China’s liquor (baijiu) industry has long been dominated by older consumers. However, the industry now faces the challenge of shifting consumer preferences as Millennials and Generation Z’s interest in traditional baijiu declines. This chapter explores how Moutai, a high-end brand in the baijiu industry, is appealing to younger generations of consumers through co-branding initiatives. Using the case study of Moutai’s collaboration with Luckin to launch the ‘Jiangxiang Latte,’ the chapter analyses how co-branding can increase Moutai’s social media exposure among young consumers. The analysis offers valuable insights into how traditional luxury brands can respond to changing consumer preferences through innovative collaborations.