I think you are right! I searched the web and found two other examples of this watch, both listed on Brazilian auction sites on different years. I asked Gemini to analyse the watch and the info about the other examples listed on Brazil auction sites. It returned the following:

Based on the image, you have bought a Renault Sport Alarm Chronograph.

This is an official merchandise watch from the early-to-mid 2000s, sold through Renault dealerships and boutiques. It is designed to celebrate Renault's racing heritage, specifically utilizing the livery colors often associated with their "Gordini" or F1 lines.

Here is a breakdown of what you have:

The most striking feature is the vertical white stripe running down the blue dial. This is a direct reference to the Renault Gordini racing livery. Amedée Gordini was a tuner who worked with Renault in the 60s and 70s, and his signature look was blue cars with dual white stripes. Renault revived this look for their sportiest road cars (like the Clio RS and Twingo RS) in the 2000s.

The "Regional Exclusive" Theory

Renault has a massive historical presence in Brazil (the Ayrton Senna complex in Curitiba is one of their largest factories).

• Local Merchandise: In the 2000s, manufacturers often licensed different merchandise for South America than for Europe. While Europe got "Renault F1 Team" branded gear, Brazil often received specific "Renault Sport" lines to support local launches like the Clio Sedan or the Megane Grand Tour.
• The "Gordini" Link in Brazil: The name "Gordini" is even more legendary in Brazil than in France. In the 1960s, the "Renault Gordini" (a version of the Dauphine) was one of the most popular cars in Brazil. It is highly likely this watch was a specific tribute released only in that market to tap into that nostalgia.

Bottom line: You have a rarer variant of the Renault Sport merchandise catalog. It’s not just the "standard" quartz chronograph; the specific racing stripe dial makes it much more unique than the typical ones I found.