial Brand and Celebrity, in the effectiveness of the symbolic co-branding strategy in the cosmetics industry. Based on the Structure Equation Model proposed by prior research, we conclude that IP Movie takes more effect in improving consumers’ willingness to pay and attitudes towards co-branded products, followed by Celebrity and Commercial Brand. Besides, this thesis makes two extensions to the current knowledge. First, the moderating effect of brand familiarity is explored and we find that high brand familiarity will weaken the influence of partner type. Second, three consumer-related variables, “need for uniqueness”, “altruism motivation” and “discreet positive emotions”, are introduced as mediators and account for the relations between partner type and consumers’ evaluations to co-branding. The results provide directions of how to select partners of co-branding in real business settings.