LG Electronics on Sunday unveiled the name of its new smartphone that is expected to be released next month.

The company says it is "embarking on a new product roadmap that will emphasize distinctive designs and “tactile” elegance to set itself apart." The first device to illustrate this new philosophy is the upcoming LG VELVET, featuring a “Raindrop” camera and a symmetrical, flowing form factor that is "pleasing to the eye and pleasing to touch."

LG VELVET will be the first device to implement the company’s new branding strategy for its mobile devices, moving away from alphanumerical designations in favor of familiar and expressive names. LG says that the name "velvet" is intended to evoke images of lustrous smoothness and premium softness, two key characteristics of the new phone.

“Our new branding reflects current trends of addressing the unique personal tastes and emotions of the individual with a greater emphasis on design,” said Chang Ma, senior vice president of product strategy at LG Mobile Communications Company. “It’s a more intuitive approach that we are confident will resonate with today’s consumers and help us to establish a clearer brand identity.”

The new mobile device is expected to come with a price tag of around 800,000 won ($660)

LG hopes its new phone can help its mobile business escape from a long slump.

The company on Tuesday delivered an earnings surprise in the first quarter of the year, estimating its operating profit at 1.09 trillion won for the January-March period, up 21.1 percent from a year ago.