Mr Kipling has announced it is set to launch a new marketing campaign that could see the brand cease to use its 'exceedingly good cakes' slogan, which it has employed for almost half a century.
The cake company is one of the many brands owned by Premier Foods - which has been struggling over the past few years - and is most famous for its baked slices, including angel cake and battenburg, as well as French fancies and cherry bakewells.
Speaking to the Telegraph, chief executive of Premier Foods Gavin Darby said it was possible that the 47-year-old slogan could be dropped.
However, the company reported an increase of two per cent for its annual sales earlier this month, which has largely come from its core brands, including Oxo, Ambrosia and Loyd Grossman.
Premier Foods also recently sold its 51 per cent stake in bread business Hovis in an attempt to improve its finances.
Following this, the umbrella company announced it would increase its marketing spend for the coming year by a significant percentage, with a particular focus being placed on its baked goods division.
Mr Darby told the Telegraph: "The cake category is our focus for 2014 … it's a £1 billion category and we've invested almost nothing in advertising and very little in new product development."
In light of this, Mr Kipling is being rebranded with new packaging and a new advertising campaign, while £20 million will be spent on developing a new range of snack packs featuring the company's popular cake slices.
Mr Darby added: "We're on the verge of agreeing the TV commercial … this is the year of Mr Kipling."
However, industry experts are unsure of the impact a rebrand could have on the cake company.
Simon Ward, chief executive of branding consultancy Holmes and Marchant, told Marketing Magazine it would be "foolish" for Mr Kipling to drop the slogan as it is so widely recognised and has won the firm loyalty from customers over the past 47 years.