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Parachutes are designed to take a shape with a high Cd (1.5+) to maximize their efficiency. Alternately, parachutes can be designed for high Mach (a ballute), which have been used on Mars deceleration concepts (LDSD). Parafoils are rarely used for rockets, but are another alternate parachute geometry.
See How to: Size Parachutes, How to: Sew a Parachute and the almighty Wikipedia for more.