It's hard to tell when Pepsi started being unsatisfied with its latest visual identity. Thing is, not more than a couple of weeks ago the wannabe best Cola in the world has released its brand new packaging and logo - the eleventh one since 1898.

The new logo features a white band in the middle of the classic Pepsi's blue and red circle that loosely forms a series of smiles: a smile will characterize brand Pepsi, a grin Diet Pepsi and a laugh Pepsi Max.

The revamp seems to have costs more than $1 million while the implementation will take as long as three years and many more million of dollars.

The company believes it is the right time to rejuvenate the brand and an opportunity for Pepsi to bring humanity back both in terms of design and in the way consumers can be engaged.

Frank Cooper, Pepsi's VP-portfolio brands, said "By making the logo more dynamic and more alive ... it is absolutely a huge step in the right direction to strengthen our brand."

Indeed, the new logo is only one aspect of the Pepsi re-branding strategy. PepsiCo Chairman-CEO Indra Nooyi said the company will embark on a sweeping revamp of every aspect of the brand proposition: how they look, how they're packaged, how they will be merchandised on the shelves and how they connect with consumers.