In brief: LG's upcoming Velvet phone is shaping up to be a stylish comeback for the company. Thankfully, fans only have to wait a couple of weeks until the device gets its full unveiling at LG's digital event on May 7.

We know that LG has been planning a design refresh for its smartphones, most noticeable of which is the "Raindrop" element for the rear cameras and an overall minimalist aesthetic. Carrying this design language is the company's upcoming "Velvet" phone, which it teased a few days ago and one that pretty much reveals how the phone will look.

Specs, however, have mostly been kept under wraps, except for the Qualcomm 765 5G SoC that gets mentioned in the trailer above. This means LG won't be going full-on flagship with Qualcomm's top-tier silicon for the Velvet, also leading to the possibility of a future 'Pro' or 'Plus' variant that does use the 865 chip, based on factors like the base phone's initial market reception.

Other confirmed details of the Velvet are its four color options (Green, Orangey Pink, Black, and White) as well as a 3.5mm audio jack, whose presence indicates that LG's well-known DACs could potentially be a continuing feature for audiophiles.

We'll get to know the phone's price, general availability, and remaining specs at the company's online unveiling event. Considering that it uses a mid-range chip, but (hopefully) sticks to fan-favorites like an onboard DAC and is able to avoid being majorly disappointing in key areas, LG could have a winner on its hands that won't end up costing four-figure sums.