LG Electronics announced Wednesday, that the next flagship smartphone will be officially known as "G2",after retiring "Optimus" from its premium line of smartphones.

LG Electronics, one of the largest smartphone making companies in the world, announced the launch of its next flagship smartphone"G2", the first of the company's new "G" premium branding. LG retired the "Optimus" name from its premium brand after it was first used in the 2010 model Optimus One. Several models of Optimus series have been launched since 2010.

In a short press release, LG Electronics confirmed that its future smartphones will be released in the "G" series .

"Our vision is to make LG's newest G devices synonymous with excellence, raising the bar even further for the ultimate in user experience," Dr. Jong-seok Park, president and CEO of the LG Electronics Mobile Communications Company, said in a statement. "The new G2 will build upon the excellent reputation established by previous G Series products."

LG also announced that its premium 4:3 display Optimus Vu smartphones will be rebranded without the "Optimus" name in it, opting to keep only "Vu".

LG also released a promotional video earlier this month, which did not reveal much information about the details of the phone but hinted at the launch of the G2 at an event in early August. The upcoming LG G2 is expected to be powered by Qualcomm's Snapdragon 800, with an excellent (as predicted by the promo video) 13-megapixel camera, 2GB of RAM and latest Android 4.2.2 Jelly Bean.