Perhaps they just had some mediocre stock piles that they wanted to sell off before closing their site / business. I haven't read the details but i would assume that all of the clearance sales were non-returnable.
Forgot to mention, I purchased the black. I guess the color doesn't make a difference.
My initial impression was it felt very similar to a bottom-budget, stiff, cheap chinese faux leather strap, but after a thorough soaking and drying on the wrist, the fit has become very comfortable and the surface feels less plastic and more heavily waxed.
Yes you may be right, I had an Olterra in my order and the glue holding the fixed keeper in was visibly coming apart even before I tried putting the strap on. But I suppose at the fire sale price there's no complaining about such small things.