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LG’s latest smartphone collaboration with Italian luxury fashion label Prada — the LG Prada 3.0 — launched in South Korea today and will sashay over to most Asian and European countries in January.

Fashion-conscious, tech-savvy geeks in North America are next in line for the designer accessory, according to an LG Newsroom press release (translated), but there is no word on its release date, carrier or cost.

As for the glitz and glam of this fashionista device, Prada worked “hand-in -hand with LG to deliver the world’s most stylish smartphone, tailored to a discerning, fashion-conscious audience.” The smartphone’s official website elaborated and said the back cover’s Saffiano leather was implemented to be reminiscent of Prada’s leather goods.

The internal specifications of the LG Prada 3.0 are not as luxurious, though. The smartphone comes equipped with Android’s Gingerbread operating system; however, with an upgrade to Android’s Ice Cream Sandwich, users will “enjoy full access to Android’s Marketplace.”

The device features a 4.3-inch WVGA NOVA display, 1 GHz dual-core processor, and 8-megapixel camera, but the $780 USD price tag raises questions as to whether the smartphone should deliver more bang for its buck.

According to LG (translated), South Koreans’ have first dibs through SK Telecom. Meanwhile, a Jan. 5 release date is expected for KT, and a two-year contract pricing applies for both carriers.  The Ice Cream Sandwich update is also expected by the second quarter of next year.

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