LG's Prada phone features the Saffiano pattern, which is typically etched into Prada leather goods.

MANILA, Philippines - The third handset from the collaboration of Prada and LG Electronics, targeted at both fashion and technology enthusiasts, was launched in the Philippines on Friday.

The 8.5-millimeter thin touchscreen smartphone runs on Google's Android 2.3 operating system (Gingerbread), with an update to Android 4.0 Ice Cream Sandwich scheduled by the second quarter of this year.

It has an 8-megapixel camera, a 4.3-inch screen, a Nova display that promises maximum brightness and outdoor visibility, and a 1-Gigahertz dual-core, dual-channel processor.

The back of the device features the Saffiano pattern, which is typically etched into Prada leather goods.

"[The Prada phone] is for those who wish to hold something elegant in their hands. It's for those who want to feel luxury," said Sung Woo Nam, managing director of LG Electronics Philippines.

Nam added that the company plans to focus more on Android-powered smartphones.

The Prada phone will be coming to stores within the month, company executives said, and will be priced at P29,990. Prada-branded accessories such as docking stations, Bluetooth headsets and stereo headphones will also be sold separately.

"It's both iconic and inspirational, and will appeal to both fashion and technology enthusiasts," said Faith Mijares, product marketing manager for LG Electronics Philippines.

LG's first Prada phone was launched in 2007 and sold over a million units, according to the company. It is currently part of the permanent collection in New York City's Museum of Modern Art and the Museum of Contemporary Art in Shanghai.

The second Prada phone was released a year later, and came with a Bluetooth watch that allowed easy access to phone calls and text messages.