• by Sarah Mahoney , 3 hours ago

PepsiCo is leaning further into “cleaner” snacking as it works to revive slowing U.S. sales -- and the debut of Simply NKD Doritos and Cheetos, backed by a magnificently over-the-top Renaissance campaign, is another visible proof point.

While the launch is cheeky, it’s also symbolic: PepsiCo has agreed to cut its product portfolio by 20%, shed sluggish brands and modernize the rest in a bid to calm activist investors baying for change. The shift will come with layoffs and stepped-up marketing budgets.

The restructuring follows meetings between PepsiCo’s board and Elliott Investment Management, which bought a $4 billion stake in September. Elliott has pushed PepsiCo to focus its portfolio, accelerate innovation and deliver clearer strategic direction, especially in North America, where growth has softened.

The Simply NKD launch hits many of the notes Elliott has been demanding. “Doritos and Cheetos are pioneering a snacking revolution, or a renaissance, if you will,” said Hernán Tantardini, CMO, PepsiCo Foods U.S., in the announcement. “We are reinventing our iconic -- and most famous -- brands to deliver options with the bold flavors fans know and love, now reimagined completely colorless and with natural flavors. No color, no artificial flavors, same intensity.”

The move also responds to shifting consumer behavior. Many large CPG companies have been rewriting portfolios as MAHA-inspired shoppers seek healthier options, while cash-strapped households keep defecting to cheaper private-label snacks. PepsiCo has felt both pressures.

Earlier this year, in a talk at the Association of National Advertisers conference, Tantardini described some of PepsiCo’s updates, such as repositioning beverages as companions to food; tapping the cultural power of street vendors for Tostitos in Mexico; and highlighting that Lay’s is made from real potatoes and Tostitos from real corn: details consumers often overloo,k but that support the company’s push toward simpler, more transparent products.

The Simply NKD ads build on that narrative. They are running across video, digital and social channels, with out-of-home activations planned. “Simply NKD marks the dawn of a new era for PepsiCo Foods -- one that deserves masterpiece-worthy creative,” said Chris Bellinger, chief creative officer, PepsiCo Foods U.S., in the announcement. “Doritos is known for going bold while Cheetos is known for stirring up mischief, so this campaign marries those two energies together through stunning Renaissance-inspired visuals and cheeky humor to bring audiences something that stands on its own -- butt naked.”

In outlining its new priorities, PepsiCo’s CEO cited the launch of Simply NKD, the restaging of Lay’s and Tostitos and the 2026 debut of Doritos Protein as early steps in a broader innovation agenda, one designed to prove the slimmed-down PepsiCo can still be culturally loud.