A picture has leaked showing a number of plastic retail boxes with an Apple iPhone 5C insignia printed on the side. This indicates that Apple could be using the letter “C” to differentiate the low-cost version of its smartphone from the next full-priced version.
As far as we know the next “premium” version of the device is rumored to be called the Apple iPhone 5S. Think about the multi-colored plastic shells that have been making the rounds lately. Maybe the “C” stands for “color”.
Take it with a grain of salt, but the plastic packaging in the photo does look a lot like how the Apple iPod touch is currently sold. It looks like Apple will introduce the Apple iPhone 5C and Apple iPhone 5S on September 18th with the launch happening on September 27th. The Apple iPhone 5C is said to be similar to the Apple iPhone 5 but with a plastic shell and other parts made from plastic to lower the build cost.
Source Phone Arena