Q: Could I call a brand 'Mario & Peach' or would that infringe on Nintendo's trademarks for Mario and Princess Peach?
I would not use their likeness as part of the branding—just the names
Depends on the various other details and circumstances such as country in which trademark will be applied for, similarity of goods or services, validity of competitors trademarks.
But the fact that the brand sounds or looks similar to the older trademark does not itself state that you can not have similar brand for different segment. However you should also consider unfair competition law in this case.
Therefore I highly advice you to seek a professional IP/trademark lawyer in your country so he can advice you in more detail in this case as there are other details you should provide before you can get a qualified and comprehensive answer.
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