Working in collaboration with parent brand PepsiCo, Rashid has created three containers for the carbonated soft drinks.
The Prestige designs, which will be used for special events hosted and sponsored by the brand, each feature a gently tapered form. Colours and patterns are used to differentiate the brand's Pepsi, Pepsi Light and Pepsi Max varieties.
"The technology to produce it is all new, even just the feeling of the bottles themselves, everything has to be completely reconsidered when you go on a big shift like that," Rashid said.
During the discussion in Milan, Rashid revealed that his childhood hero was French industrial designer Raymond Loewy – who created a variety of products for Coca Cola, including the redesign of its iconic contour bottle.
"I was 10 when I got the book about Raymond Loewy," he said. "I looked and I saw this man who designed Saloid, a small strange spacecraft, and a Coca Cola bottle, and the branding for Lucky Strike cigarettes. I turned to my father and said, 'Dad, I want to be that', and he said 'You can do it, just do it'."
"From that moment on I started drawing every object in our house: blenders, the toaster," he added. "I was obsessed. Now many years later, I get to design a Pepsi bottle as Raymond Loewy did for Coca Cola."
For Pepsi's Mix It Up exhibition last week, the bottles were displayed in transparent capsules between blue stalagmites and stalactites. Rashid also created barware accessories, including an ice bucket, glassware and tray, to complement the newly introduced Prestige Bottle.
PepsiCo was among a string of large corporate brands to present installations during Milan design week this year. Sports giant Nike put on a vast exhibition, while car brands MINI, Audi, Toyota and Lexus all organised large-scale projects.
In his Opinion column, Fairs said that these companies stole the spotlight the traditional design brands in Milan this year.
Rashid was born in Cairo, then studied in Canada before setting up his New York studio in 1992. He has previously worked on similar projects, including a faceted glass vodka bottle and a vessel that filters tap water as the user drinks it.
The designer also works on architecture and interiors. Last year, he asked his Facebook followers to select their preferred option from four facades for a New York building, and completed the interior of a sex shop in Munich.