This is a very rare limited edition console pack. I suspect that it is an Italian exclusive, as the watch manufacturer Sector is located there.
The thin outer cardboard box, which has a small plastic window where the watch is displayed, contains the standard silver box variant of the Playstation “PSone SCPH-102C” console bundle and a Playstation watch from Sector. The watch comes in a nice looking display case, which also contains a “World Service Centers” booklet and some kind of certification card from Sector. The console box contains the usual stuff (a console, a white “Dual Shock” controller, power and AV cords, a scart adapter and printed materials).
This is an amazing addition to the collection!