During the last decades, consumers have become increasingly concerned about social and environmental issues and want the brands they use to reflect their concerns and aspirations for a better world. Ethical and environmental consumerism has become a mainstream phenomenon in contemporary consumer culture and consumers either reward or punish companies that stress or ignore the importance of social and environmental excellence. To meet consumer expectations and address their environmental concerns, but also to gain competitive advantage, companies strengthen their focus on incorporating sustainability in their branding strategy. Accordingly, examining consumers’ perceived sustainability of brands and the consequences on brand-related outcomes is of special importance for marketing research and practice. The majority of studies set their focus on environmental and social issues when investigating brand sustainability. The present paper focuses on a reliable assessment of a brand’s ecological, social, and economic sustainability as perceived by consumers. Thus, a measurement instrument was developed that considers and combines implicit and explicit evaluations of brand sustainability. Moreover, the effects of implicit and explicit sustainability perception on customer perceived value of brands are studied. Finally, the transfer from a positive customer evaluation to brand performance in terms of brand-related perception and brand-related behavior is examined.