The Devil Dials Prada on LG's New Phone

Co-branded designer phones are the rage. The Korean outfit hopes the luxury fashion name will make a splash in the high-end handset arena

When Apple (AAPL) unveiled its long-anticipated iPhone at the annual Macworld trade show in San Francisco in early January, few received the news with more apprehension than Cha Kang Heui. Cha, the chief mobile phone designer at LG Electronics, has high expectations for a new co-branded handset due out next month that was designed with a team from Italian fashion house Prada.

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