Multiple branding is becomming more and more common in the food sector. In this study, we use as an example Minimælk, a low fat organic milk manufactured by Arla Foods in Denmark. The product carried the Arla Foods brand, a seperate brand for Arla Foods' organic product line, a generic brand for organic products, and finally the name "Minimælk", which in itself has achieved brand-like status. We measure associations by number, valence and uniqueness, and relate the to brand equity as measured by a conjoint task. We believe that this methodology is suitable to clarify how various brand components in a multiple branding context contribute to the overall product value as perceived by consumers, and that the word association methodology is worthwhile for diagnosing reasons for these contributions.