Forget the designer handbags, which are apparently on the wane anyway. French luxury goods firm Christian Dior is turning to mobile phones—priced at a jaw-dropping 3,500 euros ($5,000)—to boost revenue, reports the WSJ. They’ve also decided to skip markets in North America and Europe, and head straight for emerging countries, such as China and Russia, where the phones will presumably be a hit with nouveau taitais and the WAGs of Russian oligarchs.

It’s not such a far-fetched idea-even with the $5000 price tag. Though Nokia (NYSE: NOK) and Samsung have begun to rely on emerging market to boost low-end handset sales, as the runaway success of the gray market for iPhones in these regions revealed, there’s certainly consumer appetite and willingness to pay for a high-end handset. Dior noted they’d been prompted to sell the phone in emerging markets first as phones haven’t yet become “disposable commodities,” but are an item that people still pick out carefully.

Dior—which likened the new cellphone business to their watch and jewelry lines—hopes to flog 10,000 phones a year starting out, and to eventually reach annual sales of 200 million euros ($315 million)—or roughly 67,000 phones a year. The WSJ points out this is quite a high target, since last year its overall sales were 787 million euros ($1.24 billion). Still, last year’s partnership between Dolce & Gabbana and Motorola (NYSE: MOT) to create a gold designer Razr netted 200 million euros ($315 million) in sales. Dolce & Gabanna’s phone, as well as those from other designers Giorgio Armani and Prada have all been priced around $600.

French manufacturer ModeLabs will make the phones, which come in different colors and is equipped with a camera and a touchscreen. It also includes a smaller phone just slightly larger than a USB key that is meant to clip onto the outside of a handbag and communicates with the larger phone. The launch follows Prada’s release of its LG (SEO: 066570) mobile in Japan two weeks ago.