I know that some people already stated this, but, that's not supposed to be a bracelet, it's an hanging cardboard circular display.
There is the drawing of a 3D view of it in the leak picture.
Anyway, from a design point of view, it doesn't make much sense:
-if it's a bracelet (it isn't anyway), the arrow at the edge that should close it by sticking it into the hole at the opposite edge, is too small and would break very fast (both if it's gum or paper, or any other material, it still seems structurally weak and not funcional enough).
-If it's an hanging display thing, it would still be weak and it wouldn't close well enough, unless there's a plastic structure that keeps it circular. Also the cardboard is not that flexible and that arrow would be ruined the moment you try to instert it into the hole.
Anyway, the picture loops after the hole, this means that if you connect the circle, the point where the arrow enters in the hole won't loop well, the blue tiles at the edge of Battlefield will be covered by the other layer.
Additionally, the junction is not represented in the 3D view.
Those pictures are far from being technical drawings or final designs, they only make sense if they are conceptual drawings, mock-ups, sketches.
And I suspect that the structure of that arrow not being designed with the materials in mind, is another hint that this is fake, because if the company has experience in designing cardboard displays and stuff, they wouldn't make such a big error like that one, not even in the conceptual phase.
The only place where I see them using a structural solution to make the model more durable, is the Grinch hanging thing. The Grinch has a thin neck, and since the model is attached to the wire by the top of the head, the neck would have been a weak point. Having the dog in one side, and the black rectangle in the other side, fixes this potential structural weakness.
Though the black rectangle is very ugly and I have some doubts that design is final. I suspect that the black rectangle is there to match with the dog on the other side and the autor of this thing didn't even think about the fact that the cardboard neck would be weak (basically, I think it's a coincidence, because I don't see them paying attention to structural details in the rest of the works shown in the leak, at all).