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 gun pack contains the game “Time Crisis”, “G-Con45”, an adapter for the light gun and a flyer from Namco. “Not to be sold separately” is printed on the disc case back cover and the instruction booklet is multi-language.