Apple, like many other companies including Coca-Cola, Nike and Starbucks, have supported Product Red years in their efforts against the massive public health concern in 3rd world countries. Apple's first contribution to the campaign was 10 years ago with the iPod nano Product Red. Today's iPhone 7 Product Red follows suit with the same features as a normal iPhone 7 but with a vibrant matte red finish.
Red iPhone 7 is available in both the traditional form factor as well as the Plus model.
In another small iPhone update, Apple changed iPhone SE's storage capacity. The previous options (16 and 64 GB) were doubled to 32 and 128 GB.