PepsiCo is launching the first new advertising campaign for its flagship Pepsi-Cola in three years. The company paid less attention to its biggest brand after it slipped to No. 3 in U.S. soda sales last year, trailing not only Coke but Diet Coke. This summer brings a new wave to the brand’s life and results in a bit provocative TV-ad campaign where Coca-Cola’s Santa hangs out on a beach with a can of Pepsi, telling a barman he’s on vacation. The strapline is ‘Summer time is Pepsi time’.