According to a report by French website WatchGeneration, Apple is likely to launch the Apple Watch Series 5 (PRODUCT)RED model in 2020. The publication adds that the new colour would be offered alongside existing silver, space gray, and gold aluminum casing options (via MacRumors).
Apple Watch Series 5 (PRODUCT)RED Concept
The source claims that Apple Watch 5 in (PRODUCT)RED briefly appeared in an “unspecified Apple database” and that it would likely be an aluminum model with a similar red finish as the iPod touch.
At this point, it remains unclear when the said Apple Watch model will be released, but it is believed it will see a release in the spring. It must be noted that Apple introduced (PRODUCT)RED versions of the iPhone 7 and iPhone 8 in March 2017 and April 2018 respectively.
A portion of proceeds from every (PRODUCT)RED product sold by Apple is donated to The Global Fund to Fight AIDS, Tuberculosis and Malaria, a program that has raised over $220 million since 2006.