A new Prada smartphone is being launched, this is the second version of the touchscreen multi-featured phone.

Prada I passed a significant milestone when it sold over 1 million handset since January last year.The latest phone is setting its sights at competitors such as Apple’s iPhone 3G, BlackBerry’s new Storm and T-Mobile’s G1.

In terms of styling, initially the LG Prada II looks more like the Blackberry than the iPhone. On a practical level the device still has the 3 inch touchscreen with a slide out QWERTY keyboard and a 5-megapixel camera. Additional features include the 3G video calling, full HTML browser, WiFi, and a 7.2 Mbps HSDPA.

It’s not known yet who will be the service providers or whether it will be unlocked with a removable sim card.

In Europe, the phone will cost about 6oo Euros($800), regardless of the economic crisis, so we’ll see how the device sales actually measure up to its competitors.