Update: LG has confirmed that the phone will be called ‘LG VELVET’ that will emphasize distinctive designs and “tactile” elegance to set itself apart. It will be the first LG 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.