A "magic" wearable device was showcased at Omotesando Hills in Tokyo on Wednesday to celebrate its arrival in Japan.

Ring — which is literally a ring-shaped electronic gadget — allows users to wirelessly control network devices with simple gestures which they can customize via a smartphone.

Users can, for instance, turn lights on or off, control a music player, send a message to a friend, or even pay the bill at a local restaurant.

Launched in February 2013 by Tokyo startup Logbar Inc., Ring has become a much-hyped gizmo especially among gadget fans in the United States.

The company was able to hit its development target of $250,000 through crowdfunding platform Kickstarter after only a day and a half, and eventually raised $880,998 from 5,161 people. The gadget has made waves at many notable startup competitions, including taking the top honor at the TechCrunch Tokyo 2013 Startup Battle.

Logbar CEO Takuro Yoshida set out to "make a device that can do everything at once . . . with only one gesture. That is the main concept of our product," he said at a media preview event.

"We can shortcut everything," he added. "I believe that's what our future will look like."

Although Ring is an electronic gadget, Yoshida sees it equally as a fashion-oriented accessory.

"Ultimately, we consider it as jewelry. Our product should be so fashionable that people would say 'that's pretty cool,'" he said.

"We've even put so much care into its box," Yoshida said. "We are even negotiating with a top jewelry company for a partnership."

Customers can order Ring from the company's website for $269.99. Logbar is hoping to sell 1 million units by 2016. The exhibition at Omotesando Hills, where customers can preview the device, opens on Thursday and runs through Monday from 11 a.m. to 8:30 p.m. (it closes at 7 p.m. on Monday).