Gianni Versace is, without a doubt, one of the biggest names in fashion and luxury. Now, Versace just might be the new biggest name in mobile phones as well.

In a world of iPhones and Blackberrys, the market really needs a mobile phone exclusively for the luxury sector, which is exactly what Versace is setting out to do, with a little help from ModeLabs group, of course. ModeLabs Groups has been well renowned for its exquisite designs and its association with some of the most famous names in fashion such as TAG Heuer and Christian Dior, for whom the company has already built mobile phones in the past. Who else would they go to?

The first-ever line of Versace mobile phones is set to be introduced in Paris this month. With the demand for mobile and smart phones increasing ever so rapidly, the idea of introducing luxury obile phone lines is becoming increasingly popular within major fashion houses. The Versace mobile phone has a price tag of an astounding $5,000 already set. The idea of an exclusive and exquisite mobile phone conveyed as a strong statement already has fashion power houses such as Dolce & Gabbana, Prada and Giorgio Armani with their respective handsets in the market. With the launch of the Versace phone just months away, the road to a heated competition in the world of luxury mobile phones has already been paved.

Details are still quite sketchy at the moment (big surprise!), but we’re sure more details are to come, so keep checking back!