Yes, it's real. It's 100% cardboard, with the main body (as in the photo) made of thick recycled corrugated, which goes inside a thin box of recycled card, and then a small band of unrecycled white card with a colourful design printed on it, wraps around the outside, preventing you from opening it until you tear the banner apart.

Also, r.e the theft issue, it is online only - the model is called the "CX300 Eco", and it's an Amazon-Sennheiser exclusive thingy.

Cold meat counters in British supermarkets always have something vaguely like that, "teddy bears" seem to be in most places.

And then you cover it in two slices of bread - to hide the horror.