Pepsi has recently been having a series of backfires with its rebranding efforts. The rebranding of Tropicana's packaging was met with huge resistance when consumers mistook it for a generic-looking carton (you can read this article from Fast Company for more information on what happened). Even Pepsi's newly redesigned logo has been criticized by many.
More recently, their efforts to rebrand Gatorade have not been successful either. If you've noticed, Gatorade has been making a huge push to re-brand themselves with what they call the "G" campaign by replacing their labels and marketing with a big letter "G" and shrinking its signature lightning bolt. There's a nice article from the Wall Street Journal that talks about it entitled "Pepsi Sweats Over Gatorade." Apparently the idea was to make the brand "cool" again by asking consumers "What's G?" However, the plan backfired and only confused them.
It's interesting to see how even very successful companies can have a series of backfires. For some reason, Pepsi has had the misfortune of having several happen in a row recently. I came across this image showing how the Pepsi and Coca Cola logos have evolved throughout the years. Note how persistent branding has stayed with Coca Cola, and how much Pepsi has changed.