This is a very cool watch! I had seen them from time to time show up on the internet. Quite unusual. It's called Colorflix or Color Flix. There are three fixed colors on the dial, pink, yellow and light blue. Instead of a seconds hand, there is a rotating disc with three colors. I can't even figure out what the three disc colors actually are, because they are always overlapping something else. You can see that the colors change, as the rotating disc causes the color overlaps to change. Hard to convey it here, but below are the three equidistant color schemes, and the above picture shows it in midstream, sort of in between. See below for another version with a blue dial, a larger watch.
Basically a happy, fun item to help you momentarily forget the anxieties of life in the modern world.
Below, a larger case ?men's Colorflicks Timex with a more subdued blue dial and color wheel pattern. It has the same tricolor wheel and dial, but in various blue shades.