Although there is plenty of work, in which co-branding is studied from the point of view of the consumer, there is a lack of empirical studies from a firm (managerial) perspective, which is important for the comprehensive understanding of co-branding. The goal of this research is to gain a better understanding of what determines the choice of brand allies and whether particular brand characteristics affect that choice. Therefore, the relationship between focal brand characteristics and brand alliance engagement with different types of partners is explored using a sample of 62 Russian and international brands. As a result, the existence of the relationship between focal brand characteristics and brand alliance engagement with different types of partners is revealed, a model, describing the firm’s alliance behavior depending on focal brand characteristic is created and directions for further research and practical implications are presented.