As I've learned all these leather loops on eBay going for under $50 just won't show up. I saw some in China on AliExpress but they were more in the price range of $70.
It looks near identical to the genuine Apple version, however what worries me is the quality. Looks like it will be made from a synthetic, plastic/foam type material which will wear over time quite quickly. I am looking for another strap, currently use a black sports band but will maybe wait once someones got their hands on it and done a review
The guy selling these has over 5000 positive feedback so I'm pretty sure he is shipping them. In my experience it can take up to 6 weeks for stuff to arrive from China as they use sea freight!