The product launch comes as device makers begin to focus on how to make wearables, in particular smartwatches, more fashionable. In March, Apple unveiled the 18 karat gold Apple Watch Edition to draw luxury buyers to its wearable product.
"This blending of craftsmanship and technology is a natural evolution of the smartwatch, which is becoming more of a lifestyle accessory than a piece of hardware. We think this is a good direction for wearables and we want to encourage this transformation," Chris Yie, vice president and head of marketing for LG Mobile Communications Company, said in a press release.
Earlier this year, LG unveiled the LG Watch Urbane at the Mobile World Congress in Barcelona, Spain, and apart from the design, the Luxe version is little changed. It still runs Android Wear – Google's wearable operating system – and has a 1.3 inch touchscreen display.
The wearable market is growing at a stunning rate, albeit off a low base. Shipments in the second quarter came in at 18.1 million units, up about 223 percent from 5.6 million units during the same period last year, according to market research firm IDC. The Apple Watch debuted as the second biggest player by market share with Fitbit at the top.
LG is competing in what is becoming a crowded space. The South Korean electronics firm is showing off its new device at consumer electronics show IFA in Berlin this week. Other companies such as Motorola and Samsung are also expected to release new smartwatches this week, according to media reports.
LG's Luxe watch will be available initially in the U.S. for pre-order via REEDS Jewelers beginning on Monday.