Versace has established an eminent reputation by creating high-quality and unique clothing, accessories and fragrances. They’ve now expanded their product line by creating a luxury phone by LG that will be released in June 2010.

Versace has used its artistic eye to design this sleek and stylish multimedia touch phone. The “Versace Unique” was created with elegance in mind with a sapphire crystal screen (which makes it impossible to scratch) as well as gold plating and high-tech ceramic options. This phone has all the features you want and need like a 5 megapixel camera with flash, a 3-inch display, email, 3G, Dolby Mobile surround sound and a media player. The back is wrapped in premium handcrafted leather and embossed with the Medusa head Versace logo. The phone comes in a variety of colors like black, brown, purple, pink and 18k yellow gold.

The Versace Unique will be available for purchase in its flagship stores and other fine jewelry stores. Although an exact price hasn’t been announced yet, it’s estimated that it will cost around $1,000. Do you think this is a must-have gadget splurge or just an overpriced fancy phone?