Pepsi is set for an overhaul of its packaging as part of a plan by owner PepsiCo to regain the initiative for its US soft drinks business.

The new packaging will be unveiled next year and will, according to North American beverage chief Massimo D'Amore, combine the existing Pepsi logo with ‘emoticons’ – typically smiling or frowning faces – used in text messaging.

Variations of Pepsi will add black and gold colouring to the company’s red, white and blue livery, according to the Financial Times.

Meanwhile, the company intends to cut costs by $1.2bn over the next three years.

Other plans unveiled by the drinks giant yesterday include a redesign for Gatorade, which has been suffering from declining sales, the launch of its first drinks using a low-calorie natural sweetener and a low-sugar version of Tropicana orange juice.