Rebranding and Updating a Project in My Portfolio

I am about to start working on renovating an old project of mine so that I can use it in my portfolio. The project is to create a brand identity and examples of advertising and packaging for a fictional beer brand. Is it worth showing that I am rebranding an old design in my portfolio, or just show it as a normal project? (My portfolio is going to be aimed at any graphic design position, nothing specific.) I thought it could be useful to show an ability to improve upon outdated designs, but from what I have