Subway has a new logo for the first time in 15 years

As Subway attempts to revamp its brand, the sandwich chain is debuting a new logo.

On Friday, Subway unveiled the new design - the first time that the sandwich chain has significantly changed the major element of its identity since 2001.

While the old logo utilized a bold, thick font, the new logo is more minimalist. The signature arrows on the "S" and "Y," however, will remain.

The sandwich chain is also releasing a new symbol, which similarly utilizes the arrows.

Subway calls the new logo the "next step" in the sandwich chain's evolution, following the addition of more premium menu items, such as carved turkey breast and rotisserie-style chicken, as well as the launch of the company's tech-focused division, Subway Digital.

"We are on an exciting journey to meet the changing tastes of our guests," Suzanne Greco, Subway's president and CEO said in a statement.

"The Subway brand is recognized throughout the world, and this new look reinforces our commitment to staying fresh and forward-thinking with a design that is clear and confident without losing sight of our heritage."

The new logo will first appear in ads aired during NBC's coverage of the Olympics Opening Ceremony, as well as online. The revamped logo and symbol will roll out at all Subway locations beginning in 2017.

Subway has struggled to keep up with the competition in recent years. The company's sales dropped 3.4% in 2015, while rivals such as Arby's and Jersey Mike's grew, reports Food Business News.

Now, the chain hopes to get a fresh start. A new logo is a symbol of that - but it will take more than updated lettering to put Subway back on top of the sandwich business.